Money in the Middle

Sandwich Generation Talking About Money Up, Down and Across Generations

Getting Smarter About Money — The Younger the Better

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 We know conversations about money between adult children and aging parents is difficult.  But it seems many of us find talking with our children about money is difficult, too.

 Three in four parents say it is more important than it was 12 months ago to talk about money with their kids, according to a survey conducted by Kmart.  But, more than half of parents say they have a hard time broaching the subject, especially as their children get older. 

 That’s unfortunate since we know that many money habits are established in our early years.  Kmart announced its Kmart Money Smart curriculum which is targeted to teachers and parents www.kmart.com/teachers and http://www.timeforkids.com.  It’s targeted at elementary school children.  

  “The Kmart survey found that nearly seven in 10 American parents are worried that they won’t be able to instill proper financial knowledge in their children,” says Mark Snyder of Kmart.

  If that’s you, then check out the worksheets and – whether for your children or grandchildren – every little bit of knowledge you can impart about money will help them in the future. Maybe some of us baby boomers can share our own financial missteps as a way of helping the next generation do a bit better financially.

Unfortunately financial literacy has not become a mainstream educational requirement.  While cash cards and EFT has made handling money easier, it has also removed some of the automatic discipline that comes with having to actually hand over the cash at the moment you buy. So the more we can do at home to help build a foundation for basic money management, the better.   Why not start today?

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Written by Laura Rossman

August 12, 2009 at 2:55 pm

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