This post is made possible through the generous support of Great-West Great-Teachers, a program of Great-West Financial.
Just like with other difficult and personal topics, often it’s hardest for parents just to begin the conversation. A frequent question I am asked is, “When should I start talking to my kids about money, and how do I have that conversation?”
My response is always “Start young!” Kids are never too young to start recognizing the value of money. The more children understand the relationship between money and the exchange of goods and services, the better they’ll be about recognizing the value of money. This can lead to strong financial habits in the long-term.
Watch this quick video as I go through a few more suggestions on talking about money with your family.
If you have older kids, don’t worry. My next piece of advice is, “Talk often,” which is something you can do, too. Be sure to engage your kids in dialogue about your transactions. Show them the entire process. Enjoy the conversation! And most of all: be honest.
Tell me below how your conversations are going. Was there a particular transaction that worked to show your youngster? What challenges are you facing in the conversation?
I look forward to hearing from you.