Even though nine out of 10 parents talk to their kids about money, there are some subjects that parents are reluctant to discuss, according to Daily Finance. Daily Finance reports that a Citi survey on parents and money indicate that 59 percent of parents don’t want to address certain things with their children.
What’s hard to talk about?
Most parents talk to their children about finances, and do so by the time the kids are 13 years of age. However, Daily Finance reports, most parents are more interested in talking about basic financial practices, and prefer to avoid the subjects of family income, size of savings, and amount of debt. Smaller percentages of parents don’t want to talk about home values and school tuition.
The article points out that many parents don’t want to trouble their kids with their financial concerns, while others worry that their kids will ask for more things if they realize how high their income is. Still other parents are concerned that their lack of money or high debt levels will cause them to lose their kids’ respect.
It is a good idea to talk to your kids about money, and make it a point to teach them good habits. You don’t have to tell your kids everything, but you should try to be open with them in an age-appropriate manner. And if they can see you modeling good behaviors, whether you are correcting mistakes or avoiding them, it can show your children that you are willing to walk the walk as well as talk the talk.