3 Things Parents Who Instill Healthy Financial Habits In Their Children Do Right

3 things parents who instill healthy financial habits in their children do right

Warren Buffett, T. Rowe Price

11/27/2021 7:41:00 AM

3 things parents who instill healthy financial habits in their children do right

There’s no one right way to parent—particularly when it comes to instilling healthy habits in children. But here's what parents of financially stable kids do well.

shows that children can already make sense of basic money concepts between the ages of three and four. By the time they turn seven, these concepts start digging roots, relating to their future financial habits.Of course, leading by example is key. It’s important for parents to not just talk about positive behaviors but also to embody the behaviors they want their children to emulate.

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After all, 71 percent of those who try to keep up with the Joneses admit that their kids tend to spend most of their allowances almost immediately—this compares with just 40 percent of their counterparts who aren’t constantly trying to prove themselves, according to the T. Rowe Price survey.

2. They set expectations for their children early.Researchout of the University of California at Los Angeles finds that parents’ expectations for their kids majorly influences attainment of their goals. “Parents who saw college in their child’s future seemed to manage their child toward that goal irrespective of their income and other assets,” professor Neal Halfon headtopics.com

said in a statement.Specifically, only 57 percent of the kids who did the worst on standardized tests had parents who expected them to attend college. On the contrary, 96 percent of the ones who did the best were expected to go to college.In other words: Parents who set expectations for their children (within reason, of course), can turn into self-fulfilling prophecies. Their kids may grow to meet those expectations. And the same can be said for financial expectations.

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So, basically you start a trust fund for your kids if your parents give you the money, no one cares about college really, and it’s left to schools to teach financial skills and habits. As a teacher who values education, I must say I’m not impressed. Forbes has not covered the waukesha domestic terror attack.

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