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.