If you haven’t already, you’re probably about to start holiday shopping. Have you talked to your children about the value of money and the importance of managing it wisely? All parents hope that their children will grow up to make prudent use of their money, yet few actually spend time talking to them about how to accomplish these goals, a new study has found. According to the American Institute of CPAs, parents are more likely to have talked with their children about good manners, smart eating habits, the importance of good grades, the dangers of drugs and alcohol and the risks of smoking than about sensible spending. The holiday season offers plenty of opportunities to educate your kids.
If you’re not sure how to get started, the Oklahoma Society of Certified Public Accountants has this advice.
Repeat often. Dealing with financial issues is part of everyday life for adults, which means there are a lot of teachable moments available, not just during the holidays. Talk to your children about how you manage your money,
including your efforts to save for short-term goals, like the family’s annual holiday budget, and long-term objectives, like college or retirement.
Point out some of the ways you save money each day, such as bringing a brown-bag lunch to work or carpooling with co-workers. This kind of dialogue helps introduce them to good habits that will last a lifetime.