On Parents Fighting Over Money

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.