Should parents discuss their financial situation with their kids?

Discussion in 'Kids' started by iamawriter, Jul 12, 2020.

  1. iamawriter

    iamawriter Active Member

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    This applies specially to those parents who are financially not well off. When their children make demands on them I think they should discuss about their financial position and point out the difference between needs and wants

    What is your view on this.
     
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  2. nangk08

    nangk08 Active Member

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    I feel that the parents should discuss with children, it does not ,matter if they are well off or poor, it is actually wise to talk to children about money, its value and how they themselves fare in terms of personal finances. Most parents usually dismiss this idea saying that the children won't understand anything related to finances as they are small, but talking to them does help children become aware of things. They may not understand everything but at least they become interested in it and start thinking about finances at a young age.
     
  3. tyche

    tyche Active Member

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    True, I agree that parents should discuss finances with their children so that they would be more aware of their financial standing and not demand toys and stuff that the parents can't afford. At an early age I was already aware of my family's financial standing because of what we and I owned compared to my neighbors and classmates.
     
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  4. iamawriter

    iamawriter Active Member

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    The problem is mostly with those who are not so well off. Children make preposterous demands as they see their peers getting what they want. Parents should open up and take them into confidence.
     
  5. iamawriter

    iamawriter Active Member

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    Did you in any way feel inferior? I do not think so because your parents explained the situation where needs were more in focus than wants. Children do feel responsible and it all depend on how parents take them into confidence.
     
  6. Nocturnal Writer

    Nocturnal Writer Active Member

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    It is a must and necessary for the children to know why they are living miserably. The nature of the father or the mother who is working among them.

    The children in so doing may understand and may realize on how they help their parents to make ends meet as far as meager financial the family has.
     
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  7. iamawriter

    iamawriter Active Member

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    I fully agree with you. We as kids knew our financial condition and did not expect much from our parents. I still remember an incident where we had to pay for a picnic and I told the nuns I cannot afford it but as luck would have it my married sister had come down and she paid.
     
  8. Alexandoy

    Alexandoy Well-Known Member

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    When I was young I heard my parents talking about selling our house because of the debts. I was 5 years old and was really saddened as if it was the end of the world. So many nights I couldn't sleep until the day came when the buyer had to take the house and we moved to an apartment. Those were the hard times that I should not have suffered emotionally if I didn't hear what my parents were talking about.
     
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  9. iamawriter

    iamawriter Active Member

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    That was because you overheard the conversation. If it was an open secret and was dished out to you in a normal way surely you would have been prepared for it. If your parents also told you about the plus points of living in a flat that would have helped too.
     
  10. Hova

    Hova Active Member

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    Most definitely. Teaching your young ones about financial responsibility as soon as they start understanding things, is the best way to go. This means they will learn from a very tender age that money is hard to come by and how to spend the little you have, well.
     
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  11. iamawriter

    iamawriter Active Member

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    It has to be dished out in such a way that the kid is given the responsibility to help them save and not in a manner they just over hear and get panicky
     
  12. Hova

    Hova Active Member

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    Fighting about money should never be done in front of the children, no matter what. Couples who fight about their financial problems when kids are around, always end up with traumatized kids.
     
  13. iamawriter

    iamawriter Active Member

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    That is a valid point you have brought up. It is not just about money even otherwise having brawls in the presence of kids can be devastating. Having said that if they also show the 'after the storm comes the calm' scenario that can pacify the kids.
     
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  14. Alexandoy

    Alexandoy Well-Known Member

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    I don't know if you have seen your parents quarreling. I still remember it was dinner time when they were shouting with each other. Me and my siblings were like statues holding the spoon and fork but we were not eating. It was like a scene in a tv drama that we couldn't eat. I had an upset stomach. I was in 2nd grade and I already know the emotional effects of that.
     

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