[raaman]

Should we talk about money with our kids or not? What is your take on this?

[OldGuy]

Just based on the fact than nearly 80% of all Americans are up to their eyeballs in debt, combined with the fact that the educational system completely fails at teaching the young how to handle their money as an adult, it would appear the very best thing you can do is to teach your own children how to handle money at the earliest time possible and help them learn everything they can learn about handling their own money as an adult.

A good friend (single mom) came up with a brilliant idea to teach her kids the value of money. She came up with "house money". Home designed and only used within the household. She charged her kids for room rent, every meal, washing their clothes, etc. Everything they needed and asked for. They even had to earn house money to pay for every toy they asked for.

In exchange, rather than any sort of allowance, they had to do household chores to earn their house money to pay all their own bills, of course at artificially low rates. If they earned enough to have money left over, they could use it to trade for the cash to go out and buy whatever they wanted.

By the time they were close to ten years old, they learned to set aside savings to buy their wants and even had opened bank savings accounts to put their extra earnings aside. Most of them had even invested in various stocks by their mid teens. As they reached adulthood they knew how to handle money and as of the last I heard from her, none of them are in debt today.

How can anyone argue against teaching your young how to handle money at an early age? No one else is going to do it before they find themselves in hot water for stupid money moves.

[Fidelia]

They always say that when you talk money too much with children, you make them too money conscious. But that money consciousness is the goal for me. And I love it.

[augusta]

Sure, that's the way to go. when you know the time is right you go ahead and teach them how to save money

[Tendz]

Teaching children about money is an essential life skill that'll benefit them in the future.

[Angie10]

Of course, we should! I think it's very important to catch them early because I wish I'd been taught more about healthy ways of using money when I was younger. While I see why maths is critical, I feel basic financial health education should be included in the curriculum to teach children about banking, saving, wise ways of budgeting and using money, various investment ideas, how not to lose money etc

[augusta]

Yeah right it is good to always have this talks with your kids as they grow. They would need the help financially

[Alexandoy]

When kids ask me about saving or spending money what I always tell them is to understand the value of money. Say, a kid wants to buy a soda but is hesitating because he needed to eat. My advice is to check his priority. If he is very thirsty then it is soda but when very hungry then buy something to eat.

[JASPREET]

My parents do discuss matters with me but I am all grown up LOL and I feel parents should involve their kids as long as these are things that can help them learn

[Streamguy69]

It is important to teach children about money at a young age because it is something that will help them in later years. I learned about money when I was about 4 years old. I also had a savings account when I was 8 years old.

[augusta]

Yes with the way things are now it is better to teach the young people early enough about money

[Netherrealmer]

If you are too lenient to money they will be 1 day millionaire spoiled brats that drains money in 1 day. If you are extremely too strict to them, it will also make them rebel to spend more

[augusta]

it is always to create a balance so that they understand why they don't need to spend alone but make money

[JASPREET]

I will talk money with my future kids and parents do have a role to play in the proper growth of kids