![]() ![]() When teaching children about money, parents need to make an effort to think in children s terms, not adult terms. This helps children understand that conflict about money occurs and needs to be discussed in the family and that compromise is often necessary. Children and parents should talk about their feelings, values, attitudes, and beliefs about money. For example, children need to learn that while it is nice to show someone love by buying a gift, it is just as important to show love through actions and words. It includes helping them understand the positive and negative meanings of money. ![]() Teaching your children about money is more than preparing them for employment or teaching them to save some of the money they earn. Children need to know that parents say no to themselves, too. Express your desire to have things you can t afford. Expect all family members to perform unpaid, routine household chores based on their abilities. As children get older, increasingly include them in discussions of limits and consequences. Explain to children what they can and cannot do and the consequences of violating the limits. Include all family members in money management discussions, decision making, and activities as appropriate for their age. Be consistent while taking children s differences into account. Allow children to learn by mistakes and by successes. Encourage and praise rather than criticize or rebuke. 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 experience 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? Teaching Children about Money Parents should keep these guidelines in mind as they begin the financial socialization of their children: Guide and advise, rather than direct and dictate. 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. Most often, these experiences, values, and beliefs are different for each parent. 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. ![]() It also identifies activities you can use to teach your child about money. It addresses children s understanding and use of money as well as conflicts about money. It provides general background and outlines by age group and stage of development. This publication presents some helpful guidelines and suggestions parents may follow. Parents should take the time to teach children about money regardless of income and should start when children are young. 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. Children who are not taught these lessons pay the consequences for a lifetime. Danes, Ph.D., Professor, Department of Family Social Science with Tammy Dunrud, Owner - Tammy Dunrud LLC Introduction The life-long benefits of teaching children good money habits make it well worth the effort. 1 Children and Money: Teaching Children Money Habits for Life Sharon M.
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