I talk frequently about money being taboo in most homes here at The Heavy Purse for a reason: Every day I talk to parents who are doing so many things right to help their kids succeed but don’t talk to them about money. In fact, when I mention it to them, most often they seemed surprised. Most of us grew up in homes where money wasn’t discussed, so it’s not our natural inclination to talk about it with our kids either.
While it’s understandable that we may not share our financial situation with the world at large, we still need to talk to our kids about money. To ensure they know how to make good money decisions and how to use their money wisely. Because whether you are actively teaching them or not, they are still learning from observing you. One of the greatest gifts we can give our children is a healthy and positive relationship with money.
The High Cost of Not Talking to Kids about Money
The good news is I also see more and more parents starting to connect the dots and realize that being financially confident is key to their child’s financial well-being.
- The 2012 Financial Literacy and Credit Cards: A Multi Campus Survey found that only 9.4% of college students paid their credit card in full each month.
- 43% of adults at the lowest level of financial literacy live in poverty, compared to 4% of those at the highest level of financial literacy according to the National Endowment for Financial Education.
To help create awareness, I asked Tanya to help me create an infographic that highlights the dangers of keeping money a taboo topic and how easy it can be to break the cycle.
Share the Infographic with Others
Please feel free to share this infographic on your blog your website with the appropriate link back to The Heavy Purse.
How Are You Breaking the Money Taboo Cycle in Your Home?
The Heavy Purse Store is now open! My new downloadable Money Club Workbooks are now on sale. Each workbook provides five targeted lessons to help you raise Financially Confident Kids. Please check them out in The Heavy Purse Store.