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<ul class="summary-list"><li>Access to financial literacy education varies across K-12 schools in the US.</li><li>Parents can encourage financial literacy skills for their children at home.</li></ul>Financial stability can directly impact a person's <a target="_blank" class="" href="https://www.businessinsider.com/quit-my-career-live-off-savings-financial-crisis-2024-6">quality of life</a>. Yet ensuring young people develop the financial skills to achieve economic success as adults is not prioritized in all K-12 educational settings.According to the California Department of Education, only 26 states in the United States require high school students to take a course in personal finance. California just recently made this requirement official; in the press release announcing the agreement, Gov. Gavin Newsom said, "Saving for the future, making investments, and spending wisely are lifelong skills that young adults need to learn before they start their careers, not after."However, research demonstrates that <a target="_blank" class="" href="https://www.businessinsider.com/entrepreneur-mom-money-lessons-kids-2024-7">learning about finances</a> outside a traditional school setting can also be impactful.A 2020 <a target="_blank" href="https://files.eric.ed.gov/fulltext/EJ1280282.pdf">study</a> published in the Journal of Financial Counseling and Planning found that "college students that were explicitly taught financial basics by their parents, felt a beneficial influence of this teaching when they made financial decisions."Although financial literacy education is not a national requirement, parents can still foster financial literacy skills within their children right at home.<h2 id="b7e48fef-dbcc-4f1c-aa32-5818a8c2b41d">Ensure your child understands the importance of budgeting from an early age</h2>Although it's not uncommon for people of all ages to fall into the trap of behaving as if money is limitless, making sure your child understands that it's a <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/banking/debit-card-limits">finite resource</a> could be a good place to start from an early age.Jennifer Seitz, the director of education at the family finance technology company Greenlight, told Business Insider that as soon as kids are aware of money and want to start using it to buy things, they're ready to learn about it in an age-appropriate way. For some, this is as early as preschool.Whenever your child seems ready for more advanced concepts related to money, you can start talking about budgeting."Parents can introduce the concept of a budget, and that a budget is a plan for your money, and it's where you can decide how much money will be spent on certain things," Seitz said."A very common early lesson is about opportunity cost, which means learning about trade-off decisions — that basically, if you use your money for something else, it's spent, gone, and not available for something that you may want to use it for later that day or another day," Seitz continued.Seitz told BI an example of introducing opportunity cost could take the form of reminding a child who wants a treat from the grocery store that they could use their money for a treat that day or use it for ice cream a couple of days later, but not for both.Seitz also said that although increasing your child's knowledge around financial literacy at an early age can be really beneficial, <a target="_blank" class="" href="https://www.businessinsider.com/parents-teens-competing-science-fair-olympics-parenting-principles-advice-2024-6">parents of older teens</a> need to know that it's not too late for them, too. Even if you didn't start early, that doesn't mean you can't start now.If your child is a teen, Seitz recommends encouraging them to start thinking about their future financial aspirations and explaining how good financial planning can help them achieve those goals. Seitz said teens, in particular, may want to save up money for a concert, attend class trips, or a school dance, and even start planning around paying for higher education. Whatever their future holds, talking to them about how money plays a role in those plans is a crucial step.<h2 id="8dca6274-b146-43e4-a166-a524941d3a18">Pay attention to the financial habits your children are observing from you</h2>Although it may be easy to forget sometimes, your child is learning from your behaviors and the habits of the other people around them regarding a multitude of things, including how to handle finances.Seitz told BI that numerous <a target="_blank" href="https://link.springer.com/content/pdf/10.1007/s10834-020-09736-2.pdf">studies</a> examining how children develop money knowledge have identified that one way children learn is through modeling, where they observe their families' financial habits and attitudes towards money.Seitz also said parents should be open to having conversations with their children about money and prepare for those <a target="_blank" class="" href="https://www.businessinsider.com/what-parents-should-teach-kids-about-money-2022-10">conversations</a> if they're not used to doing so, as conversations about money also foster children's money knowledge.