Nobody used to talk about money. It was one of those topics that were kept quiet, inside the family and one not to discuss. Truth is that inside the family nobody was talking about it either. I know of many people who grew up with money but it was never discussed and they had no idea how to manage it or quite frankly balance a budget.
Times have changed. Many families with children have two working parents. Women are becoming the breadwinners. Some older women find themselves divorced or widows with zero understanding of their finances. People are working longer before having children and putting away cash for the future. I could go on and on but the importance of financial literacy is huge.
We have definitely talked to our kids about our finances because our finances will eventually be their finances. We consider our finances their finances. If it wasn’t for us, they would not have learned about budgets, costs of living, savings, stock, taxes, etc.
Someone made a really astute point at a dinner this past week the importance of teaching financial literacy in the school system and it should start when they are young. It is one thing to take an accounting class in college but it is another thing to create a curriculum around understanding your own finances. What you make, how much rent you can afford, how much you spend on clothes, how much to put into savings, how much to invest in the future, what are tax benefits of buying vs renting and above all by understanding all of this gives everyone control of their lives.
It might not be taught at school, yet, but as parents, you should be teaching your kids from early on how to manage their own money.