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Here are ten things you should never tell children about money.
1. “Money is the root of all evil”
How often do we hear these statements? But, teaching your children that money is inherently bad can create a negative mindset. Instead, explain that money is a tool that can be used for good or bad depending on how it’s managed. According to financial experts, viewing money as a neutral tool rather than something inherently good or bad helps to develop a healthy financial mindset. Encourage children to see money as a means to achieve their goals and help others.2. “We can’t afford that”
While it might be true sometimes, constantly saying this can make your children insecure about their financial situation. Instead, explain the importance of saving and prioritizing needs over wants. Teach them about budgeting and making wise financial choices.3. “Don’t worry about money”
Sheltering your children completely from financial realities can leave them unprepared for adulthood. Involve them in age-appropriate financial decisions, such as budgeting for a family outing, to help them understand the value of money and the effort it takes to earn it.4. “Rich people are greedy”
Statements as this can create a negative perception of wealth. Instead, teach your children that wealth can be accumulated through hard work, smart investments, and sometimes, good fortune. Teach them that money should not change who they are. Encourage them to aspire to financial success while remaining kind and generous.5. “Only boys need to know about money”
In many cultures, including Nigeria, financial education has been traditionally directed more towards boys. This is an outdated belief and it limits the potential of girls. Teach your children that money is not gender-sensitive and that both males and females should work to make their own money. Also, ensure that both boys and girls in your family are equally knowledgeable and confident in managing money.Sign up for the Connect Nigeria daily newsletter
6. “You don’t need to save; we’ll always be here to support you”
While it’s natural to want to provide for your children, financial independence is essential. Teach them the importance of saving for their future, setting aside money for emergencies, and making financial decisions. Financial advisors emphasize teaching children the importance of saving early to instil financial discipline and preparedness.7. “Money doesn’t grow on trees”
This phrase can be discouraging and unhelpful. Oftentimes, parents say these things hoping to make their children understand how money isn’t something to be spent thoughtlessly but this statement often does the opposite. Instead of saying this to your children, explain where the money comes from—work, business, investments—and how it can grow through smart financial practices. Teach them about earning, saving, and investing as pathways to financial stability.8. “Talking about money is rude”
Avoiding conversations about money can lead to financial illiteracy. Normalize discussions about finances in your household. Talk openly about budgeting, saving, and investing, so your children feel comfortable seeking advice and making informed financial decisions.9. “We don’t have to worry about money; we’re fine”
Even if you’re financially stable, your children need to understand that money management is an ongoing responsibility. Teach them that maintaining financial health requires planning, discipline, and continuous learning.10. “Mummy Doesn’t Have Money. Go and Ask Your Dad”
This statement is used by most mothers to direct their children to their fathers for their financial needs. While this statement may appear innocent, it has a way of creating a negative perception of gender roles in families for children. Children may grow up with the mindset that a woman never has money but a man does. This tends to put pressure on the boy child and may affect the self-esteem of the girl child. As a mother, instead of telling your children to ‘go ask your Dad’, you could reassure them that you (you and your husband) will look into their needs. This conveys a message of partnership.Register to attend the CN Business Mixer
Concluding Thoughts
Parents should tell children about money. A balanced and realistic view of money will help them develop healthy financial habits. Avoiding these ten statements and instead offering practical advice, you can empower them to make sound financial decisions throughout their lives.Featured Image Source: Best Egg
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Chinatu Amarachukwu