Teaching Children About Money

It is important to be able to talk openly with your children about money and the money in the family. Sometimes the only time children hear the word is in the context of conflict, as when parents are arguing or they are being denied a treat. Having open talks begins to break the money taboo and teaches them that this an acceptable subject for a conversation, not just for an argument.

The concepts important to teach include how to spend wisely, how to save, how to invest and to accept that there are others in the world who have a different amount of money, both more and less than they...