I've been thinking about writing a book for young children, and I want to encourage you to give me a hand. The intended audience would be children ages 7 to 10. As a proponent of financial literacy education, I think that's the right age range to start. The question is whether parents would consider such a book worthwhile for their children.

First, let me share why I think ages 7 to 10 makes sense. Then, I'll tell you what I'm looking for.

Parents are the source of wisdom and inspiration for children -- there is no doubt. Studies support that view. Eighty-three percent of kids ages 8 to 10 go to their parents for "advice about money," according to the 2022 Parents, Kids & Money Survey by T. Rowe Price, a global investment management firm (tinyurl.com/375p5ays).

That makes sense, of course. Kids are dependent on their parents for not only their welfare, but also for their ability to learn and form good financial habits.

In fact, some would say that financial literacy education starts when the child learns how to count. "Knowing that parents are our first teachers, families can subscribe to a school of thought that once children start counting, it is the beginning of financial literacy," explained Frances Marie Gipson, a clinical associate professor at Claremont Graduate University (tinyurl.com/bdeeeeh4).

Education leads to habit formation.

As two University of Cambridge behavior experts reported: "Since young children are dependent on parents and have few material goods or monetary resources that they control independently, it is the basic approaches and skills which are modelled, discussed and demonstrated by parents and other significant adults, that are likely to be influential 'levers,' instilling efficient habits and practices." (Dr. David Whitebread and Dr. Sue Bingham, 2013, "Habit Formation and Learning in Young Children," tinyurl.com/mr9bmkay.)

I further would argue that modeling risky behavior is also a lesson learned: parents "keeping up with the Joneses"; going into debt to pay for vacations; not understanding budgeting; being attracted to get-rich-quick schemes; and, for some families, failing to support charities.

Positive lessons can begin early. Whitebread and Bingham point out that by ages 4 to 5, children understand that they need to pay for merchandise, but they may not understand that coins have different values. By age 7, a child is typically "able to cognitively 'represent' value."

Recognizing that brains continue to develop through adulthood, the first eight years are important in building "a foundation for future learning, health and life success," explains the Centers for Disease Control and Prevention. (tinyurl.com/5vxsmfp9).

The ultimate goal is to help young children start to develop good financial habits. Could a book help parents set up learning experiences?

Famed investor Warren Buffett read "One Thousand Ways to Make $1,000," a book he borrowed from the local library, at the age of "7 or so." (2017 HBO documentary "Becoming Warren Buffett," tinyurl.com/5n8m9bmy). He could certainly be a good role model for teaching children the value of hard work and persistence.

"As parents overtly teach their children about key financial principles, their children will be more prepared to engage in healthy financial behaviors in emerging adulthood," wrote the authors of the article "Parental Financial Education During Childhood and Financial Behaviors of Emerging Adults" (tinyurl.com/3fb38nuy).

I think everyone will agree that "[t]he life-long benefits of teaching children good money habits make it well worth the effort," as Sharon Danes and Tammy Dunrud wrote in "Children and Money: Teaching Children Money Habits for Life" (tinyurl.com/2dcn8ct4).

Now, let me pose my "ask." My goal is to share personal life lessons in the book. I'm wondering if you have a personal story to tell that can help young readers learn "key financial principles." What might those principles be? How did you learn them? Write to me at readers@juliejason.com. I'll be in touch.

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We all have to be aware of potential scams these days, especially those directed at the elderly. They are not going away anytime soon. Plus, your knowledge may help a family member or friend (or yourself) avoid being defrauded.

To give you some perspective, more than 800,000 complaints of cyberattacks and cyber-enabled fraud were reported to the FBI in 2022, with a potential total loss of more than $10 billion, according to the recently released annual report by the Internet Crime Complaint Center (IC3) (tinyurl.com/ykh6xhwz).

Among age groups, those 60 and older reported more than 88,000 complaints (second highest behind ages 30-39) and had the highest total of losses, at $3.1 billion. Investment scams were atop the list for all ages when it came to the amount of money victims lost, at more than $3.3 billion.

The pursuit of older people’s “nest eggs” is one of the fastest-growing consumer fraud issues, according to olderadultnestegg.com, which adds that “(O)ne out of 20 older adults in the U.S. is a victim of financial exploitation.” The website is led by Dr. Peter Lichtenberg, a researcher who focuses on financial decision-making, financial exploitation and financial capacity in older adults.

It turns out that there may actually be a way to help assess your vulnerability tofor being scammed. Dr. Lichtenberg, who served as a panelist at the Financial Industry Regulatory Authority’s March 27 Senior Investor Protection Conference, shared a tool that you can try yourself. (Go to tinyurl.com/muswy7c7 to take the Financial Vulnerability Survey.)

Here are a few examples:

How worried are you about having enough money to pay for things?

a. Not at all worried; b. Somewhat worried; c. Very worried.

Overall, how satisfied are you with your finances?

a. Satisfied: b. Neither satisfied nor dissatisfied; c. Dissatisfied.

