Teaching our kids about money and financial health is critical. According to a great article from the Wall Street Journal, despite the best intentions, we’ve been getting this all wrong. “Most children still grow up into adults who can’t properly save, spend, and budget,” and invest, leverage, and give. In other words, kids are growing up without an understanding of money as a neutral tool to help them create the lives they want and instead arrive at adulthood with financial anxiety, unable to speak about finances rationally, and unable to distinguish cultural associations and personal emotions all too often attached to money.
So what do we do? How do we instill in our children a healthy financial perspective and the ability to navigate finances with confidence?
As parents we know that our children are born into this world exactly as they are; their natures are already there, and it has nothing to do with us. Having a sense of who our kids are helps us be better parents, helps us relate to them as they need, and helps the family create an inclusive, stable structure.