As a parent educator and family therapist, I have seen some poor examples of role modeling fiscal behavior. My belief is that a family that practices balanced financial management will raise children that understand the value of money and effort. The Love & Logic style of parenting has a high value on children earning rewards and the parent following through on consequences.
When it comes to money, encouraging the consumer culture in the home is a poor way to set a child up for success. The long-term planning is important if the family can afford it, college funds and a savings account that the child can earn money to deposit through agreed upon benchmarks. A family that provides rewards for the children without a clear reasoning or an expectation that a standard of behavior is important might be hurting the opportunity for children to practice that grit that is so popular in today’s vernacular for raising successful children.
In general, if it is bad for an adult, it is probably bad for a child. Exposing children to the concept of earning and saving for what we want in life will prepare them when they are out in the world making decisions on their own.
Written for GoBankingRates
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