Dr. Sharon M. Danes - Professor
Family Economist - University of Minnesota Extension Service
Family Social Science Department - University of Minnesota
Family Economist - University of Minnesota Extension Service
Family Social Science Department - University of Minnesota
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Money can be used in families to acquire things that are needed and wanted and to express feelings and attitudes to other family members. Children learn from their parents both technical knowledge and skills for managing money and more affective attitudes and feelings about money often by observing how financial decisions are made within the family. Parents need to make these learning experiences more conscious and intentional if children are going to effectively learn to manage money resources.
Parents who are consciously trying to prepare their children to handle money in a healthy way are involved in the process of financial socialization. The purposes of doing programs that emphasize teaching children about money are to assist parents in (a) making money management for children a more conscious and intentional goal, (b) understanding the economic and social functions of money in families, and (c) it will also assist parents in adjusting their adult frame of reference about money into a frame of reference which is more understandable by their children based on their developmental age rather than their chronological age.
Parents can make positive, intentional strides to promote and shape healthy money management values and skills in their children. Those efforts will help their children to develop into responsible, self-reliant, and knowledgeable adults. That means, however, that parents need to work on how they think, believe, and act related to money.
Money can be used in families to acquire things that are needed and wanted and to express feelings and attitudes to other family members. Children learn from their parents both technical knowledge and skills for managing money and more affective attitudes and feelings about money often by observing how financial decisions are made within the family. Parents need to make these learning experiences more conscious and intentional if children are going to effectively learn to manage money resources.
Parents who are consciously trying to prepare their children to handle money in a healthy way are involved in the process of financial socialization. The purposes of doing programs that emphasize teaching children about money are to assist parents in (a) making money management for children a more conscious and intentional goal, (b) understanding the economic and social functions of money in families, and (c) it will also assist parents in adjusting their adult frame of reference about money into a frame of reference which is more understandable by their children based on their developmental age rather than their chronological age.
Parents can make positive, intentional strides to promote and shape healthy money management values and skills in their children. Those efforts will help their children to develop into responsible, self-reliant, and knowledgeable adults. That means, however, that parents need to work on how they think, believe, and act related to money.
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