How often do you wish you had someone to talk to about financial decisions, transactions or plans?

a. Never or rarely; b. Sometimes; c Often.

Have you noticed any money taken from your bank account without your permission?

a. No; b. Yes

How often do your monthly expenses exceed your regular monthly income?

a. Never or rarely; b. Sometimes; c. Often.

Your answers will lead to a report and a score, ranging from Low Risk (“reduced risk of financial exploitation”); to Moderate Risk (“mildly increased risk of financial exploitation”); to High Risk (“a greatly increased risk of financial exploitation”).

Especially for those that score High Risk, it’s important to read the report for next steps, recommendations and resources. That information can help you make healthy changes.

There are additional resources, of course. Here are a few from the other panelists at the FINRA conference: The North American Securities Administrators Association’s Serve Our Seniors website (tinyurl.com/yjyvexzz), and AARP’s Fraud Watch Network (tinyurl.com/u7u35huk) and Fraud Watch Network Helpline at 877-908-3360. Also, FINRA has a hotline for senior investors who might have issues with brokerage accounts and investments. The number is 844-574-3577, and you can find more details about it at tinyurl.com/434uze58.

Finally, if you have been a victim of a scam, don’t be embarrassed to report it to the Department of Justice’s National Elder Fraud Hotline (833-372-8311), which is “for people to report fraud against anyone age 60 or older.” Or report to the Federal Trade Commission at ReportFraud.ftc.gov.

By being more knowledgeable about the circumstances that can make one more vulnerable to being scammed, you can become more alert to possible danger.

By reporting a scam, you can possibly prevent someone else being a future fraud victim.

On a different note, if you would like to “attend” a virtual 30-minute presentation on different targeted topics, send me an email (readers@juliejason.com) asking to be added to my email invitation list.

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My recent column ("Wills: Should You Communicate Your Wishes With Your Children?") piqued the interest of a reader who expressed strong views about inheritances. (If you missed the column, let me know at readers@juliejason.com; I'll send you a copy.)

"Robert," who is in his 80s and well-to-do, believes that parents should tell their children NOT to expect an inheritance. (After all, how many people do receive inheritances?)

Let me share his point of view:

"A glaring omission in your latest column concerning communication with children about estate planning is the philosophy of some that once education is paid for, one's financial obligations to heirs is over.

"In fact, for many families, even higher-education expenses are NOT paid by the parent, with no great ill effect.

"For some children, the expectation of an inheritance removes their incentive to become successful on their own, and that needn't be in a monetary sense.

"Far better is to communicate that there will be NO monetary inheritance -- rather, charities have already been chosen."

Robert is not alone, of course, in his point of view.

Take singer Marie Osmond, who told US Weekly in January 2023 that she will not be leaving her children an inheritance, saying, "I don't know anybody who becomes anything if they're just handed money." She added, "I just think all [an inheritance] does is breed laziness and entitlement" (tinyurl.com/27t6xuas). This is a high-net-worth concern, since the size of the inheritance could affect the recipients' attitudes toward it.

Robert's intention to leave his estate to charity can benefit many more people than just family. Cancer research, local hospitals, children's causes, libraries, museums, schools, financial literacy education -- all are avenues where societal "good" can be achieved with an inheritance.

Of course, charitable causes can also be funded during one's lifetime, which presents an excellent opportunity to talk with kids about giving back rather than just receiving.

That can set children on a similar path. A 2018 Fidelity Charitable study titled "Family Giving Traditions" showed that those who grew up in families with strong giving traditions are more likely to give more to charity today. Thirty-eight percent of those who grew up with strong giving traditions said their parents inspired them the most in their charitable giving, versus 14% of those who cited their parents' influence but did not grow up with strong giving traditions (tinyurl.com/uehaavzj).

One way for wealthy families to support charity is through a private foundation, an independent legal entity set up solely for charitable purposes. Unlike a public charity, which relies on public fundraising to support its activities, the funding for a private foundation comes from you -- the person who has established the foundation.

The go-to resource for private foundations is the Foundation Source (foundationsource.com). Foundation Source facilitates setting up a private foundation and works with CPAs to help make the foundation's tax filings easier. You (and your children) choose the charities.

Let me leave you with this thought. Giving is not an issue that affects only the wealthy. Children and grandchildren learn from their parents and grandparents. Anyone of just about any financial means can help children understand the value of supporting good causes, as long as the support is fully within the family's financial means. It's not the dollars that count. It's the value of the giving lesson that counts.

On another subject, I am back to giving lectures, not in person, but online. They are short (30 minutes), with targeted topics. For example, Thursday, April 13, from 1 p.m. to 1:30 p.m. EDT, I discuss the mechanics of how to set up a gift that takes advantage of the power of compounding. If you would like to attend, register for "The Mechanics of a MarketMath & You Gift" at tinyurl.com/2p93nyys. And be sure to email me if you would like to be added to the email list for future invitations: readers@juliejason.com.

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