“And at the start of the fiscal year the economy retracted, which lead to a downturn in…” is exactly not how to talk to kids about money! Get on their level, make it interesting to them and relevant, and I promise you have made your job a whole lot easier.
How to talk to kids about money so they listen.
Find an interest, something that will excite your child and is relevant to them (I really can not emphasize this enough), and perhaps most importantly age relevant too. After all, there would be little point in discussing the very real pros of saving a percentage of a monthly salary towards a down payment on a house to a seven year old, who really cant see past the plastic fantastic short lived toy fad they are after next.
How to talk to kids about money in a way that will get them saving
How you talk to kids about money, and how you relate to money as a family is hugely influential to your child. According to Shepherds Friendly research only 24% of parents discuss savings often with their children. Compare this with 32% of parents who want their children to use savings as a down payment for their first house. Food for thought…
Infographic shows how to talk to kids about money by age groups
Providing your child with a healthy relationship and a positive realistic attitude towards money, is one of the most valuable life lessons that we, as parents, can give. Please check out the previous KiddyCharts posts, The most valuable lesson in teaching money to kids and Teaching your kids about money.
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