Oh dear, I read this article in the Guardian and have to admit there’s no hope for my offspring when it comes to future finances! Research shows that adult money habits are set by the age of 7 and that us adults are their main influencers. Gulp!
So how do you teach your children to be financially aware and then eventually dare I say it ‘independent’! Well, start them early is tip 1 and discuss money as soon as they are able to count. Also, things like trying to get them to distinguish between ‘want versus need’. Apparently it’s ok to say ‘no’ but you shouldn’t say ‘we can’t afford it’ . Double Gulp! It can stress and worry children.
One of the overall pieces of advice is to lead by example and don’t lie about money as it sends out the wrong message that lying about money is acceptable. Of course, fibbing to your partner about the new coat you bought half price in the sale doesn’t count, does it? :0