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Good financial habits begin at home. With the right mindset, you can help your children to build habits that will positively support them for life.
Covid-19 has changed the way the world operates. With a global recession predicted and personal finances under strain, how you discuss finances at home and what you teach your children today could shape their future financial wellbeing.
According to Jocelyn Black Hodes for Business Insider, how our parents raised us and handled their own finances has had a large impact on the decisions we make as adults. Parents who were frugal, lived large or never spoke about money at all have left lasting impressions – and that was during ‘normal’ times.
Covid-19 is anything but normal. Lockdowns and continued social distancing mean we are all spending more time together at home. Most families will be experiencing some form of financial strain, either because they cannot work from home, they are earning less, or their businesses are under strain. This financial stress will unfortunately be felt at home, whether you are discussing the situation with your children or not.
The good news is that you currently have more time at home with your family to begin a solid financial education. It’s the ideal time to begin to shape good financial habits in a post-Covid-19 world (and hopefully help ease some of the anxiety they might be feeling around the family’s finances at the same time).
Here are five tips to financially educating your children in a positive way:
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