Financially Intelligent Parenting: Children, Money, and Values

Gallo, Eileen
April 2005
Journal of Financial Planning;Apr2005, Vol. 18 Issue 4, p26
Academic Journal
The article offers ideas on ways in which parents can create an internal structure that connects money and values for themselves and their children. This means having the words to make money decisions based on values. Kids, too, need this type of values-focused language when they are dealing with money issues. When children are trying to decide whether to spend their entire allowance on video games like their friends do, a money values vocabulary can help them resist peer group pressure. The problem is that most parents keep their values in their heads rather than articulating them consistently. Another technique is simply saying no and explaining why in value-based terms. Neither being rich nor struggling to make ends meet is an obstacle to leading a meaningful, happy life. Kids who grow up confusing their self-worth with their net worth do not learn to incorporate enough into their money vocabulary. Instead, parents need to teach their children that money is a tool, not an end in and of itself. Parents need to allow their children to see how they really measure self-worth. People need to live their values, and let their kids see them doing so. If parents are looking for a role model of a parent living his or her values, try filmmaker Steven Spielberg. Spielberg strongly believes in the importance of education and wanted his kids to go to college.


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