Though money is one of the most unavoidable and consequential topics our children will encounter, research shows that many parents are NOT talking to their students about money in the home.
CONVERSATIONS BETWEEN PARENTS AND STUDENTS ABOUT MONEY:
“BECU, the largest community credit union in the country, commissioned a survey of 1,000 U.S. adults to uncover the relationship between parents, children, and finances and found that:
While parents said they would rather talk about finances than sex with their kids, only 28% are doing so.
82% of parents cite fear as a barrier to talking about finances with kids, but only 42% of parents admit they themselves are afraid of having the conversation.
Even though respondents agreed that parents should lead the "money talk" with teens, nearly three in four parents believe that a financial professional is the best resource for teaching their kids.
Despite parents avoiding the conversation, the next generation understands the importance of financial health: 44% of Gen Z respondents noted "good spending habits" as the most important money lesson young people should know, followed by "how to create a budget" and "saving for emergencies."
Parents often talk with their children about many of life's challenges. Yet, our survey shows they seem to be neglecting one very important topic: money," said Stacey Black, BECU financial educator. "Whether parents are feeling afraid or unprepared, our goal is to help build their confidence with the right resources and advice to start the conversation and help prepare their kids for the financial realities of becoming an adult.”
Parents must start talking to their children about money:
Parents only have their children at home with them for eighteen summers, which does not sound like a lot until you count how many meals are made, how much laundry is washed, and how much toilet paper is used in eighteen years. How many opportunities do parents have during eighteen years of raising a child to talk about money, to discuss finances, and to demonstrate sound financial behavior? The opportunities are endless!
It is time to take those opportunities!
Just today, I received an email message from a parent of one of my financial literacy student that thrilled my heart! We are currently five days into a new term. The message says:
“I’m Jason’s mom. I just had to share that he loves this class which is rare for him when it comes to summer online courses. He said, “You know, this is actually really helpful information.” : ) I didn’t realize how much of this he didn’t know before.
He keeps texting me questions about the material too, like, “Have you ever had a certificate of deposit?” and he analyzed my credit card statement! He’s super engaged. Thanks for making it interesting and fun.”
I was absolutely delighted to get this message! There is a joke that says that teachers don’t get paid enough, and whether it is true or not is totally irrelevant to me on days like today because THIS IS PAYDAY! Right?
As I have thought about this message, I could not help but wonder why it took my class to spark these conversations when Jason’s mom has spent well over sixteen years raising him. Had he ever gone to the bank with her? Had he ever seen her use her credit card or pay a bill?
PARENTS: PLEASE commit to having a good ‘ole money talk with your children TODAY! You will change their lives!
Here are some ideas to get you started around the house, in the car, at the dinner table, and on vacation.
FINANCIAL LITERACY TEACHERS: So much of this responsibility lands on you! Develop your own money habits, thoughts, and behaviors so you are teaching from a place of experience and success from implementing sound financial strategies instead of preaching from the, “Don’t make the mistakes I made,” pulpit.
With small steps, together PARENTS and TEACHERS can help prepare our children for a life of financial success. The teaching resource linked below is a helpful tool to open the doors of communication between your students and their parents. Students take the assignment sheet home and work through the instructions and discussion topics with their parents or guardian. When finished, the parent signs the assignment sheet indicating that they have followed the directions with his/her student and that they have completed the take-home assignment. No personal information is shared with the teacher. This promotes further discussion in the home and can lead to further discussion on more topics in the home.
These assignments were designed to be completed at HOME with the help of a PARENT. While personal information will be share in the discussion and while the assignment is completed, no personal details are shared with the teacher. The parent signs the page that only includes instructions and their signature, indicating that the parent had a conversation and/or completed the activity with the student.
