Teaching Children Money Habits for Life
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 over their life-time. Parents avoid teaching their children about money for a variety of reasons. Some parents are just never comfortable talking about money with their children while others feel they dont have the time. Some parents are not pleased with how they handle their own money so avoid discussing money issues with their children. And too often, parents think their children are learning about money management at school or by observing just how it is done in their own home. But children are learning very little at school about personal finance and they dont pick up positive financial habits just through observing how parents handle money.
Here are some guidelines parents can keep in mind as they begin the financial socialization of their children
Also See: K-State Research & Extension publication Money Wise: Helping Children to Manage Money