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Zoll: Are there specific ways you would recommend-for example, maybe as you are making a purchase at a store or paying a bill-showing the child exactly what you are doing to help reinforce the financial implication of the action that you are taking?īlayney: There are. It's very digital, it's very virtual, and hence not very real. they have gift cards, you can put money on your phone. For example, it's no longer just the quarter or the bill that I got once upon a time as an allowance. Today, I think, a lot of kids have a very unclear notion of what money is, probably because there are so many forms of currency that they can use now. So, it's cleaning up your own financial act and also finding ways to talk to your children about money.
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So, if money is a real stressor in your household, an occasion for arguments and difficulty in communicating, well, obviously, these are not the lessons we want our children to learn.
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Kids learn by seeing what their parents are doing. Zoll: What are some of the basic skills that parents can teach their children about being financially responsible, and what are some ways that they can go about doing that?īlayney: One of the best ways to teach children about financial responsibility is to be financially responsible yourself.