‍In a recent Mesirow Monday on WGN's Your Money Matters with Jon Hansen, Jennifer Rosenblum, CFA, Wealth Advisor at Mesirow Wealth Management, outlined proven strategies for parents to prepare their children for long-term financial security. From college savings plans to retirement accounts and credit-building tools, Rosenblum emphasized that families have more options than ever to help the next generation thrive.

"Start now, and adjust as your child's future comes into focus," Rosenblum said. "Small, intentional steps today can grow into powerful financial outcomes tomorrow."

529 Plans: The Gold Standard for Education Savings
"Parents often ask me what to do first," Rosenblum explained. "The answer is simple: open a 529 plan. 529 plans allow families to save for education with tax-free growth and withdrawals. Illinois residents contributing to Bright Start or Bright Directions plans also benefit from a state tax credit. Contributions can begin as soon as a child has a Social Security number, and anyone?grandparents, relatives, or friends can contribute."

"College is one of the largest expenses faced by parents," Rosenblum said. "Starting early and using a 529 ensures those savings are maximized while protecting retirement assets."

Roth IRAs: Harnessing Time for Teens and Young Adults
For children with earned income, Roth IRAs offer a powerful way to leverage time and compound growth. Even modest contributions from summer or part-time jobs can grow substantially over decades.

"Convincing a teenager to save for retirement can be difficult," Rosenblum acknowledged. "But parents can encourage the habit by matching their child?s contributions. By the time they reach retirement age, those early dollars will have multiplied many times over."

Building Healthy Spending Habits
Rosenblum also encouraged parents to begin teaching responsible money management early. For younger children, debit cards like Greenlight with built-in parental controls and budgeting tools can introduce smart spending habits. For college-aged students, becoming an authorized user on a parent's credit card can help build credit history while maintaining oversight.

"Credit cards can be a slippery slope," Rosenblum said. "But used wisely, they provide security and set the stage for financial independence."

Securing the Next Generation
From tax-advantaged education savings to lifelong retirement tools, Rosenblum emphasized that parents play a critical role in setting financial foundations.

Mesirow Wealth Management is the firm?s founding capability, connecting clients to what matters today and across generations. The firm's Wealth Advisors are differentiated by their personal, comprehensive wealth planning, expert investment selection and exceptional service. We invite you to learn more at mesirow.com/wealth.