Bad Money Lessons We Teach Kids
(Forbes) — According to a 2010 survey by the National Foundation for Credit Counseling, conducted by Harris Interactive, 34 percent of Americans (77 million people) gave themselves a grade of C, D or F on their knowledge of personal finance. Meanwhile, 41 percent said they learned about money from their parents. Financial experts say communicating with kids about money and leading by positive example is crucial to their children’s financial future. However, parents frequently send mixed messages that threaten to stunt their kids’ financial growth. Here’s what not to do.
Silent treatment : Theresa Harezlak, a financial advisor with Savant Capital Management and a mother of two, says the biggest money mistake that parents make is silence. “Every time my kids go outside I tell them to be careful crossing the street and not to talk to strangers, but we never talk about money.” In reality, she says, the chances of her children being abducted are very low, but the chances of her children using money are certain.