Christian Science Monitor
Are parents terrible personal finance role models?
It seems that not only do couples not talk about money, but parents don’t have honest conversations with their children either. No wonder there are so many gen Y living from payday to payday.
But having said that, I was born at the tail end of the baby boomers, and my parents never discussed their financial situation with me. They did advise (in other words tell) me what to do with my money when I got my first after school job, and they set some strict guidelines in terms of paying board when I started working full time. But apart from that money was very much a taboo subject in our house.
As a child I don’t think I really felt the need to know about my parents money, as long as my needs (and wants) were met, life was all good.
Our early beliefs about money do come from our parents and our environment, and unless we challenge those beliefs in later life then they are the beliefs that form our own relationship with money.
So, if the parents aren’t good role models then who are children going to learn from? It does beg the question, should personal financial management be taught in schools from a young age?
I will leave you to ponder that one.
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