Talking to your Children about Money
Children learn about and use money continuously. How children use money will affect not only their economic stability and security throughout life but how they live and feel. Parents and other adults can help children learn and develop money management skills by discussing money with them, planning with them and providing children with positive learning experiences.
Children are not born with “money sense.” They learn about money by what they see, hear and experience. As children grow they constantly are watching, listening and learning about money. How much does ice cream cost? Can I buy a new book or toy? We as adults are teaching children about money. What do you really want them to be learning? Here are a few things to remember:
- Children are learning from you whether you actively attempt to teach them or not.
- One of the most important lessons you can teach children is positive money management.
- They need to be taught the difference between needs and wants.
- Resources, including money are limited.
- Guide and supervise money choices rather than directing and dictating how money is saved and spent.
- Let children learn from mistakes as well as successes.
- Be consistent.
The consequences of how children learn about and manage money are vitally important for their life, happiness and future. Managing money will allow them to distinguish between wants, needs and learn how to save and budget. They learn to make wise decisions. However, problems in managing money can lead to unwanted financial obligations, poor money decisions, and significant stress and anxiety. Children need parents and caregivers guidance to make wise money decisions. Strike up a conversation with your child, grand child or any child about money today!
For additional information, contact the Wildcat Extension District, Crawford County, 620-724-8233, Labette County, 620-784-5337, Montgomery County, 620-331-2690, Pittsburg Office, Expanded Food and Nutrition Education (EFNEP), 620-232-1930.
Wildcat District Extension Agent
Labette County office
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