The life-long benefits of teaching children good money habits make it well worth the effort. Children who are not taught these lessons pay the consequences for a life-time. Some parents don’t teach children about money because they think they shouldn’t talk about money with children, don’t have the time, or think they don’t have enough money.
Parents should take the time to teach children about money regardless of income and should start when children are young. This publication presents some helpful guidelines and suggestions parents may follow. It provides general background and outlines by age group and stage of development children’s understanding and use of money as well as conflicts about money. It also identifies activities you can use to teach your child about money.
Using a Consistent Approach
Most people have strong feelings and opinions about money, based on childhood experiences and the values and beliefs of their families. Most often, these experiences, values, and beliefs are different for each parent. It is vital for the healthy development of children that parents talk about these feelings and opinions and establish a consistent approach to teaching children about money.
These questions can help parents focus their discussion:
• How will we create an open environment in which our family can discuss money issues?
• How should our children receive money? Will we give them allowances or use another method?
• What are our family values and attitudes about money that our children may be observing?
• What do we communicate about money?
• How will we structure learning experiences about money?
• How will we deal with our children’s differences in handling money? By stage of development, special needs, or personality differences?
• How will we respond to the effects of advertising and peer pressure on our children’s buying requests?
To learn more about budgeting, credit and personal finance, be sure to tune in http://cbsloc.al/ListenWAOK to “Financial Solutions with Rob Wilson” every Saturday from noon until 3pm.