CEO Shares How To Talk to Kids About Money
Theresa Mann, President/CEO, Shares How She Talks to Her Son About Money on Take Your Sons and Daughters to Work Day
April 28 – The best gift I ever gave my son? No, it’s not his new 7 speed bicycle (although that’s high up on the list), or even the Xbox One that he got for Christmas. Nope. The best gift that I have given my son is the habit of saving money, and thinking hard about what he spends.
Graham is 10 years old, and like many 10 year olds, he loves money. He counts those dollar bills over and over again, and is extremely motivated by it. You won’t be surprised to hear that he would rather spend my money than his. But something interesting happened the day I showed him his account online at the Credit Union. He decided that he was equally as motivated by the numbers on the computer screen as he was about the stack of bills in his wallet. He liked that when I deposited money, the numbers went up. “What should I buy with all this money mom?” he asked. But so far, the excitement of the increasing numbers on the computer screen beats the joy of spending it.
Last year, he joined me for Take Your Sons and Daughters to Work Day. I talked with the kids here at the FDIC about saving money and spending wisely, and he was in the audience. I thought that perhaps he was too busy with the yoyo that he got at the check-in to hear me while I talked about the difference between wants and needs. But a few days later, while out walking our dog together, he mentioned that he really did not need that new scooter, he just wanted it.
Your children are never too young to learn good money habits, and just because they like playing soccer more than talking with an adult, it doesn’t mean they won’t listen or understand. Today is Take Your Sons and Daughters to Work Day. Take the opportunity to talk to your kids about money.
To help start the conversation, use our great resources:
- Coindexter Club: Recommended for kids 12 and under, this virtual club will help your child learn to earn, save, spend wisely, invest and manage risk in a fun and unique setting.
- Just4Kids: Help your child learn the value of saving with our higher-yield savings account. Here they will see how much fun saving money can be as they watch it grow!
Thank you for letting us help your child on their financial journey.
Theresa B. Mann