BDO has published an article, “Financial Literacy for the Rising Generation and Beyond,” which discusses the importance of instilling financial literacy in the family. The article begins as follows:
It is very common for families of affluence to have competent professional advisors to help them manage their investments, their legal affairs, and their business operations. If a family member is not planning on a career as the Chief Executive Officer or Chief Financial Officer of the family business, or is not planning to manage his or her own investments, then why do they need to be financially competent?
The answers to this question could determine future family prosperity. Even if they are not taking an active role in the family business, family members need to be able to manage their own household, be prepared to step into a more active role managing finances if circumstances change and have the financial literacy to ensure continuity of the family wealth.
To view the full article, click here: “Financial Literacy for the Rising Generation and Beyond”