How to talk to grandchildren about money
If you’re lucky enough to be a grandparent you will know that part of what makes this experience so special is watching your grandchildren learn about the world.
And if you’re lucky you can have a role in teaching them about part of it.
Be it a fear of stepping on their parents toes, or not knowing how to broach the subject, many grandparents don’t take the opportunity to talk to their grandchildren about money. Which is a real shame, as finance expert Martin Dodd states in his blog, “Sadly very few grandparents have taken the initiative to talk with their grandchildren about money or the importance of saving for university, the purchase of their first car, or even the deposit for their first flat.”
Here are seven ways to get your grandchildren thinking about money. Sometimes, just getting the ball rolling is enough to set good money habits for their future.
- Explain to your grandchildren how much prices have changed over the years. This helps them understand how the value of money and individual products is in a constant state of flux that can only be prepared for through good savings habits.
- Share stories from your own life. Having them understand how long it took for you to save for your first car can be a good way to instil healthy savings practices.
- If they’re accustomed to receiving money on their birthdays, perhaps include a note with your card that reiterates the importance of saving money.
- Ask about their spending habits. Do they have any worries or concerns about saving money and if so try to reassure them regarding any concerns.
- Discuss the importance of education and having the right financial skill set, and how this can help set them up for a happy, healthy adult life.
- Engage them in conversation which explain how your healthy money habits helped put you in a position where you can enjoy today.
- Consider hiring (and paying) them for little jobs around the house. As you’re paying them, try to start conversations about money and the importance of saving.
Have you ever talked to your grandchildren about money in the past? Can you see yourself doing so in the future at any stage?
Share your thoughts in the comments.
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