Sharon Lechter

I am often asked when you should start teaching your children about money.  My answer is to ask another question.

At what age do you think a child knows the difference between a one dollar bill and a twenty dollar bill?

The answers usually range from the age of 4 to the age of 6.

THAT is the age when you want to start teaching your children about money.

Some say, “that’s too young…the children will become greedy!”

With the influence of television, the internet and pressure from their peers, kids today already know how to spend money by the age of 6 but they don’t know how to make it, keep it or invest it.  They may understand the value of what money will buy  , but they do not know how to create money.

I believe that, as they say, the proof is in the pudding.  Money is a life skill but our schools have not been teaching our children about money.  Today we have an epidemic of young people who are deeply in debt and do not have the financial skills to be successful.

As a parent, grandparent or concerned adult, we cannot wait for the school system to change.  A recent survey showed that 94% of young people today say their family is their primary source of financial education.

As parents and grandparents, are you teaching your children or grandchildren the financial lessons they will need to not only survive in the world they face, but thrive in it?

Children today are incredibly smart — they recognize they are not being taught “relevant” information.  Many of them say “I don’t want to work as hard as my parents—it isn’t worth it. I want to have a life. I want to have fun.”

If you haven’t heard this from your children, be thankful.  I have heard it more than I would like to admit.  My husband and I thought we were making time for the family, but our children only remember us being gone all the time—“working”.

This is one of the reasons I am so passionate about talking to parents today.  What you are doing, or trying to do today, may not be remembered in 10 years by your children.

It was devastating a few years ago to hear my son say to friends, “My mom only cooks at Thanksgiving and Christmas.”  While it may be close to true today, when my children were young, I would move mountains to make sure I was home for dinner every night.

But what I remember as the truth is not as important as what my children remember as being true for them?  How about you?  You know the answer.

Our children are our future.  Create the memories today that will last a lifetime for your children.

This series of articles will address how you can, “Pay Your Family First!”

Filed under: Children, Money Tips