On this week’s episode of Roadmap to Retirement, I am joined by Jessica Robinson, Psychology Professor at St. John Fisher University, and Dave Pulcini, friend and fellow CFP. We talked about how to talk to your kids about money at all ages and stages of development. Talking to kids about money is not just about dollars and cents; it’s about preparing them for a financially secure and responsible future…So how can parents do that?

By incorporating certain strategies, that we talk about in this episode, into your parenting approach, you can empower your children with the knowledge and skills they need to become financially responsible adults. Remember, consistency and patience are key to successfully teaching kids about money management.

Key Takeaways:

• What age do you introduce money to them? Do they pick it up on their own?
  
• Pretend play and monopoly money
  
• Replenishing your child’s lunch money account
  
• Wants vs. needs
  
• Chores and gratification
  
• Do your kids know what you make?