Comments on: 4/28: Talking to Kids About Money

By: Private School Grants

Private School Grants — Fri, 19 Feb 2010 03:32:03 +0000

With an economy like this – I’ve read about many parents telling their kids they can’t afford to contribute towards college tuition and as a result, these students are switching to state universities or community colleges. We start are kids investments in savings for college when they’re so young – why would we wait till six to talk to them about it. With the advent of the internet – kids are learning much faster than ever before. Its better to start before six.

By: Peter, Finance Talks Ltd

Peter, Finance Talks Ltd — Thu, 29 Oct 2009 09:57:01 +0000

I agree with you here Tom, children are definitely tuned into things like this, but is it really necessary to sit a child of 6-12 years old down to talk to them about their financial situation – will they even understand? If they do won’t you be passing on the stress to them as well?

From personal experience when my parents split up my Mother sat my Sister down who was 13 at the time to explain that she may not be able to keep up repayments on the house and if push comes to shove it could be repossessed. Now this worried my Sister and she didn’t take it at all well

The question is if nothing had been said would it have been better in the long run? and like you say Tom, discussing it with older generations surely must be the better way to go about it.

It really is a hard case to judge.

By: Tom Gurney - Vault Oil Paintings

Tom Gurney - Vault Oil Paintings — Mon, 01 Jun 2009 16:19:46 +0000

I think children often pick up on alot more than their parents realise, and often will be aware that there is atleast a problem already. Explaining the situation may help them to comprehend the situation in the home and realise that it is quite normal, and typically improves after a short period.

It is surely better to try to keep all signs of economic problems away from a child, but this may not be possible. Perhaps seeking other avenues of discussion is a better idea to help reduce stress and deal with the problems, such as discussing with old generations or close friends. Reduced stress will mean there is less need to expose children to these problems.