17 Nov

Money Taboos and Financial Transparency – The Children’s Edition

Grandfather Carrying Grandson On His ShouldersWhat are your children or grandchildren learning about money? Have you asked them what they’re being taught in school? How do you talk about money when they’re at home? Do they have an allowance? Do they understand how make change or decide which things are necessities and wants?

These questions may seem overwhelming but allowing them to make mistakes in their youth with their allowance money is better than not talking about money, resulting in more dire mistakes in their late teens and adulthood.

How does this happen? In the Information (overload) age, children may be exposed to so much information in sporadic intervals that their ability to remember much diminishes over time. Plus, we’re not talking about the RIGHT things. Rather than talking about variable interest rates to an 8th grader, wouldn’t it be more useful to show them how to protect their personal information online? Or how about emphasizing the importance of saving money early?

Another reason money is such a private topic in many families is because there is a taboo surrounding its mention. Like religion and politics, it is seen as impolite to mention how much something costs or what someone makes. However, being close-lipped about money is not doing your children any favors. If you need some inspiration, here’s a great website that helps parents and other adults tailor their financial tips to a child’s age. The information is bite sized as to inform, but not bewilder.

Rocky Mountain Law Enforcement Credit Union is offering incentives to our members who wish to set their children, grandchildren, nieces and nephews on the right track.

If you open a RMLEFCU account between now and December 31, 2015, we will beef up its balance with a $25 1 year piggybank CD. And to piggyback (sorry, too easy) off this, we will throw in a clear piggy bank. The next time you’re in the branch, ask a representative about opening an account.