LANSING, Mich. (WLNS) — For this week’s Money Monday, we’re looking at how to talk to your kids about money. It’s something parents have been doing more frequently during the pandemic.
In fact, one survey found 47 percent of parents spoke with their kids about money at least once a week at the beginning of 2021. That’s up from the previous four years.
CBS News Business Analyst Jill Schlesinger says paying your kids for chores may not be the best way to introduce them to money, since kids should do chores because they’re part of the household.
However, conversations about money in general are important, because research shows that a lot of our money habits form as early as age seven.
One way to have those conversations is by giving your kids an allowance. If you don’t want to pay an allowance, that’s okay too, Schlesinger says, but you’ve got to be able to introduce concepts of money and talk about these issues.
You also want to give the concept of free versus what something costs, Schlesinger says. It’s free to go play with your friend, but it costs money to go buy a toy.
We also want to sort of bring up this concept that they can wait for something if they don’t have it right away. It’s okay, we can delay.
One thing you don’t want to do is talk about money so much that you get your kids freaked out, Schlesinger says. You don’t want to saddle them.
To hear more from Schlesinger, watch the video at the top of the page.