For a lot of parents, talking about money is just as bad—okay, maybe even worse—than talking about sex or using drugs. This doesn’t make a whole lot of sense given that money is so integral to daily living. After all, kids see you work, see you go to the bank, and need money for a host of items ranging from school lunch to car insurance. Why the taboo?
Money goes beyond dollars and cents.
On the surface, money is just a collection of coins and bills that have different values attached to them. The way people choose to distribute those values, however, connects to distinct philosophies and beliefs. For instance, if you believe that it’s important to alleviate suffering, then you likely will give at least a small amount of money to a good charity or donate serviceable items you no longer can store or use. When you try to teach children about money, you’re not just teaching them face value. You’re teaching them a specific ways of behaving and living, and many parents simply are not prepared to explain the advanced rationales that accompany money handling. They either don’t have the resources (mainly time), or for whatever reason, they feel uncomfortable being open with their kids about who they are and why they make the choices they do.
Parents don’t believe in their kids.
Yes, this one hurts, but it’s a reality. Kids learn about money best by actually working with it, by doing hands-on activities and tasks that involve it. But unlike with other subjects, parents tend to see money as something you can’t afford to make mistakes with. For fear of financial loss (which can be generated by a sincere, positive desire for kids to have money they need later), they refuse to bring money to the table and let kids practice with it, failing to believe that kids can learn without breaking the bank.
Parents have their pride.
Some areas of finance can be quite complex, requiring specific strategies and close evaluation. Not all parents have been taught how to go through these areas well, so they feel like they can’t teach them. They also don’t want their kids to know that they don’t know something and stay mum in order to maintain their “smart authority figure” persona. The trouble is, if you don’t model financial learning, your kids likely won’t take the initiative on getting money information later, either.
Parents don’t want to air their dirty laundry.
When kids learn about money, they don’t always get the concepts right the first time. Not only that, but when kids start asking questions about their families’ financial situations, they don’t always have a grasp of what the answers really mean in the grand scheme of things. At the same time, though, they’re more than proud to share what they’ve learned so far, with or without some tact. Some parents don’t talk to their kids simply because they don’t want to share their financial status or practices with the neighborhood. They especially don’t want the negative elements known, such as bankruptcies, as they usually feel like this makes them look inept.
The default parental setting is to protect kids.
In recent years, more families than ever have been put through the financial ringer, often at no fault of their own. Despite this, it’s only natural for parents to want their kids to have fun, to not worry and be…well, kids. If the money waters are drying up, many parents aren’t honest about it because they think it keeps their kids from worrying, and because they want their kids to believe that things are better than they really are.