Children grow up to be adults. The lessons they learn as children will be carried with them as they become students, employees, husbands or wives, parents, and grandparents. If they learn the lessons when they are younger, the mistakes in adulthood are less frequent and less disastrous. Some of those lessons learned in childhood relate to love, work, and values.
You teach your children the things that are important to you and the lessons you want them to learn to be successful, happy, and productive. Unfortunately, one that is often neglected is the lesson of money. Whether it is because parents don't feel confident talking about money or feel it is unimportant, many children grow up without money skills. This is not a lesson that you want to learn when you are an adult. The consequences are too significant. They include financial stress, which can cause illness. Other consequences are debt, no savings, living paycheck to paycheck, and a life that is more difficult than it needs to be. As parents there is a responsibility to teach your child to be money smart.