5 Things I’ve Read Recently
1. More than 80 percent of parents say they want to be better role models for their kids regarding money management.1
2. Teenagers say their parents are their primary resource for learning about how to use money well.2
3. One-third of parents admit to arguing with their teenager about money at least once a month.3
4. More than half of teenagers say they want to learn more about money topics, such as budgeting, saving, and credit.4
5. More than half of parents surveyed say their teenagers ask them for money at least once a week.5
Here’s My Take on It
It’s too easy for money matters to take the back burner to homework, school activities, and everything else that we do. But when we’re intentional about bringing up money issues and finding teachable moments for using our money well, our kids are more likely to learn what they need to succeed financially. My husband and I have given our kids weekly allowances since they were in preschool, and we also provide ways for them to earn money (such as mowing the lawn or helping out with a project at home). Both of my teenagers have savings accounts, and we donate money to help others, talking about which causes matter to us and why.
Of course, my kids have also learned a lot about money by the mistakes they’ve made. (For example, an iPod won’t work after it falls into water, and having to earn money to buy another one takes a long time.) I do worry, however, that money management is becoming more and more complex, which makes it harder not only for me as a parent—but also for my kids. Yet, the more we talk about money with our kids, the more we can all learn to make better money choices.
Ask your child: “How easy is it to talk about money with me? Why?”
- Find out more about teaching kids about money at Kids and Money.
- Learn more about how to talk about money with your kids at www.bankit.com.
How do you teach your kids about using money well? Share your comments below.
1. Capital One, “Capital One Survey Shows Most Parents of Teenagers Want to Be Better Financial Role Models Yet Don’t Take Advantage of Key Teaching Opportunities,” news release, April 19, 2010.