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When Should You Talk to Your Kids About Money?: 4 Quotes

1. “For most people, money conversations aren’t very easy or comfortable … That said, the earlier you have these hard conversations and instill smart money habits in your kids, she says, the better off they’ll be. It’s less about having your kids memorize definitions of personal finance concepts like compound interest and tax-deferred retirement plans; what’s important is allowing them the “freedom to explore money and ask questions and to be curious,” says [Farnoosh] Torabi, who is a mother of two and Chase Slate’s financial education ambassador.”
-Kathleen Elkins, CNBC.

2. “If they are old enough to ask for a toy or a bike, they are old enough to start learning financial lessons that will last a lifetime.”
-American Bankers Association.

3. “Age 3: Practice Waiting; Age 4: Go Over Counting; Age 5: Associate “No” With Spending; Age 6: Start Giving Allowance; Age 7: “What Do You Want to Be When You Grow Up?”; Age 8: Show What Household Things Cost; Age 9: Open a Savings Account; Age 10: Teach the Truth About Cards; Age 11: Immunize Against Advertising; Age 12: Demonstrate Wise Purchases; Age 13: Interact With the Stock Market; Age 14: Make Your Kid Work; Age 15: Open a Checking Account; Age 16: Finding Balance; Age 17: Explain Credit Reports; Age 18: Decide on Student or General Loans.”
-LarnVest, Parents Magazine.

4. “What’s the right age to have “the talk” with the kids? No, not the birds-and-bees chat but the dollars-and-cents conversation about saving, budgeting and using credit cards responsibly. The answer turns out to be the earlier the better, according to a new survey by Capital Group, home of the American Funds, obtained exclusively by USA TODAY. In fact, age 12 or younger is a good time, say nearly 4 of 10 (39 percent) millennial parents, the newest generation of moms and dads. That’s nearly double the percentage of baby boomer parents (22 percent) who started instilling financial do’s and don’ts into their offspring before their teenage years, the survey says.”
-Adam Shell, USA Today.

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