Monday, May 14, 2012

Are We Talking with our Kids about Money?

11:42 AM    10 comments

Mint.com recently posted an excellent infographic about parents, kids and money.  The information is based on a study by T. Rowe Price and is definitely worth sharing.  Take a look...




10 comments:

  1. John @ Married (with Debt)May 14, 2012 at 12:50 PM

    I've been struggling with the allowance thing. Thankfully we don't fight about money in front of our kids (not that we fight when they are gone), but I'm becoming more worried about providing the best financial literacy possible.

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    1. Pam at MoneyTrailMay 14, 2012 at 1:56 PM

      Deciding how to teach your kids about money is definitely a topic that requires a lot of thought. There are many different theories about the "best" approach. I think each family has to find the theory and system that meets their values and lifestyle. In January I wrote about the different ways kids can get money. You might find it helpful...

      http://blog.moneytrail.net/2012/01/teaching-your-kids-about-money-january.html

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  2. Jai CatalanoMay 15, 2012 at 1:39 PM

    I love mint. I use it all the time. We are mentioning money to our kids but they are so young that it's just going to have to bake in them a bit more.

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    1. Pam at MoneyTrailMay 16, 2012 at 10:47 AM

      Mint is a great resource! Making money topics a part of your everyday life is a great way to begin financial literacy with your kids!

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  3. Marie at FamilyMoneyValuesMay 15, 2012 at 9:01 PM

    Interesting infographic. I didn't do anything special with my boys (now grown) but am trying to do better with the grand kids!

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  4. Mary (Financial Planner, Manchester)May 16, 2012 at 10:45 AM

    Nice little infographic! I think that talking money with kids should be a gradual process. Mentioning it bit by bit until they feel comfortable with it and have a good understanding.

    - Mary

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  5. ImpulseSaveMay 17, 2012 at 11:13 AM

    Great infographic! We were never given an allowance as children, and I think it's fine. We did chores around the house anyway because we were supposed to. And when we turned 15 or 16, we were expected to get a job to save for the future. We always talked about money as a family, although my parents kept some things private (like how much they make and what the expenses are). Sometimes I wish they had showed us some more, especially as we got older, but that's just the way they did things and I'm learning on my own a lot now.

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  6. Jen @ Master the Art of SavingMay 17, 2012 at 11:54 PM

    I really need to start giving my daughter an allowance again. She's been keeping her room clean for weeks now, which is a huge factor as to whether or not she can earn an allowance. I better jump on it. :-)

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  7. maria@moneyprincipleMay 18, 2012 at 4:31 PM

    What we found is that talking about money decisions infront and with our third son makes enourmous difference - he is much more aware of where it comes from, where it goes and what happens in between than his older brothers were.

    What also made difference is playing cash flow and other similar games - and he get monthly pocket money.

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