Families and Money: Start the Coversation

A recent survey about family money discussions found that 84 percent of families discuss finances with their kids. What was interesting was that 54 percent of those conversations were started by a child under age of 18. Clearly young people want to know more about money.

Make an effort to talk with your family about money, and be prepared for the conversation. Think about the money questions that you have had for a while. Do you want to know more about credit cards? Do you want to know how you can buy a car? Are you concerned about saving for college? Write your questions in order of priority so you can make sure that you and your family discuss what is most important to you.

Here are some examples of common questions that teens have. They can help start a conversation at home:

     1. Do we have a family budget?

     2. What do you use a credit card for?

     3. How do you write a check?

     4.  What do I need to do to open a bank account?

     5.  How much is a good starting salary?

READERS, what do you think?

Are you comfortable discussing money matters with your family? Why or why not?

How do you think you can overcome the discomfort you or your parents feel about discussing this important subject?

References:

Charles Schwab & Co. (2011). 2011 Teens & Money Survey Findings. Retrieved from http://www.aboutschwab.com/images/press/teensmoneyfactsheet.pdf.

National Endowment for Financial Education. (2014). NEFE, Jump$tart Stand Up for Financial Literacy Month 2014. Retrieved from http://www.nefe.org/press-room/news/nefe-jump-tart-financial-literacy-month-2014.aspx.