Consider Your Words When Teaching Children Healthy Money Habits
Teach kids smart money habits when they are young, and they are likely to make better financial decisions as they grow up. The words you use when talking about money can affect how they learn about personal finance.
In LearnVest, clinical psychologist Joseph Keelona explains that the way we talk about our finances can inadvertently affect our child’s attitude toward money. For example, telling them that something is too expensive seems pretty straightforward, but there is a lot of subtle psychology in that statement.
“[This phrase] implies a lack of power or control – and the idea that they don’t have enough. Tying these emotions to money can lead to associations with helplessness and powerlessness, ”explains Kilona. “Financial empowerment is shaped by determining that money can be controlled and managed through smart decisions.”
Instead, they suggest rephrasing the statement to something more inspiring. For example: “I don’t think this is the best way to spend our money because it is very expensive.”
But maybe you don’t feel like you are in control of your finances or you really don’t have the money to spend. It may still be a good idea to give your kids the opportunity to strive for more rather than reinforcing the powerlessness of their thinking.
Also, it might seem like we need a lot of control over our words these days, but words can be very persuasive and powerful. It is a good idea to at least think about the connotation we are talking about, especially with children.
Want to learn more about how to teach your kids financial skills? Follow the link below.
Everything You Need to Know to Raise Financially Fearless Kids: 12 Ways to Build Money Confidence at Any Age | LearnVest