The life-long benefits of teaching children good money habits make it well worth the effort. Children who are not taught these lessons pay the consequences for a life time. Some parents don't teach children about money because they think they shouldn't talk about money with children, don't have the time, or think they don't have enough money. Parents should take the time to teach children about money regardless of their income and should start when children are young. Most people have strong feelings and opinions about money, based on childhood experiences and the values and beliefs of their families. Most often, these experiences, values, and beliefs are different for each parent. It is important for the healthy development of children that parents talk about these feelings and opinions and establish a consistent approach to teaching children about money. Here are some guidelines parents can keep in mind as they begin the financial socialization of their children: Advise rather than order how the child's money should be used. Allow children to learn by mistakes and by successes. Be consistent while taking children's differences into account. Include all family members in money management discussions, decision making, and activities suitable for their age. Explan to children what they can and cannot do and the consequences of going above the limits. As children get older increasingly include them in discussions of limits and consequences. Expect all family members to perform unpaid, routine household work based on their abilities. Express your desire to have things you can't afford. Children need to know that parents say "no" to themselves, too. Which of the following are parents advised to do?
To allow children to make mistakes if they're likely to succeed. To make children do housework for the family and pay them. To help children learn to say "no" to their own unrealistic desires. To encourage children to set limits for themselves.