Tips for Answering Children’s Money Questions

Below are some suggestions for answering questions your children may have about money:

 

Take their questions seriously
Children’s money questions provide a valuable teaching opportunity for parents/guardians. Show them their inquiries are important and valuable by taking them seriously.

 

Think before you speak
Children often ask very challenging questions about money. It’s okay to take a few moments to consider your children’s questions before you respond.

 

Keep answers age appropriate

The way a parent/guardian responds to a child’s question about money depends on the age of the child. Telling the truth doesn’t mean revealing everything you know about a certain topic. It means providing as much information as your child can handle at a given time. You can always add information when your child is older.

 

“Why do you ask?”

“Why do you ask?” can be a great response for almost any money question. This question can help parents/guardians identify the reason behind the question and provide an appropriate answer.

 

Be prepared for a variety of questions

All children ask different money questions depending on their age, circumstances and personality. There are no definitive questions that your child may or may not ask. As a parent/guardian, it is important to be prepared to answer a wide variety of money related questions.