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Not Sure How to Have the Money Talk With Your Kids? Here’s Where to Start
The birds and the bees. Divorce. Death.
These topics are sure to make even the most confident parent squirm with awkwardness when it comes to discussing them with their kids.
Add talking about money to the list.
M&G Investments surveyed more than 500 parents in the United Kingdom and found that one in six lacked the confidence to teach their children about vital money skills, even though 83% believed they should be the ones doling out that knowledge, MSN reported.
Some parents surveyed thought the responsibility of teaching kids about money should also fall on others’ shoulders:
- 55% said schools should teach financial literacy
- 28% said kids should learn about money on their own
- 27% said grandparents should give financial advice
M&G Investments also surveyed more than 360 grandparents, and 60% of them said they played a role in teaching their grandkids about money, according to MSN.
So what do you do when you feel clueless when it comes to teaching your child how to manage the dollars and cents?
Luckily, The Penny Hoarder has an ultimate guide to teaching kids about money. Our guide has advice from experts, stories from real-life parents and tips on what to do even if you’re bad with money yourself.
And remember, your kids pick up a lot by example. Watching you work, pay off debt and save can be a great start to teach them positive lessons about finances. You don’t want them to become young adults who believe these money myths.
Having serious life conversations can be tough, but don’t skip over the complicated ones and don’t be one of the parents who tell their kids these money lies. Honesty is the best policy.
Nicole Dow is a staff writer at The Penny Hoarder. She is the parent of a 2-year-old daughter who loves dropping money into her piggy bank and selling items to people from her pretend store.