We all know parenting is hard. Really hard. There are millions of things running through our heads to help our children grow into polite, compassionate, and (hopefully) successful adults.
Let's address that last point. Research from Cambridge University revealed that parents have an enormous impact in influencing their children's money habits, good or bad. The study also found that children form these money habits by seven and that these are the habits they will take into adulthood. (I know, you all just panicked a little bit.)
So now what? Let's get to work. Begin teaching your children some basics. Pop open that piggy bank and teach them to count money. Ask them what they would like to do with that money. Maybe they want a new toy or latest fashionable something or other. Use this as a way to teach them about saving for things we want. Try to make it fun and help them begin to distinguish between the things we want and the things we need.
Do not be afraid to enlist some professional help. Sammy Rabbit has amazing resources. And let's not forget our amazing friends over at Sesame Street.
Just remember, children learn in part through imitation, and while this is a form of flattery, ask yourself, do you really want to see your child spending the way you do?
Want more? We are happy to help! Schedule a coffee here. Join us.