Economy and Kids!

This Life Advice® brochure about Helping Your Child Understand Money was produced by the MetLife Consumer Education Center and reviewed by the Federal Citizen Information Center.

Teach your child about smart saving “But I really need it…“ “If Chris has one, why can’t I?” “Why can’t I have just two more dollars?”

If you’re the parent of a young child, you’re probably used to hearing pleas like these. And you’ve probably wondered what’s the best way to explain why your child can’t have everything he or she wants.

Helping your child learn about money is an important responsibility that will likely have implications throughout your child’s life. Unfortunately, there is no universal game plan to teach children about money. The guiding principles are to be candid, consistent, use common sense, and set a good example. You can help your child develop good money habits that will last a lifetime. But first, you need to have a handle on your own attitude about money so you’ll practice what you teach.