Kids and Money

Leaching children the value of money is more difficult in today's cashless culture where checking accounts, ATM cards and credit purchases are part of everyday life. How do parents show kids the impact of everyday purchases on the family budget?

According to an online poll of 556 parents by Parent Soup, one of the largest parenting sites on the Web and America OnLine, 58% feel that school-age children and teens should be part of the family budgeting process, 32% feel that parents should not share family financial information with their children.

Those who voted "no" explained that they feel there are better ways to teach kids about financial responsibility and were worried that children not take on additional concerns in already stressful lives. Others feel that real life is the best learning experience of all, and include their children in making family financial decisions.

Here's what people had to say:

• Why in the world would you put added stress on your children about the family budget? Our children have grown up knowing that sometimes we have to wait until payday for purchases. That's as much of the financial situation that they need to know as children. That is what school-kids are -- children.
- meritt (Web)

• My family was poor when we were growing up but we never felt like we were going to end up on the streets. We did hear, "that's too expensive," and we wore second-hand clothes. We always felt secure about having a roof over our head and having warm food in our belly. It is important to teach children the value of money, but it isn't necessary to include them in the family budget.
- katnappy (Web)

• My kids have known about our finances since they were little so that they could understood why we couldn't do some things. My 18 year-old son has worked since he was 15. He has his own car, keeps up the maintenance and helps pay the insurance on it. He has learned how to handle his own money.
- CCMom41 (AOL)

• I think teens should be involved in family finances. My parents never told me anything, except that they were worried about money all the time. Because they sheltered me from it, I had no idea how much something was worth, how to spend my money or how to save it.
- LisaJane44 (AOL)

• My kids were such whiners about what they couldn't have! We finally sat down and showed them just where all of Dad's paycheck is going. I swear they thought we where hoarding millions somewhere. It made things a little better. They turn off the lights a little more and they think twice about making long distance calls. When they're old enough to understand, I think it's okay to show them where the money goes.
- Unamommer (AOL)

Whether you choose to include your children in discussions of the family budget or not, it's important to teach them that money really doesn't grow on trees!