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Are You A Good Money Role Model For Your Kids?

April 24, 2013

imageParents, listen up.  Whether you realize it or not, your kids learn a lot about money from you.

Even if you don’t talk to your kids about money, your actions can speak louder than words.

For example, if you and your spouse often fight about money, your kids may have trouble understanding or fearing it. Alternatively, if you spend money freely on yourself or your kids, they may believe that there is an endless supply of money and never develop wise habits around its use.  Or, if you feel you are hopeless with money or it’s too complicated to manage, your kids might follow in your footsteps. None of these behaviours will serve your kids well in their adult life.

It’s never too late to learn and share healthy money habits with the people you love. Talk openly and share experiences with your kids (and spouse) about money.  Think about how your own childhood has influenced your beliefs and behaviours around money; both the good and the bad.  Talk to your kids about the choices you make with money and why.  Or share some stories of what you wished you learned about money when you were their age.

If you start this dialogue now, you might be surprised just how easy it becomes.  And keep the discussion going.  Your kids may roll their eyes today, but how gratifying would it be if they thanked you tomorrow?!

  1. A recent study showed that only 49% of teens talked to their parents about finances. 57% of teens worry about money and 26% said it affected their school work. Starting a good dialogue with kids about money can encourage good financial habits, and hopefully also give them a healthy perspective on money and their family’s financial situation.

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