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Talking to children about finances can be uncomfortable, but money is not a subject that should be off-limits to kids.
ACCC explains how parents can talk to their kids about finances:
- Values – Parents should examine their own financial values and know what values they want their kids to have.
- Slow and steady – You don’t need to discuss everything about money and finances in one day. Start slow and show you are open to discussion.
- Honesty – Parents should be honest and discuss areas of regret they have, such as not saving enough or falling into debt.
- Discuss important concepts – The most important concepts kids should know are budgeting, saving, and paying off debt.
- Open discussions – Don’t just lecture, let kids as questions too!