In a bid to make their kids value money, parents often end up talking down to them, and fail to make an impact. Here’s looking at the five mistakes they end up committing when it comes to discussing finances and kids.
Bribing kids to get good grades
Most parents have a habit of bribing their children when it comes to grades, not realising the harmful effect it has on the kids. They should instead explain to the kids the importance of education, and how a lack of it could affect their future. Child counselor, Rani Nair says, “The motivation to do well in studies or any other extra-curricular activities should come from within. And they should also realize that they are studying for their own good.”
Giving children pocket money for household chores
Chores are a part of the discipline during the developmental phases of your child’s life. It helps them to be responsible and also, helpful. However giving allowances for getting them to do their chores can be the worst thing a parent could do. Stress the importance of diligence and conscientiousness by narrating real incidents and stories of real people. Clinical psychologist and author, Seema Hingorrany says, “Paying allowances for doing household chores causes confusion and unreasonable expectations in the child’s mind. This may also be harmful when they grow as a young adult, where they feel that chores are a job, not their fundamental duty.”
Talking money matters to sons, not daughters
Believing in gender difference is a very big mistake. “In the 21st century both the genders are equally successful and females are venturing out and carving a niche for themselves. Many girls today are studying aboard, trying to fend for themselves financially. Both the genders, hence, need finance education and tips on money concepts equally,” says Hingorrany.
Not being responsible with finances in front of kids
Children are observant and their money concepts develop by watching parents, family members and how they use money to eke out their lives. Says, poet and mother of a 10-year-old boy, Poulomi Mitra Shaw, “Our children learn a great deal simply from watching their parents. Consumption or usage of money is learnt much by observing. So, it is important that we set a good example in front of them and use money carefully.”
Not getting kids to value money
According to experts, if you don’t talk to your children about money matters early in your life, they will not value money at all. Empowering your children by teaching them to adopt good money-minding habits in their formative years is one of the greatest gift from a parent. Your financial standing should be clearly explained at the initial years of growing up. “We all agree that branding has caught on in a big way in India,” says Hingorrany, adding, “Today, kids decide which brand of cheese and jam they prefer.
The influence of peer group also makes it difficult for kids to be careful with money. Like so many other aspects of everyday life, the way we save, spend, account for and think about money also becomes a habit.” Parents should introduce concepts of saving money step-by-step befitting the child’s age and understanding.
“A child’s expectations can keep escalating if he/she is made to dwell in a make-believe world. You should know where to draw the line,” says Suparna Sinha, mother of a 17-year-old.
