Parents are the Biggest Money Influencers for Kids Ages 3 – 18

Parents are the biggest “influencers” when it come to how their kids think about money and financial matters, a bevy of studies show. Even in the teenage years, kids say they would turn to mom or dad for financial advice over their teachers and friends. Many parents realize this to various extents, but how make the most of that influence before your young ones leave home? 

Most of us have no problem teaching our kids reading, writing and math, but we tend to struggle when it comes discussions about money. That’s especially the case for families with significant wealth, where the parents are more opt to avoid talking about money in an effort to downplay level of wealth to keep kids from becoming spoiled. Avoiding the topic is not a good idea.

Getting Started Is Key

As as parent, you might feel a little overwhelmed by this responsibility and worry that your attempts to talk about money topics will be unproductive or even counter-productive, you should not postpone discussions about money that send the “money messages” you want to instill. What is important is that you make an effort and keep adjusting over time to reflect your child’s interests and capabilities.

To help with that, we put together our best advice for helping you, as a parent, start and build on money-related conversations and activities with your children as they age. In that, we explore the nature of financial literacy, and the money challenges facing young people today. Drawing on techniques used by both financial advisors and teachers, present strategies for teaching your children the skills essential to their financial well-being — before they leave for college or a life of their own.

Raising Money Wise Kids: A Parents’ Guide

Keep in mind that as children age, parents become less influential. This is a key reason to start while kids are in their teens or younger. Working with multiple generations within families, we have witnessed first-hand how lessons from parents can have a lasting effect. When we encounter financially astute young people, we always ask what got them ahead of the curve.