Currently on radio 5 they are discussing whether it is right or wrong to discuss family finances with children..
What are you thoughts here?
Should they be given the bare minimum of information, or should they know exactly how it is?
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Yes my take is, awareness on what is affordable and not, understanding of why others may have more spent on them than themselves.. but not far enough that they would end up worrying.
However as they get older I would be more inclined to be completely transparent with incomings and outgoings. Budgeting is definitely an important thing to learn. |
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"Yes my take is, awareness on what is affordable and not, understanding of why others may have more spent on them than themselves.. but not far enough that they would end up worrying.
However as they get older I would be more inclined to be completely transparent with incomings and outgoings. Budgeting is definitely an important thing to learn. "
I agree with this & the comment above. Kids need to know that money is earned & how much basic living actually costs. Once my eldest realised how much Uni accommodation cost, then food etc on top they decided to stay local & live at home. I work with people in debt & some days it’s heartbreaking. Budgeting is a skill that need to be taught from a young age
J x |
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"
I agree with this & the comment above. Kids need to know that money is earned & how much basic living actually costs. Once my eldest realised how much Uni accommodation cost, then food etc on top they decided to stay local & live at home. I work with people in debt & some days it’s heartbreaking. Budgeting is a skill that need to be taught from a young age
J x "
Unfortunately my children's dad and I ended up in debt, I later found out that parents experienced a lot of debt whilst I was growing up.. I wished they had been open with me as maybe I would have had more of an idea how to manage money or prevent debt if that had happened.
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All children should learn about finances. As far as what they should know goes, it should be proportional to their age. A 15-year-old should know a lot more than a 9-year-old.
If I had my way, my children would know all about our family finances. They would know what's coming in, what's going out and the choices we make with what's left. Unfortunately I don't have my way and I am no longer with their mother.
Luke |
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We have discussed more with our eldest as he's got older, encouraged him to save etc and watch his spending. He's 17 now. We had discussions as he grew up about why we couldn't afford XYZ thing or why we wouldn't be holidaying when all his mates were. We were young parents then, so totally different career stages to his peers' parents who were basically wealthier. I wouldn't discuss financial difficulties with him unless it going to directly impact him, eg if we had to move house or something. |
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By (user no longer on site)
over a year ago
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Definitely. My kids know our situation (especially at birthdays and Christmas) they dont get the lowdown on payday of what's to be paid, bills etc but they do know we have to budget for the month or theres no treats and days out, presents need saved up for and you dont get money for doing nothing. They are at the age in school they notice the ones less fortunate or the ones with everything.
F. |
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By (user no longer on site)
over a year ago
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They don't need to know the details as shouldn't be worrying about finances at their age. However they should be taught the value of money, how hard it is to earn and that you need to work hard to get it not expect it to fall on your lap.
They also need to learn the concept of spending within means and making tough choices on what to spend on.
I always get annoyed watching programmes like bailiff ones where people weren't able to afford rent yet had all the latest gadgets and designer fashion...they clearly were never taught the value of money and making the right choices. It means that those that really need help and are really struggling because of genuine hardship find it even more difficult to get the help they need. |
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In the last 5 years my lad has a good grasp on money, where it comes from, what things cost.
From a quick conversation about cards after he asked for a drink 5 minutes from home, to be told money spent for today we’ll be home shortly for him to respond ‘just throw it on your card, free money’.
To last year we didn’t go away, first time in his life, as I was skint I explained why and how much percentage of my wages covered our basic living costs per month
Thankfully the ‘how much’ in a loud voice whilst doing the food shop has now stopped.
He’s aware of prices and what is a priority and he’s 12 |
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By (user no longer on site)
over a year ago
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I would agree that children should be educated about finances generally, how family finances are managed, and how to manage their own money.
I would disagree that children should be educated on or made aware of the specifics of their own family finances. A we can / cannot afford it is sufficient.
The family court shares my views.
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