| 7 tips on how to talk to your kids about money Women & Co. Today, women are helping to shape new conversations around the dinner table, and one of them is about money. According to a Women & Co. study, 91% of women are talking about finances with their family; two-thirds believe that talking about money is much more socially acceptable than it was before the recession. And women are feeling a responsibility to pass along lessons learned in the economic downturn to others, particularly their children. Eighty-six percent of mothers are sharing their insights with their children, family, friends, and colleagues.
To help mothers continue to be an inspiration to the next generation, Lisa Caputo, Founder, Chairman and CEO of Women & Co., and Linda Descano, CFA®, President of Women & Co., offer the following tips to instill financial values to children:
 • Start now. It’s never too early or too late to help your children develop a strong foundation of financial knowledge. Use examples or activities that match their stage of development, not necessarily their age in years. • Use everyday activities as teaching tools. Talking about money doesn’t require a formal discussion around the table. Trips to the grocery store can teach children how to plan purchases in advance and make price comparisons. The library helps introduce the concept of borrowing. Classic board games can be a springboard for basic lessons in real estate, taxes and general finance. • Consider an allowance. An allowance can be a good way to teach the various aspects of money. For example, a 3-part allowance designates a portion to savings, another to giving and the rest to spending. This is a great way to help children gain experience with money and with philanthropy. • Lead by example. Take children along when you save, donate and invest. For example, open a savings account for them at your local bank and take them with you to make deposits. • Show them the results. St... |