<h2 id="c708a766-ddd9-4771-9dff-8a8b3ccd2cd2">Encourage your child to play a direct role in their financial literacy learning journey</h2>While having conversations and modeling behaviors are good ways to teach your child, sometimes the best way to increase their learning is to allow them to turn their knowledge into action and be an active participant in their own journey with money.<a target="_blank" href="https://www.instagram.com/mike_altro/">Michael Broughton</a>, founder and CEO of Altro, an app that helps users build credit, told BI that getting started on the <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/apple-stock-price-plunge-warren-buffett-cuts-stake-berkshire-hathaway-2024-8?utm_medium=ingest&amp;utm_source=markets">stock market</a> could be a beneficial tool."I think the biggest thing that most parents may not know is that you can open up a brokerage in the name of your kids, so they can actually have a stock account that's in their name that they're able to trade on," Broughton said."What I'm doing with my younger sister is just setting up an automatic pull from an account. So every two weeks, she's getting maybe $25 or $50 to go invest in the stock market and see it grow," he continued.Broughton told BI that parents should show their children that they are able to invest in things that they are actually passionate about."So my little sister, she invested in Mattel because she thought that <a target="_blank" class="" href="https://www.businessinsider.com/how-barbie-dolls-changed-evolution-2018-3">Barbie</a> was going to do really well — she invested in some bowling stuff, some games stuff, and that's really helped build the beginning of her portfolio."Broughton also told BI that although stocks can be hard to explain, referring to certain events impacting the <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-crash-yen-carry-trade-unwind-fed-japan-rates-2024-8?_gl=1*1tv42tv*_ga*NzcxNjMwNTEyLjE3MjE4NDg5Njc.*_ga_E21CV80ZCZ*MTcyMjg4OTg2NS4xOC4xLjE3MjI4OTE0MzcuOS4wLjA.">stock market</a> as simply good or bad could be helpful."Disney just made '<a target="_blank" class="" href="https://www.businessinsider.com/inside-out-2-box-office-pixar-disney-numbers-analysis-2024-6">Inside Out 2</a>,' that's doing really well, everyone's talking about it, and I would ask my sister do you think Disney's doing good or is Disney doing bad? — She'd say they're doing good, and I would say, well, that means that the stock is doing good, and we would go look at the stock, and if it's up, I'll be like, she's right, or it's down, like, let's go look at the news and figure out why," Broughton said.Seitz said one method parents can use to help young children not only learn how money is earned but also be reminded of its limits is to provide them with an allowance for completing <a target="_blank" class="" href="https://www.businessinsider.com/kids-responsibility-chores-made-them-confident-2023-9">chores</a>."Every family is different, and every family has different ways to manage that. Some families prefer not to tie chores and <a target="_blank" class="" href="https://www.businessinsider.com/family-budget-tips-teenagers-give-allowance-vacation-economy-inflation-2024-4">allowance</a>. And there are still great money lessons that can be learned in that way. The Greenlight app is set up so that parents can make that distinction, whichever way they can, either, have money earned for chores or only for special odd jobs above and beyond what their kind of daily expectations might be," Seitz said.Although there has been legislative progress in ensuring financial literacy is incorporated into a child's K-12 educational experience in the US, it's an ongoing process. Until that happens, parents can foster financial literacy skills in their children and connect them with other resources at home.Discussing money can be tricky at any age, but the earlier children start learning about money, the easier it becomes to talk about.

Financial literacy is not always taught in school. Here's how parents can prepare their kids to budget and invest wisely.

<ul class="summary-list"><li>Holly Martins, 39, was taught that scraping by financially was OK, she said.</li><li>After divorcing, she realized she needed to make a lot of money.</li></ul>This as-told-to essay is based on a conversation with <a target="_blank" href="https://www.instagram.com/hollysellsjersey/">Holly Martins</a>. It has been edited for length and clarity.I grew up in a household that fostered a <a target="_blank" href="https://www.businessinsider.com/decluttering-my-home-poverty-mentality-harms-2024-03">poverty mentality</a>. I was told to earn just enough to live, don't complain, get a stable job, stay there forever, and never, ever talk about money. My parents worked good, solid government jobs in order to scrape into the middle class, but they still always lived as if they didn't have enough money or resources.I was told to find a job with a pension and ride it out until retirement. I was never taught to dream big or reach for the stars.My first job was at a nonprofit, where I scraped nickels to get by. After I got married and had kids, I quit my job because I wasn't making enough to <a target="_blank" href="https://www.businessinsider.com/childcare-workers-pay-quit-impact-on-children-tuition-increase-2023-4">pay for daycare</a>. It made more sense for me to just stay home with the kids than work. I missed working, but stayed home with the kids until my husband and I separated in 2019.