Our favourite blog from last week’s iBlog Friday has been chosen.
Shelley Marsh of Money Mummy is the winner with her post about body image called, Why money is just important as sex (when it comes to talking to your children). Congratulations Shelley. Your prize is in the mail!
Most parents see it as part of their role to have the birds and the bees talk with their children. They expect that at some point in time it is a conversation (or in most cases, several conversations) that that they will have to have. It is seen as an integral part of the parent job description, crucial to bringing up a well rounded child.
But why is it not the same with money? We talk openly with our children about sex but shy away from something that will be just as an integral part of their adult lives.
Think of how many money related things you do every day – go to work, buy the groceries, pay bills, use a credit card, pay the mortgage or the rent. Whether we like it or not money is an integral part of our daily lives. I don’t mean this in a “money is the be all and end all” kind of way because it most certainly is not. But you have to admit understanding your finances is pretty important and the consequence of poor financial decisions can be dire. So why isn’t it up there with sex when it comes to talking to our children?
I think part of it is that our own parents never spoke to us about money. When I was a kid I owned the 70s classic book “Where did I come from?” but my parents never spoke to me about money. I didn’t know about the benefits of saving or how a credit card worked, let alone how much it costs to live away from home. In my household, all of these things were unspoken. Maybe they thought they were shielding me from their adult concerns, but all that happened was that when I left home was that I was totally unprepared for the financial realities of the real world. As a consequence I spent everything I earned and then some! The result was that I had a mountain of credit card debt, a zero bank balance and little to show for my hard work. However, my first money lesson was learnt. Don’t spend more than you earn.