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Ask the Experts

Ask The Experts

Q:
How much financial information should our six year old have

My husband and I disagree about how much information our six-year-old son should have about our family’s finances. I don’t think he needs to know specifics. What’s your vote? -Sharon

Sharon,

Some discussion is good. That said, I would avoid discussing how much money your or your husband make in income or how much your house costs, as he is still very young and such discussions might be something he wouldn’t know is not for sharing with others. While a young child won’t understand investing at the complex level of an adult or could be overwhelmed by the concept of large amounts of money, a savings account in his name will help him understand the basic benefits of saving money and watching it grow. Also, consider taking your child shopping with you. Explain to him why you make the decisions you make while shopping. By showing him the details you take into consideration, you’ll be teaching him how to be a wise consumer. Raising him to be money smart is a priceless gift.

The Advice Team