Financial skills (literacy) have been a topic of discussion for many years, but learned financial skills – effective or otherwise – have been passed on within household groups for decades. It is commonly recognised that the greatest influence we have on the development of our children is their mimicking our behaviour whether as parents or other adult carers – and they learn from our behaviours more readily than they do by listening to what we have to say.
Are you a saver – or a spendthrift?
Is your family budget constantly a topic of negative discussion?
Are your ‘bills’ always on display and a source of anxiety?
Do you actively try to demonstrate successful financial control of your affairs?
Your children are watching – AND LEARNING!!
Knowing this to be the case it is important that we practice effective, positive financial skills: carefully ensuring that income exceeds expense; debt management is appropriately strategised; and planning for the future, including some of the unknowns of the future, undertaken and monitored. Family budgeting can be an effective part of this process; and helping children to learn the skills of saving for a treasured possession; caring for it once obtained; and dealing with the consequences of its loss, damage or redundancy will help them to manage their financial position as they develop into adulthood.
If you need help to teach your children about responsible financial management of their affairs, consider engaging an experienced Continuum Financial Planners adviser in the process – starting with a wealth management strategy for yourself: Contact Us through our website facility, or phone our office (07-3421 3456) .
