Teaching children fiscal responsibility is integral to their role in the family and society, yet some clients overlook the importance of this discussion. You can help your clients discuss financial concepts with their children by suggesting these key guidelines drawn from the “Children and Money Series,” by Sharon M. Danes and Tammy Dunrod (Regents of University of Minnesota, 2002).
Communicate in Their Language. It is important for your clients to talk to their children from a child’s perspective. For example, it is fairly common for young children to ask their parents how much money they make. But, what they are really asking is “Why can’t I have that toy or attend that party?”