Importance Of Having The Money Talk With Your Children

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Importance Of Having The Money Talk With Your Children
Rajat Mishra - 18 August 2019

In the Indian society, there are certain topics on which parents avoid talking to their children. They do not want to talk to their children about drinking and driving, using drugs and, of course, sex. Here is a glimpse of how maintaining silence on some crucial issues by the parents is endemic to every part of the world.

The pertinent question to ask is that in the world when there is excess of over sharing between each one of us why such kind of restrain is running deep through parent’s psychology, all across the world. So, lets go through possible reasons Indian parents quoted for not talking about money with their kids.

Harpreet Singh, 37, a working professional and a father of two said, “The most common reason for not talking about money is that parents do not want their children to lose motivation after getting to know that my parents has this much wealth. So on maintaining silence, the child will never figure out the family’s wealth.”

But in the age of digitisation, information is just a click away. Nowadays children are able to use computers and mobile devices to determine the valuation of their house, car, vacation and so on.

But one thing that parents should keep in their mind is that disengagement also creates more problems. Because it can create a perception that a family is wealthier than it really is.

Ajay and Nisha Tiwari, a Bengaluru-based couple said, “Our biggest fear is that our children will see it differently and thus we never talk about money with them.”

Advisors suggest talking in stages will produce less anxiety than trying to reveal everything all at once. Talking about money in a family does not actually mean you have to talk about investment holdings and strategies. It could be talking about the purposes and goals and the meaning of wealth. That is often more productive than the key details. And one can start from teaching children, the value of money and can go on to tell them the worth and importance of saving in life.

A feeling of not knowing what to talk about or when or with whom can heighten that anxiety. So, do not live in a bubble that avoiding talking about money with your kids will benefit them by any chance. Instead a healthy conversation regarding money can actually help the child to understand your financial condition and also value money.

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