Parents can be great money managers or have very limited money skills, do you think how they handle money influences their children?

General Discussion
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Children see and imitate parents, do you feel the parents should share financial decisions with their children?

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Yes i do

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Good evening everyone

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@redcatcec posted:

Children see and imitate parents, do you feel the parents should share financial decisions with their children?

What do you think?

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Parents are generally from a different decade or 2 and that makes a difference in how they see money and use it. Mine were the kind of parents who discussed money in private with their spouse. Nothing was shared with the children and children were not part of any decision making process, even as teens. The most they ever said was save your money for a rainy day.

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i think children can learn from their parents about saving, my children learned from us, and they are doing good

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Absolutely- in an age appropriate way! I am teaching both teen boys about money- how to save, spend, give, pay bills, budget, etc. Its so important to be prepared BEFORE going out on their own. I share my budget and have them sit with me when I pay bills and we discuss many things. Not all though.

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Absolutely. If the parents act like money grows on trees and gives Junior everything, then Junior gets a rude Awakening when he grows up and finds out that money is finite. If you teach your kids no skills about money, they grow up and do the same stupid you did. My kids have been taught to not do what we did - that owing money limits choices, including where you work. They are working, paying rent, and saving money.

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Yes, parents’ attitudes towards money definitely influence their children. When I was growing up, my Dad was “tight with a dollar” as we used to say and Mom was the opposite. She changed a bit once she retired. I got many more of Dad’s saving genes than Mom’s spending ones.

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Most kid have no sense of money - what people earn or save and what things cost, what it costs to retire, etc… Unless they get an exposure or education on this, chances are they may simply emulate what they see their parents do or perhaps what they think their peers or friend’s parents do. Parents have to be careful of raising entitled kids. They also have to be careful of raising kids who are envious of others and the money they think others have. The reality is that the neighbor in the McMansion who drives 3 luxury cars may have no savings. My best recommendation is to be open about discussing all things money with your kids - everything including career choices, buying things and the mistakes and misperceptions about money.