Parenting is a rewarding journey, but it can be frightening when finance limitations come into the picture. Every parent wants to protect their child throughout their journey into adulthood. They do so by ensuring their kids are well provided for and that they never have to suffer lack.
Unfortunately, life doesn’t always turn out as planned, and challenges along the way interfere with smooth parenting. Financial challenges and other related issues can take a toll on parenting and influence the parenting style.
Finances or a lack of them thereof, is a significant determinant of successful parenting, among other factors. Having this in mind, you shouldn’t take the effects of financial issues on parenting lightly. Keep reading to understand how the two aspects are related.
You Pass On Your Financial Attitudes to Your Children
Your financial beliefs as a parent have a profound effect on the financial outcomes of your children. If you have an unhealthy relationship with money, don’t blame yourself; your parents probably passed it down. No matter how much parents try to hide their attitudes about finances from their children, it somehow brushes off on them.
Kids have strong perception abilities, some inborn, and others picked through socialization. They can tell when things are going wrong. Children who grow up in families where parents fret about debt grow up with a closely similar attitude.
On the other hand, where parents are more comfortable with debt, they grow up with an open mind towards borrowing. If you ever ask your kids about their attitude on money, remember they’re just reflecting your attitudes and beliefs.
Children Form Habits While Still Young
Research by T. Rowe showed that children raised by parents with significant debt were likely to blow up financial gifts. Those whose parents had a saving culture were likely to set some money aside.
As a parent, you don’t need to voice your feelings to pass them down. Children are good at picking cues and absorbing messages through observation. Some cues that children quickly pick include:
- Money avoidance, associated with discomfort where money is concerned
- Money worship that causes people to overvalue money
- Money vigilance which drives people to save money
- Money status where people measure their self-worth by their money possessions
Financial Attitude Can Last for Years
There’s another set of parents that give their children varied messages about finances. They pass bad financial habits by not showing the children the consequences of purchases. On the one hand, they pass a message of keeping up with the Joneses, especially when they have a surplus.
At other times, they’re uncomfortable to talk about money or dealing with their financial situation. This can create an impression of denial and magical thinking in the children.
Good parenting should be the goal of every parent, especially where finances are concerned. Resources like Pigly.Com can help you to be in better control of your money. Remember that the overall objective is to pass good money habits to your children.
Many good-intentioned parents don’t realize that they pass down their attitude towards money to their children. Financial challenges affect parenting, especially when parents try to hide the real issue from the kids. Shape your children’s attitude on having a healthy relationship with money, whether it’s in plenty or scarce.