Studies show that while over 80% of parents believe it their responsibility to educate their children about money management, parents generally do not explicitly talk to their children about financial topics.
Our families are systems. The most valuable place for kids to learn how to handle money, or not, is at home. As parents, we have an opportunity to model the money behaviors we want our children to learn.
Today, childhood no longer ends at 18. Research shows that many parents are financially supporting adult children into their 20’s, 30’s and beyond.
Teaching our kids early about living within their means, trade-offs and financial goal-setting is more important now than ever. Starting the money conversations, giving kids the opportunity to manage and make their own financial mistakes, and setting expectations of independence vs. handicapping – can all help the next generation leave the nest.
Many of our earliest lessons about money come from our parents. As our children’s primary role models, we have an opportunity to ensure our own financial habits are those we want to pass along.
If restraint, saving and long-term financial planning is what is modeled at home, kids are more apt to follow the same path. On the other hand, excessive spending, debt or financial worry in families can leave a different and costly legacy.
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