Money Matters: Parents not comfortable teaching kids about money
Parents uncomfortable discussing money with their kids.
Reading through my blogs, and news apps, I discovered this article from Forbes giving details of a survey of why Parents don’t teach their kids about money matters. Here’s an excerpt of their findings:
Parents just aren’t comfortable talking finances. In fact, the survey revealed that they are more comfortable talking about bullying, drugs, and smoking than family finances or investing, and find talking about investing just as difficult as “the talk” about puberty and coming of age. Despite the fact that most parents are least fairly well prepared to discuss basic financial concepts such as setting goals, the importance of saving, spending smartly, and the like, only half are teaching how to set a savings goal, 46 percent are teaching about spending and saving and fewer still are delving into inflation and investing.
Other findings from this survey:
Mom is the money guru. More than half of kids said they go to their moms first when they have a question about money, compared to 40 percent who go to their dads first.
Your kids are not stupid. Nearly half of parents say they don’t always agree on money matters, and 42 percent of kids say they are aware of these disagreements.
Parents see bleak future for kids. Nearly 60 percent of parents feel it is likely that life exists on other planets, compared to the 26 percent who believe that Social Security will be available in its current form when their kids retire and the 39 percent who believe their children will become millionaires.
Their suggestions on helping your kids/teens with money:
Keep it simple. Take advantage of everyday opportunities. There are plenty of chances, be it at the grocery store, while you’re hitting up the ATM or planning the family vacation, to bring the value of the dollar, the importance of saving, of getting deals, of managing money properly.
Be a model money maven. It’s not so much what you say, but what you do. If you’re bouncing checks, always shopping, charging like there’s no tomorrow, what do you think your children are going to do?
Share. You don’t have to make the intimate details of your finances fodder for the dinner table, but do find a level of openness that you’re comfortable with to talk about what you’ve learned about money.
Two Christian Resources for Money Management: