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How can parents engage their kids in conversations about money? And how do those conversations shape kids’ thoughts and future financial choices?
Margaret Echelbarger has spent much of her career researching the unique connections between kids and their financial decision-making processes. Currently, Margaret is an assistant professor of marketing at Stony Brook University. She also explores the behavioral side of marketing by learning how kids make those financial decisions now and into the future.
Whether we realize it or not, as parents, our children are always watching our financial decisions in what we buy, how we buy, and even how buying makes us feel. Margaret’s research has shown that kids can understand competing priorities at an early age, which can help them even recognize the concept of you get what you pay for.
Most parents likely have stereotypes about money that influence their unique behaviors, but parents who talk to their kids about money can overcome their own money insecurities. In research that Margaret has reviewed, parents who talk with their kids about money can statistically help their kids financially succeed in the long term.
Teachable financial moments for our kids are abundant, so parents should not worry about finding the perfect time to discuss money-related topics. As Margaret points out, kids at an early age are trying to connect the emotional dots between spending and savings. For example, does saving feel good or bad vs. spending?
Please enjoy my conversation with Margaret Echelbarger.
Resources Featured in This Episode:
Margaret Echelbarger – website with additional resources
Money as You Grow: Help for parents and caregivers