Money is omnipresent in our society. It is not just a payment method, it is also a sign of recognition, security, power and quality of life. However, or perhaps precisely for this reason, we do not like to talk about it openly. How much do you earn? How much did your new car cost? Why don’t we go to Australia on holiday? It can be embarrassing when questions like these are raised, even within your own family.

For children it is important to get to grips with the answers to these questions. This will help them to learn how much things cost, understand how work and income go together and realize that we sometimes have to put consumer desires to one side or postpone them. Specialists recommend that we should never make money a taboo subject when raising our children, but rather actively discuss it.

Tips for parents

Daily family life offers various opportunities to broach the subject of money:

• Disclose the family budget incl. the parents’ income. Show amounts in relation to each other (e.g. salary and monthly expenditure) so that children get a better idea of their value.
• Talk about the costs of large purchases (e.g. car, holiday) with your family and let your children have a say.
• You should also talk about costs when food shopping or clothes shopping. Explain how much different items cost and make comparisons.
• Address personal expenditure and, together with your children, determine how much of it should be covered by their pocket money.