Children and Money: To Teach or Not to Teach…

Financial literacy for children is a hot topic.  Start them young so they learn to save not spend, is one school of thought.  But what if as a parent you are struggling with your own financial literacy can you be a positive role model?

money box

Children and money is always a very interesting topic of conversation.

The question of what to teach children about money and when to start is something I am asked quite frequently in my role as a money mentor.

I really like Rob Stocks article Cents and Financial Sensibility , his 10 point checklist, whilst somewhat tongue in cheek, does have a few gems in it.

Teaching your children financial literacy should go hand in hand with their understanding of maths. There is no point trying to teach the value of $20 or what you can buy with it if the child can only count to 10.

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Why do we Fight about Money?

Do you understand why you fight with your partner about money?

Even between couples, money is a very difficult topic to talk about.  A friend of mine told me, she and her husband talk about money all the time, then she thought about it for a bit longer and then said, no we don’t talk about money we yell at each other about money.

Fight over money

Sometimes the arguments are really about money, but the money arguments can also mask other issues within the relationship, so if you are yelling at each other about money, listen very carefully for any underlying issues.

The main reason couples fight about money is that they haven’t had the money conversation.  It is much easier to avoid it than to take the time to understand each other’s money beliefs; they just see each other’s money behaviour, which if different from your own can create conflict.thin the relationship, so if you are yelling at each other about money, listen very carefully for any underlying issues. Continue reading