Youngsters and Cash: Because the pandemic will get worse, dad and mom prioritize speaking about cash with their youngsters [Column] | Cash

Believe me, talking to your child about money can be easy.

It mainly takes advantage of the plethora of everyday learning opportunities that occur in the serial aisles of grocery stores, sits in the TV commercial flash, searches pop-up ads online, and uses new or used cell phones. Will be bought. the mall.

But too many parents miss out on these opportunities, whether they have no faith in the subject or are not interested.

But something interesting happened during the pandemic. According to a recent study by Baltimore-based investment firm T. Rowe Price, parents have started talking more to their children about money.

In fact, T. RowePrice found that the percentage of parents who had money conversations with their children in the past year hit record levels during the pandemic process. The company launched its annual Kids & Money survey 13 years ago to examine the attitudes and behavior of parents and children towards money.

According to the latest survey of more than 2,000 parents and children between the ages of 8 and 14, 47% of parents discuss money problems with their children at least once a week during the pandemic. As of 2017, fund companies have stated that the percentage of families who regularly chat about money has never exceeded 35%. (The 2020 survey was almost complete in the early stages of the pandemic.)

What did parents and children talk about? Save money, establish the importance of not living beyond your own means, set financial goals and share how the pandemic has affected your daily cost of living. Of course, the family also provided information about the pandemic as often as they talked about their financial well-being.

Jerome Clark, Strategic Program Manager at T. Lowprice said:

The survey also found that families of all races had more money conversations with their families over the past year.

One point is to understand the clues your child is not giving their parents. The stressful situations that we have been through for over a year can be transformed into powerful teaching aids. A long-standing study by T. Rowe Price found that children who frequently talked about money to their parents became more financially responsible as they got older.

If talking about savings, expenses, goal setting, and other financial concepts isn’t your forte, there are numerous resources available online to get you started MoneyConfidentKids.com, T. A free educational resource created by RowePrice.

Parents should always be ready to ask their children about the worst things about money. Your questions can surprise you when you are least willing to answer.

When confronted with moments like this, I always say, ‚ÄúThat’s an interesting question. Why do you ask? “It takes time to say something other than” yes “,” no “and” maybe “.

You may not have all the answers, but don’t worry. The fact that you are listening to your child’s questions may be enough to keep the conversation going.

Children and Money: As the pandemic worsens, it is very important for parents to talk to their children about money [Column] | money

Source link Children and Money: As the pandemic worsens, it is very important for parents to talk to their children about money [Column] | money