<h2 id="5ab09c40-ff26-4836-b9ec-918535db04e6">I became focused on money after my divorce</h2>Suddenly, I realized I needed to make a lot of money to support my household without a partner. It was the first time in my life I'd had that thought. In the past, I'd always believed it was OK to be scraping by.I had gotten my <a target="_blank" href="https://www.businessinsider.com/personal-finance/mortgages/how-to-find-real-estate-agent">real estate license</a> after my second son was born, and dabbled in selling homes. But compared to my husband's career, mine was always treated as a hobby. Now, I saw it as a lifeline. Real estate is all commission-based. There's no floor to how little you can make, but there's also no ceiling. For the first time ever, I felt motivated to reach for the stars.<h2 id="5b2ee450-27cb-464a-8ea6-1905a9efd954">I did lots of therapy to address my poverty mentality</h2>Undoing years of messaging from my parents and myself wasn't easy. It felt uncomfortable to admit I wanted success. I thought I was being unfair when I asked for what I was worth. Processing that took a lot of therapy.In addition to my therapist, I started surrounding myself with people who dreamed big. In the past, working in a nonprofit, I'd told myself I had little money or financial resources, but it was OK because I was a good person. Now, I was reevaluating that message. The people around me told me I was a good person and I deserved a lot, including <a target="_blank" href="https://www.businessinsider.com/what-does-gen-z-want-workplace-financial-stability-paid-leave-2024-2">money and financial stability</a>.Today, I teach my boys, who are now 7 and 9, these same lessons. Sometimes, they have self-limiting beliefs. I remind them that they're amazing and can accomplish anything they set their mind to — something I was never told as a kid.<h2 id="dad1b54f-602c-45c2-8899-4aab7a940bd6">I'm exposing my sons to saving and investment</h2>My new mindset coincided with the 2020 real estate boom in New Jersey, where I live and sell homes. I was making more than I ever had. Saving money came easily to me since I was used to putting all my money toward bills. Once I had the money I needed to pay for my necessities, I started to invest. I now have a <a target="_blank" href="https://www.businessinsider.com/personal-finance/investing/what-is-401k">retirement account</a>, college savings, and other investments.I started to show my sons what I was doing. Now, <a target="_blank" href="https://www.businessinsider.com/teaching-kids-financial-literacy-from-little-2024-8">we talk about money</a> all the time. I was never shown a budget, savings account, or investment account. Luckily, friends and mentors later taught me how to use these financial tools, and I also educated myself with podcasts. It's hard to learn something if you're not exposed to it. I was thrilled when my older son recently asked if he could start investing because I want my boys to have that exposure early.<h2 id="e1f74bed-2abe-4fed-a04b-ec04857dba9a">I want my sons to make grand plans</h2>Last year, I bought my ex out of our house. But around that same time, I realized that my family would be better off in a neighboring school district. Our family uses <a target="_blank" href="https://www.businessinsider.com/how-private-equity-is-reshaping-special-education-2024-4">special education services</a>, and they just weren't cutting it in our original district.The version of myself from before would have rather died than make a grand plan, like moving from a house she'd just obtained ownership of. But the new me knew she could do it. I <a target="_blank" href="https://www.businessinsider.com/rent-house-extra-income-declutter-happier-2024-9">rented out our home</a> and moved the boys into a rental in the new district. I plan to purchase a home here later this year.I hope making this move shows the boys they deserve to take risks and make plans to improve their lives. They're entitled to access the resources they need.<h2 id="d8c1db9d-525c-4a90-9966-a0e65602d981">I don't want my kids to be afraid of the world</h2>I realize now I had a lot of fear because of my upbringing. I don't want that for my sons: they should know that the world is an amazing place for them to explore, and that home is a safe place that they can come back to.I've learned that I can be a good person and also be successful. Wanting to strive and achieve isn't a perversion. I don't need to sacrifice my well-being in order to serve others. It took me more than three decades to learn these lessons, so I'm teaching them to my boys as soon as I can.

I wasn't taught about money growing up. After my divorce, I built a nest egg, and I'm showing my kids how to budget.

