Approaching the Conversation of Money Management as a Family
Feb 16, 2023
Discussing money in the family, the impact of parental conflicts on kids, and the importance of open communication. Revealing survey results that show kids dislike talking about money because of parental fights. Sharing tips on teaching financial independence and fostering positive money conversations with children.
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insights INSIGHT
Kids' Perception of Money Conflicts
Kids are highly perceptive of money-related conflicts at home.
They often avoid discussing money due to observed parental disputes.
question_answer ANECDOTE
Common Parental Phrases About Money
Parents often use phrases like "We don't have the money for that" or "Do you know how hard I work?"
These comments, though common, reveal underlying financial tensions to children.
insights INSIGHT
Saver vs. Spender Dynamic
Couples often consist of one saver and one spender.
Differing financial backgrounds and ingrained habits contribute to conflict.
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How do you talk about money in front of your kids? In today's episode, hosts Chad Willardson and Scott Donnell discuss the role and impact of money in family relationships. They also share how parents can talk to their kids about money instead of making it a taboo topic.
What is the biggest fight in a home?
Chad reveals that the leading cause of divorce is money related - almost all couples have disagreed about money at some point in the relationship.
There will always be money-related conflicts in the home - Scott explains how parents can show their kids healthy disputes and resolutions.
Scott goes through reasons why talking about money matters.
Why do most kids dislike talking about money?
After surveying over 1000 kids, Scott and his team found that money was the common thing most kids disliked talking about - because Mom and Dad fight about it.
How does a couple's relationship with money influence their intimacy?
Chad shares a simple trick parents can use to teach their kids financial independence.
The problem with obsessing over "I don't want my kids to go through what I went through."
Chad and Scott agree that the way you talk to your kids about money will influence them for years to come.
Scott explains why it's always a good idea for parents to be on the same page regarding money.
According to Chad, you have to include your kids in money conversations and always talk about money in a positive light.
Scott is convinced that the more you teach your kids about money from a young age, the less likely they are to make grave financial mistakes in future.
This week's challenge - be intentional about how you talk about money in front of your kids.
Smart Money Parenting