Lifestyle and Wellness continued...
you, give them a small amount of money, such as $10, and tell them to buy as much as they can with that amount. Will they choose one $10 item or ten $1 items? This method will teach them a good lesson in resource management. For older teens who have a sense of financial responsibility, try giving them a moderate weekly allowance to use for entertainment and shopping, or, if you are comfortable, add them as an authorized user to your credit card and teach them how to use credit responsibly. As the old saying goes, money can’t buy happiness, and it certainly doesn’t grow on trees. More often than not, wealth is taken for granted. This can be disadvantageous for children who are educationally and emotionally vulnerable and underprepared to manage their financial future. Parents can take an active role in ensuring the wealth they’ve created stays in the family by recognizing the risks related to affluence and helping children develop financial literacy and emotional intelligence.
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Works Cited 1 http://www.family-institute.org/sites/default/files/pdfs/csi_rampage_prosperity.pdf 2 https://www.ncbi.nlm.nih.gov/pmc/articles/PMC1950124/#:~:text=Specifically%2C%20affluent%20youth%20reported%20significantly,marijuana%2C%20and%20 other%20illicit%20drugs.
24 PERSPECTIVE Fall 2021
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