<ul class="summary-list"><li>Business Insider looked at how young adults aged 25 to 34 spent their money in 1989 compared to 2022.</li><li>The findings show us how prices and habits changed since boomers were young adults.</li></ul>In 1989, you could see "Batman" and "When Harry Met Sally" in the movie theater. People wore <a target="_blank" href="https://www.businessinsider.com/i-tried-to-live-like-i-was-in-the-80s">brightly colored fashion</a> and bought <a target="_blank" href="https://www.businessinsider.com/nintendo-game-boy-history-evolution-ds-3ds-switch-2019-4">Nintendo Game Boy</a> consoles.In 2022, many people were still <a target="_blank" href="https://www.businessinsider.com/dream-job-in-office-work-full-time-flexibility-benefits-2024-3">working from home</a> amid the pandemic's disruptions to the workplace. They were wearing a lot of athleisure, and perhaps venturing back to movie theaters — this time to see "The Batman."In the intervening 33 years, how young adults spent their money changed dramatically. Business Insider analyzed spending data for young adults aged 25 to 34 in 1989 — which would cover part of the <a target="_blank" href="https://www.businessinsider.com/typical-baby-boomer-net-worth-debt-real-estate-retirement-2021-12">baby boomer generation</a> — and in 2022 — which would largely be people of the <a target="_blank" href="https://www.businessinsider.com/millennials-annual-income-price-of-happiness-wealth-retirement-generations-survey-2023-11">millennial</a> generation — on various kinds of food, housing, education, and more.Young adults in 1989 were spending more — when adjusted for inflation — on beef, alcohol, and homes they owned than this age group decades later in 2022.Here's how expenditures looked between the two:For this analysis, Business Insider compared average annual expenditures for <a target="_blank" href="https://www.bls.gov/cex/csxgloss.htm">households</a> that were headed by 25- to 34-year-olds in 2022 to similar 1989 households. We used data from the Consumer Expenditure Surveys program published by the Bureau of Labor Statistics, or BLS. BI calculated inflation-adjusted figures for 1989 using <a target="_blank" href="https://www.bls.gov/cpi/">consumer price index</a> data to put those costs into 2022 dollars.We wanted to examine how spending for baby boomers when they were young adults compared to millennials who were around the same age in 2022.The differences in average spending between young adults in 1989 and 2022 could be due to changes in prices or shifting habits.Take a look at rented dwellings, for example. The <a target="_blank" rel="noopener noreferrer" class="c-link" href="https://fred.stlouisfed.org/series/CUUR0000SEHA">consumer price index data for rent of primary residence</a> suggests a lot of the increase between 1989 and 2022 is because of price increases but can also be explained by young adults being more likely to rent apartments.Millennials and <a target="_blank" href="https://www.businessinsider.com/gen-z-working-to-live-rather-than-living-to-work-2024-1">Gen Zers</a> also have different habits and living situations than their parents' generations. For example, millennials are finding it hard to become <a target="_blank" href="https://www.businessinsider.com/millennials-house-home-real-estate-mortgage-rates-rent-debt-boomers-2022-9">homeowners</a> in the US. <a target="_blank" href="https://news.gallup.com/poll/509690/young-adults-drinking-less-prior-decades.aspx">Young adults who drink alcohol are consuming fewer alcoholic drinks</a> on average than older peers in 2021-2023 or young adults back in 2001-2003, and diets have changed.Taken together, the data offers a window into how young adults' budgets have changed over the last three decades, either due to rising costs for things like healthcare, seafood, fresh fruits, housing, and used vehicles, or due to changing habits and lifestyles. Below is a closer look at what's going on. <h2 id="c8ec59cd-d329-4fbf-8c48-7568d2b85e03">Millennials are spending a lot more on healthcare and rented housing</h2>Health insurance spending stands out between the average young adult in 1989 versus in 2022. After adjusting for inflation, the average young adult spent $755 in 1989. In 2022, it was over 200% higher.A Bureau of Labor Statistics <a target="_blank" href="https://www.bls.gov/opub/btn/volume-12/how-did-the-covid-19-pandemic-affect-healthcare-spending.htm">report</a> from November 2023 by Grace Hill looked at the effects of the pandemic on healthcare spending overall and broken down by age groups and other groupings."The only age groups to increase overall healthcare spending in 2020 were the 25–34- and 45–54-years age groups," the report stated. "These age groups had the largest increases in health insurance expenditures: the largest component in healthcare spending."Additionally, young adults in 2022 were spending more on rent and related expenses than was the case in 1989. Based on average data, young adults were spending roughly 60% more on apartments and other rented housing.