Newspaper article The Northern Star (Lismore, Australia)

What Do You Model for Your Kids?

Newspaper article The Northern Star (Lismore, Australia)

What Do You Model for Your Kids?

Article excerpt

Byline: FINANCIAL MATTERS JASON MCFADDEN

WHAT your children are learning from you? 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?

The key is that we all have unconscious issues revolving around money: how to get it, what it means and what its purpose is. Children watch and learn and formulate their own money habits.

One understanding about the influence we have on children's development is that they copy the behaviours of their parents or adult carers more readily than they absorb what we try to teach them by lecture.

Generations are often characterised with different financial habits. Pre-World War II individuals saved for the things they wanted and were rarely in debt. Baby Boomers took to credit because it became part of their generation. Gen X-ers tend to be nervous about debt and now Gen Y-ers thrive on it.

These are generalisations of course but there is a broad element of truth to them. …

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