Talking Money With Kids
In tough economic times, do you reveal your empty pockets to teach your kids about frugality or keep quiet and say it'll be OK? We asked members of Psychology Today's Therapy Directory about the pitfalls of talking to kids about family finances.
Save It
"It's good for them to learn to save and have to wait to spend money, but you have to be careful not to over-include them in adult decisions." —Frieda L. Ferrick, Santa Rosa, Calif.
The Cost of Blame
"It can be easy to blame kids when there are financial problems, such as when we communicate things like, 'How am I going to send you to college? You cost me enough already.' Kids should help with shopping and saving but should not be blamed for the parents' poor decisions." —Lois Muir-McClain, Snellville, Ga.
It's a Small World
"Young children believe the world revolves around them and that everything that happens (good or bad) is because of them. Tell a young child money is tight and they'll think it's because they asked you for an extra toy last week. Tell them you have lots of money and they won't understand why they can't have everything they want." —Denise Lanes, New York, N.Y.
