Image from dazeddnconfusedd
How you treat money today can be attributed to a number of
factors. The biggest one there is would be the influence of your parents with
regards to handling money. And parents fighting over it can have varied impacts
on the mind-set of the child and how to handle money in the long run.
Interestingly there is a study by researchers from East
Carolina that surveyed over 400 college students with regards to their
finances. One variable that was stated here is the fact if their parents argued
about money. The results are shocking and truly worth noting.
According to the study, students who responded that “my
parents usually argued about finances” have more than two credit cards than
those whose parents do not argue at all. Plus, these students have larger debt
than the rest.
We often think that our parents would argue because of the
lack of money. However, there are also parents who tend to argue over control
of the funds. Whatever the reason may be, the results are still the same. Even wealthy
kids see their parents fighting over money and these students have way higher
debt levels.
Though the basis for any definite conclusions is still weak,
most definitely children who saw their parents fighting over money have
negative impact to their future borrowing patterns. Even more, they tend to
copy their parent’s actions too. “Kids growing up in that sort of atmosphere
may be witnessing some unhealthy financial decisions,” says Adam Hancock, a
co-author of the study. “And they tend to act out those same behaviors.” Aside from
that, these students also have a hard time communicating financial problems to
their parents. This could lead to more debts and even more credit card issues.
“If they grew up like that and they’re now in college making
their own financial decisions, chances are higher for them to have multiple
credit cards and higher debt,” says Hancock. “Parents are the No. 1 way they’re
going to learn about finances, and if they can just talk about them in a
healthy way, it’s going to help.”
With that said, here are ways that parents can protect their
kids with regards to their entire well-being.
Do not argue in front of the kids
Arguing in front of them is a big NO. Whenever you fight as
much as possible keep the conflict out of sight and even at earshot. Do not
even let them hear about the conversation. If you can bring the conflict
somewhere else where your kids are not around, the better. A study shows that
kids who squander money in an instant and who would not want to keep it can be
attributed to his or her parents fighting over money when he or she was little.
He or she thought that money is evil and can cause troubles and problems. That is
why he or she tends to dispose it rather easily. Hence that individual would
grow without savings and even worst with debts.
Discuss money matters with the family
It is very important to let the kids know of the financial
situation of the family. That is why, discuss it with them minus the shouting. Let
them understand that the family is going a crisis hence you won’t be able to
surrender to their every whim and wants. Aside from that, let them understand
that money is just a tool and not an end to a means. Remember, how your kids
handle money is the product of what you teach or didn’t teach to them.
Parents must be responsible in dealing with finances and
relaying it to the kids. As much as possible minimize argument and conflict in
the family most especially if it involves money. Truth be told, there would always
come a time when money would be hard and scarce. However, there are ways to
resolve it in a much calmer manner. Parents would be able to find better
solutions when they discuss it over a talk rather than over a fight.
P.S. To those doing the 52 Week Money Challenge and 52 Week Money Challenge Version 2, it is Week 13 already! Did you deposit the next amount yet?
P.P.S Want to know more about investing, savings, stock market and more, check out my reference here. You can download free ebooks and resources too.