As parents, we usually want The Best for our children and the items we wish we had, during our childhood, are loving bestowed upon our children.
Unfortunately, often we translate the best as being "More, more, more" of everything. And while this may feel wonderful to us, afterall who doesn't love giving presents, a recent article in The Canadian Press posits, "Are we raising a generation of spenders?"
The article states that according to a back-to-school survey by Capital One Financial Corp., "…80 per cent of parents viewed themselves as positive money role models, but only 19 per cent had discussed budgeting with their teens. While 48 per cent talked with their kids about the difference between 'need' and 'wants,' 36 per cent had not discussed finances at all.
So, what's a parent to do? Stephen Epstein, founded DollarCamp, a company that gives "financial survival training" to families, out of his unfortunate early experiences with money. By the time Epstein was an undergrad at the University of Southern California, he had a credit card debt of $4,000. He states, "Money wasn't real to me...I saw all my friends treat credit cards like they were free money."
Through DollarCamp, Epstein talks to teens, tweens and their parents offering financial advice. When dealing with children and money, Epstein recommends you avoid the following:
- Yelling about money
- Bribing kids with money and gifts
- Fail to monitor spending
- Condone shopping as entertainment
To read more tips and ways to avoid raising big spenders, visit The Canadian Press .
What do you teach your children about money? And how early do you think you one should start discussing spending habits with your children?