Why You Need to Talk to Your Kids About Money
January 25, 2019 by Lily Wright
We are taught many different life lessons when we’re young. As kids, some of us were discouraged from ever really taking about money. Discussions about finances may have felt taboo – some of us were taught things like “never count someone else’s money,” which might be a good lesson in managing internalized jealousy, but those simple comments can lead to an understanding that it’s bad to ever bring up money. If you were ever told that its respectful to leave money out of the conversation, you’re probably not alone.
According to a recent report from Chase Slate, only 56 percent of parents have discussed money with their children. 41 percent admitted they sometimes avoid talking to their kids about money.
Understandably, talking about money can be hard, especially if our own personal budgets don’t look so great. It may feel wrong to impart financial wisdom on our kids when we could benefit from advice from others. The important thing to remember is talking about money helps to create awareness at a young age. Some people have a sense of shame around finances, and that tends to stem from lack of conversation from family members, or from family financial woes.
It’s important to never underestimate your influence as a parent. The Chase Slate report indicated that the majority of Americans say they owe their financial foundation to their parents. It’s true that we develop some of strongest habits when we’re young. The earlier we teach our kids to be proactive about their money, the better the payoff will be when they become adults.
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