<h2 id="0ff748d5-9c31-4517-a485-9e80a72ee47f">Millennials are spending less on used vehicles and mortgage interest</h2>The average young adult in 2022 spent more on gas and motor oil than this group in 1989. However, they weren't spending as much on used cars and trucks.Data not adjusted for inflation shows that used cars and trucks expenditures increased more than the CPI for used cars and trucks between 1989 and 2022.A December <a target="_blank" href="https://www.bls.gov/opub/reports/consumer-expenditures/2022/home.htm">BLS report</a> about consumer expenditures said households in general, not just among young adults, spent more in 2022 on rent and related expenses and owned homes than in 2021."High home prices, high mortgage lending rates, and particularly high rental rates for apartments placed upward pressure on spending over the year," the BLS report said. "Mortgage interest and principal payments are essential expenditures for owned dwellings, and a rapidly changing mortgage environment sent an exogenous shock through the market."The report added that the high 30-year fixed rate mortgage in 2022 led to "consumers on the margin out of owned dwellings and into the rental market."While BLS doesn't directly track price changes for owned housing, it approximates them with a measure of owners' equivalent rent of residences, which is up over 160% between 1989 and 2022. Meanwhile, young adult spending for owned dwellings was up over 120% before adjusting 1989 expenditures for inflation.<h2 id="22a433a5-514a-4ec4-aa67-c64ab853a237">Young adults in 2022 spent more money on fresh fruits, vegetables, and seafood</h2>Young adults in 1989 were spending less on fresh fruits and vegetables — as well as processed vegetables — than those in this age range decades later. The average young adult in 2022 spent 71% more on fresh fruits than their counterparts in 1989. Plus, the average young adult in 2022 spent 22% more on fish and seafood and 4% more on poultry.While not the exact years we looked at for our analysis, an analysis from the <a target="_blank" href="https://www.pewresearch.org/short-reads/2016/12/13/whats-on-your-table-how-americas-diet-has-changed-over-the-decades/">Pew Research Center</a> shows how food consumption has changed between 1970 and 2014 including a big increase in chicken and cheese per year.We can also look at consumer price index data to see how inflation impacted food spending. Before adjusting 1989 data for inflation, young adults in 2022 spent 304% more on fresh fruits than young adults in 1989. Over that period, prices for fresh fruits based on CPI were up by nearly 170%, meaning that while part of the change in spending between the two years can be explained by price increases, young adults were also eating a lot more fresh fruit in 2022 than in 1989.<h2 id="4a62dd21-8983-457f-80b3-798e0dfc5e5d">In 2022, young adults spent less on alcohol, beef, and dairy products</h2>Average annual spending data shows that the average young adult in 2022 spent almost 40% less on beef than the average young adult in 1989. The average young adult also spent around 55% less on fresh milk and cream. The Pew Research Center report mentioned earlier also showed people were eating a lot less beef in 2014 than in 1970. The same was true for drinking milk.Based on our analysis, the average young adult in 2022 was spending more on nonalcoholic beverages and less on alcoholic beverages than the average young adult in 1989. A <a target="_blank" href="https://news.gallup.com/poll/509690/young-adults-drinking-less-prior-decades.aspx">Gallup post</a> shows alcoholic beverage drinkers who were between 18 and 34 years old for 2021-2023, which would also include <a target="_blank" href="https://www.businessinsider.com/gen-z-drinking-less-alcohol-bad-news-concert-venues-promoters-2023-6">Gen Z</a>, had an average of 3.6 alcoholic drinks in the past seven days. For 2001-2003, the average consumption was 5.2 alcoholic drinks among drinkers aged 18 to 34.Our analysis shows young adults weren't spending as much on <a target="_blank" href="https://www.today.com/video/why-cereal-is-losing-its-popularity-over-grab-and-go-options-193180229829">cereals</a> and cereal products, which was <a target="_blank" href="https://www.bls.gov/cex/csxgloss.htm#cu">defined</a> as including "ready-to-eat and cooked cereals, pasta, flour, prepared flour mixes, and other cereal products such as cornmeal, corn starch, and rice," in 2022 as young adults in 1989. Based on reporting from multiple outlets, <a target="_blank" href="https://www.wsj.com/finance/investing/cereal-decline-breakfast-trend-6dd591e8">cereal's popularity</a> has fallen while <a target="_blank" href="https://www.washingtonpost.com/food/2023/10/24/breakfast-sandwich-popularity-cereal/">breakfast sandwiches</a>, bars, and other items that are easy to take with you are now favorable.

