According to a 2016 T. Rowe Price survey, 71% of parents prefer not to talk about money to their children, while only 22% of kids says they talk with their parents often enough about money and financial topics.
Children just need to understand the basic concepts, like saving, budgeting, paying down debts, and giving to others.
You should start to educate your kids about money when they are still young: they need to learn the financial but you also want to tell your children the value you give them.
They shouldn’t see cash going in and out from your wallet or credit card without any clue how it got there or how quickly it can disappear. (more…)