Children and Finances

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By Dr James Dobson

There’s an old song that says “The best things in life are free”. That may be true, but a lot of kids today are growing up taking this sentiment too literally and they never learn the value and the importance of work.

My friend, Ron Blue, is a financial consultant and the author of several books about money management. He says parents should show their children the connection between work and rewards. In other words, we need to make it clear that money must be earned. Children must learn that income is the result of investing time, energy and talent in worthwhile activities. It’s okay to give your children gifts and surprises of course, but make sure they understand that most things in life aren’t free. The hard part about teaching this lesson is that parents must endure the discomfort of saying “no” to the many demands of persistent children. And some mums and dads just can’t resist that daily pressure, resulting in a situation one psychologist called “denial of denial”.

In other words, every child needs to be told “no” on occasion; otherwise why should they sweat for it when they can get it for free? That’s why, within reason, I recommend that parents require children to earn their own money to buy the things they want. They’ll learn that it takes commitment and persistence to survive financially, which should serve them well as they move into the adult years

From TODAY, Voices – Tuesday, 18-Aug-2009

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