Millennial vs. boomer budgets: How spending has changed for young adults in the last 30 years 

<ul class="summary-list"><li>Some white-collar parents are leaving their jobs to take family gap years.</li><li>They say it's a reprieve from American life and a way to spend time with their children.</li></ul>Claire Williams and her husband Matt had what you might call a <a target="_blank" href="https://www.reddit.com/r/infp/comments/13874zk/most_americans_today_have_what_are_known_as/">Cadillac problem</a>.They were trying to figure out how to best use some money they'd saved. They thought about buying another home or adding an extension to their current one, but while spending time with their kids in quarantine, they realized what they needed more than anything was time."We thought, how do you buy time?" Claire, 40, told Business Insider. "The answer we came up with was stepping off the hamster wheel out of the daily grind."So, Matt left his job of 11 years at an architecture and engineering firm and they set off in June 2022 to travel the world for a year with their then 13-,10-, and 7-year-olds to bond, broaden their worldview, and show the kids "that there are many different ways to live, work, and be happy," said Claire, a stay-at-home mom.From surfing in Sri Lanka to riding camels in the Sahara, they traveled to six continents and 26 countries. They rented out their Bay Area house, cooked a lot while on the road, and meticulously budgeted for each country, estimating that they spent just shy of $100,000 living abroad for a year, excluding flights, insurance, and back-at-home costs like a storage unit.Family gap years like this are a chance for 30- and 40-something white-collar parents who have enough cash to leave their jobs behind to show their kids a different way of life. It's a sabbatical with a twist — the kids are in tow and they're leaving their schools behind, too. Parents said they typically mix homeschooling on the road with <a target="_blank" href="https://www.theworld.school/">worldschooling</a>, which prioritizes immersive travel as education.For a certain set, making a non-traditional move like leaving it all behind to take your kids around the world became even more appealing when the pandemic forced us to rethink life's possibilities.It's sticking around as the world somewhat normalizes; Reddit is <a target="_blank" href="https://www.reddit.com/r/askSingapore/comments/1ary3p0/family_gap_year/">littered with threads</a> looking for <a target="_blank" href="https://www.reddit.com/r/AskIreland/comments/1aokv9h/has_anyone_here_had_a_family_gap_year_in_spain_or/">family gap year advice</a>, which posters can easily find in various <a target="_blank" href="https://slowcamino.com/">blogs</a>. Travel with immediate family is the top travel trend for 2024, <a target="_blank" href="https://www.virtuoso.com/getmedia/90c4929f-3d17-4bf2-ae87-4fad8dc38a52/2024-Luxe-Report-Global-Release_FINAL.aspx">per travel network Virtuoso's Luxe Report</a>. Parents said that while traveling for a year makes finding alone time hard and planning on the go is tiring, the family time is priceless and it can be an escape from the stresses of the modern American economy.<h2>'We wanted to enjoy our kids while we were still their favorite people'</h2>The 2020s economic landscape sent some families packing their bags. More than <a target="_blank" href="https://www.statista.com/chart/26186/number-of-people-quitting-their-jobs-in-the-united-states/#:~:text=In%202022%2C%20more%20than%2050,a%20red%20hot%20labor%20market.">50 million Americans</a> quit their jobs in 2022 as <a target="_blank" href="https://www.apa.org/monitor/2022/01/special-burnout-stress">burnout and work stress</a> soared. Inflation hit a <a target="_blank" href="https://www.businessinsider.com/inflation-report-cpi-september-prices-rent-fed-rates-recession-outlook-2022-10">40-year high</a>, leading to the Federal Reserve trying to fight back by raising interest rates.At the same time, those who owned real estate and stocks saw <a target="_blank" href="https://www.businessinsider.com/millennials-saw-wealth-grow-double-during-pandemic-2024-4">a major spike in wealth,</a> and those who worked from home found increased flexibility, both sparking new possibilities in lifestyle.Jennifer Spatz, founder of <a target="_blank" href="https://www.globalfamilytravels.com/">Global Family Travels</a>, said she started receiving requests two-and-a-half-years ago in a newly vaccinated world from families looking to travel and educate their children for a year. She now offers a family gap year and extended travel planning service for $80 to $100 an hour. Once itineraries are approved, she works with travel partners to collect commissions on hotels and experiences."It could expand into a big business," she said, adding that her family gap year clients typically have disposable income and kids around 8 to 11 years old. Parents agreed that pre-high school years are the prime time, while kids are young enough to still value family time and old enough to absorb new experiences."We wanted to enjoy our kids while we were still their favorite people," said Amy Chang, 44. "If we took time off when they get to high school or college, that doesn't do us any good in building relationships with them because they're going to have their own lives by then."Chang and her husband Allen were among the <a target="_blank" href="https://www.ama-assn.org/practice-management/physician-health/pandemic-pushes-us-doctor-burnout-all-time-high-63">63% of physicians </a>burned out after working through COVID-19. She said their jobs put them in a privileged position to save money, as did having few student loans, living in a house they could afford on one salary, and driving the same car for 12 years. With a solid financial cushion to cover a year's mortgage and traveling, they left central Massachusetts with their then 9- and 7-year-olds in August 2022 for a road trip around the US to visit national parks before heading off to Asia and Europe.