Youth Focus Teaching Children Money Habits for Life By Debra Wenzel
Clay Co. Extension Educator
Youth Development/4-H The life-long benefits of teaching children good money habits make it well worth the effort. Children who are not taught these lessons pay the consequences for a lifetime. Some parents do not teach children about money because they think they should not talk about money with children, do not have the time or think they do not have enough money. Parents should take the time to teach children about money regardless of income and should start when children are young. Most people have strong feelings and opinions about money, based on childhood experiences and the values and beliefs of their families. Most often, these experiences, values and beliefs are different for each parent. It is vital for the healthy development of children that parents talk about these feelings and opinions and establish a consistent approach to teaching children about money. These questions can help parents focus their discussion: â�?¢ How will we create an open environment in which our family can discuss money issues? â�?¢ How should our children receive money? Will we give them allowances or use another method? â�?¢ What are our family values and attitudes about money that our children are observing? â�?¢ What do we communicate about money? â�?¢ How will we structure learning experiences about money? â�?¢ How will we deal with our childrenâ�?�?s differences in handling money? By stage of development, special needs or personality differences? â�?¢ How will we respond to the effects of advertising and peer pressure on our childrenâ�?�?s buying requests? Next week we will discuss teaching children about money. My source for this weekâ�?�?s column is University of Minnesota Extension by Sharon M. Danes and Tammy Dunrud.