For many of us, the phrase “Money doesn’t grow on trees” was the only financial education we got from our parents. We weren’t taught how to live within our means, balance a checkbook, create a budget or save money. Parenting author Stacy DeBroff hopes we’ll do better by our kids.
“’There’s this immediate gratification: “I really, really want this great pair of jeans,” not “I can’t afford this pair of jeans,”’ she explains. This disconnect from the need to budget sets teens up for a shock when they leave home. Suddenly they face the harsh reality of paying bills for rent, food and often tuition at a post-secondary school.” [Source: Canwest News Service (Canada)]
To make it worse, college is often where kids get their first credit cards, making it easier for them satisfy those instant gratification urges, and saddling them with debt that could take them years to pay off.
Some parents may rely on school to educate their kids, but financial responsibility isn’t taught in most schools. Instead, parents need to take an active role, making sure their kids are prepared for the real world – where nearly everything has a price tag.
Labels: finance, parental influence, money
Posted By: By Parents For Parents