<div type="image" title="Amy Chang and her family in Venice, Italy" height="480" width="640" msid="109759636" hostid="261"></div>They rented an RV from a local family, cooked on the go, and stayed in Airbnbs. They stayed under budget, which included their savings plus room for an emergency fund after returning home."Even though it was a huge expense, it was worth it…even if it means working a little longer on the tail end of our careers," she said.<h2>World lessons, no classroom required</h2>No family gap year is complete without immersive travel. Parents said they've read "The Iliad" while in Greece, attended worship services from different religions, and taught their kids how to navigate a foreign city — all parts of their desire to provide their kids with real-world schooling.They typically value regenerative tourism, which involves giving back and positively impacting places as you travel. They want a local's experience rather than a cruise or all-inclusive resort, Spatz said. She often plans trips that involve work and education aligned with the <a target="_blank" href="https://sdgs.un.org/goals">United Nations Sustainable Development Goals</a>, like gender equality or access to clean water. For example, one of her families will be wrapping up their gap year in July in a remote Nepal village, working with a woman who started a school."It's learning about the different cultures and history, but taking the kids out of that traditional classroom," she said.Claire wanted to "get beyond the surface" by participating in <a target="_blank" href="https://www.workaway.info/">Workaway</a>, in which they stayed with local families in exchange for helping them around the home. In Sydney, Australia, they helped a family clean chicken coops on a 300-acre cattle farm. In Santiago, Chile, they helped care for baby quails on a poultry farm. It allowed them to save money and live with locals side-by-side, she said.Marisa Vitale, 47, has been experiencing different ways people live around the world, often choosing non-touristy areas to understand how the neighborhood works. She and her family lived in a Spanish-intensive homestay in Guatemala, with an indigenous Hmong family in Vietnam, and in an Argentine estancia to learn how the gauchos work the land.For her 11-year-old-twins, she said has been "a masterclass in history and anthropology," adding that her kids write reports and create art projects for each country they visit."Right when they're on the cusp of becoming young adults, what better way to understand who they are and how they feel in their skin than to take them through a wide variety of ways to live," she wrote over email from "deep in the desert" of Jordan, where they were staying in a Bedouin cave. "Empathy, kindness, and patience are the main things I take away from traveling. We wanted our kids to see those in so many different faces and places across the globe."<div type="image" title="Marisa Vitale and family" height="3088" width="2316" msid="109759639" hostid="261"></div>Her family plans to return to their Los Angeles home, which they rented out, this July. She halted her work as a self-employed photographer and her husband is on a yearlong sabbatical from his 15-year government job. While their monthly budget changes depending on where they're traveling, she estimates that they spend about $10,000 a month between lodging and general expenses, with a small amount of leeway for splurging on an experience.<h2>A year later</h2>A gap year also proves educational for parents. It helped Chang and her husband recalibrate their work lives. She's now doing shift work as an OB-GYN hospitalist — a better work-life balance than her previous work in private practice — and her husband is doing a fellowship to figure out how physicians can use AI."He wouldn't have been able to research or think about that at all if he hadn't had the time off," she said.Re-entry was a little harder for Claire, despite Matt returning to his previous job. She said traveling cost them an average of $261 per day, less per day than their daily life in California. That included food and beverage, lodging, entertainment and experiences, ground transportation and fuel, and miscellaneous living expenses like medicine or SIM cards."When you remove your mortgage, gas, insurance — there are so many little things that are gone when you're on the road," she said.Right now, they're living in Salt Lake City for two years as they contemplate what's next and prepare to launch a podcast about their travels. She hopes to keep the adventure going."Our time abroad felt not overwhelmed by consumerism," she said. "In the U.S., everything from highways to shopping to grocery stores is just really big and loud. So much of our gap year was really quiet and authentic and simple."

Some millennial and Gen X parents are leaving it all behind to spend 6 figures on a family gap year. Here's how they budget and 'worldschool' their kids. 

With an aim to boost dwindling outward shipments, Finance Minister Nirmala Sitharaman on Saturday said a scheme for exporters will be launched this year to reimburse taxes and duties paid by them. 
 It is proposed to digitally refund to exporters, duties and taxes levied at the centre, state, and local levels, she said while presenting the Union Budget for 2020-21.
 These taxes include value added tax (VAT), electricity duties and fuel used for transportation, which are not getting exempted or refunded under any other existing mechanism.
 This scheme for remission of duties and taxes on "exported products will be launched from this year itself," she said.
 The move assumes significance as merchandise export from India scheme (MEIS) was not in compliance with global trade rules.
 Under the World Trade Organisation (WTO) rules, certain duties like state taxes on power, oil, water, and education cess are allowed to be refunded).
 She also said that to develop each district as an export hub, "efforts of the centre and state governments are being synergised and institutional mechanisms are being created in order that every district becomes an export hub".
 The country's exports contracted for the fifth month in a row by 1.8 per cent in December 2019 to USD 27.36 billion.
 Imports too declined by 8.83 per cent USD 38.61 billion, bringing down the trade deficit to USD 11.25 billion during the month under review. The trade deficit during December 2018 was USD 14.49 billion.
 During April-December 2019-20, exports slipped 1.96 per cent to USD 239.29 billion, imports declined by 8.9 per cent to USD 357.39 billion, leaving a trade deficit of USD 118.10 billion. RR ANS
ANS

Govt to launch scheme for exporters to reimburse state levies this year: Finance Minister Nirmala Sitharaman

Gandhinagar, Feb 26 () No new taxes were proposedin the Gujarat budget for 2020-21, presented by the BJPgovernment on Wednesday, which saw a healthy allocation of Rs31,955 crore for education, Rs 11,243 crore for health and Rs7,423 crore for the agriculture sector.The Rs 2,17,287-crore budget for the next fiscal hasan overall surplus estimates of Rs 275 crore.In the budget presented on the first day of theassembly session, Deputy Chief Minister Nitin Patel, who alsoholds the finance portfolio, proposed to reduce electricityduty for shops and offices, cold storages, religious placesand dharmshalas, giving benefits of Rs 320 crore to them.Patel, who presented the budget for the eighth time,did not propose any new taxes.Of the total budget of Rs 2,17,287 crore, as perestimates, the developmental expenditure is expected to be Rs1,33,283 crore and non-developmental expenditure at Rs 80,400crore.The size of the budget for the next fiscal indicatesan increase of Rs 12,472 crore over the last one.Patel, while presenting the budget, told the Housethat special focus has been placed on health, education, watermanagement, animal husbandry, rural and urban development,agriculture and overall social development.Patel allocated Rs 7,423 crore for the agriculturesector and Rs 31,955 crore for the education department.To encourage cow urine and manure-based farming, acultivator shifting to such agriculture methods will be givenan assistance of Rs 10,800 per year to rear cows, he said.Patel made a provision of Rs 50 crore to cover around50,000 farmers under this scheme.To improve primary education scenario, Patel said thegovernment will construct 7,000 new rooms in state-run schoolswith an estimated cost of Rs 650 crore.On the higher education front, Patel said a provisionof Rs 7 crore has been made to start a School of DefenceStudies at the Gujarat University in collaboration with theDRDO.Similarly, a sum of Rs 12 crore has been allocated toIITRAM (Institute of Infrastructure Technology Research andManagement) to start Department of Advance Defence Technologyin collaboration with the DRDO.Patel alloted Rs 11,243 crore for the health andfamily welfare department.While Rs 450 crore has been allotted for the AyushmanBharat Yojna (a Centre-sponsored health scheme), Patel said Rs27 crore will be spent for purchasing 150 new ambulances.Announcing a provision of Rs 3,150 crore for the womenand child development department, Patel said 'Rann Anganwadis'(child care centres) will be opened in desert areas for thechildren of 1,500 saltpan worker families.He also added that 'mini anganwadis' will be opened incentral jails in major cities.To encourage Gujarati diaspora donors wanting to dosomething for their native places, Patel announced a newscheme called 'Madre Vatan'.Under this scheme, the government will contribute amatching amount of donation given by such donors fordeveloping various facilities such as schools, anganwadicentres, roads, water tanks and ponds.For making Gujarat plastic-free, Patel announced a newscheme wherein rag pickers collecting dry waste and plastictrash will be given financial assistance.Patel said the world's largest hybrid energy park iscoming up at Kutch district. It has capacity to generate25,000 megawatt of electricity per year at one place byharnessing solar and wind energy.To add some more tourist attractions near the Statueof Unity at Kevadiya and nearby areas in Narmada district, aprovision of Rs 387 crore has been made in the budget.Patel proposed a reduction in electricity duty onshops and offices. From the present 25 per cent, Patelproposed 20 per cent levy.While this relief will benefit 30 lakh people, thestate will have to forgo revenue of Rs 320 crore every year.The finance minister also proposed to reduceelectricity duty levied on religious places and dharmshalas.He proposed to reduce electricity duty on religiousplaces from 25 per cent to 7.5 per cent for rural areas and to15 per cent for urban areas.For dharmshalas, which currently pay 25 per cent duty,Patel proposed to slash it to 15 per cent for high-tensionconnections and 10 per cent for low-tension connections. PJT PDRSY RSY

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