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  • Category: Miscellaneous

    Should parents discuss their financial liabilities with their children?

    Do you think it essential for parents to explain to their children if they have a financial problem so that demands are not made? Or should they hide such an issue?

    Today's children who are as young as ten also understand the value of money. However, some children ask their parents to buy them costly items which they are unable to afford. But some parents borrow money and get the things their offspring want. For example, smartphones and laptops are the most wanted items even the lower-middle-class children want to possess. Children of the middle and higher classes have much higher demands. How do parents say no to their requests without hurting them? Should they discuss with them when they face a shortage of money? What is your opinion?
  • #753061
    It is the duty of the parents to create financial awareness in the children and make them understand the value of the money. This is very important and vital function that parents have to exercise and tell their children their limits for financial transactions. When I was in my school some students got some pocket money from their parents and we felt humiliated when we saw them enjoying various items in the school canteen or outside shop. When we asked our parents about that then they told us that was not possible for them to give us the same but they told us some ways to earn little money like by making big envelopes on sundays for which there was a big demand those days. So we bought some old newspaper and on sundays sat for a few hours and made some envelopes and sold them to the shopkeepers and got some money and the profit was retained by us and used as a pocket money but as that was our hard earned money we though twice before spending.
    Knowledge is power.

  • #753085
    It is to be decided based on the necessity and usefulness of the item, the children are asking. As a kid when they want some paying items etc can be purchased and give them, if it is not beyond our reach. But as they grow we should try to make them to understand the importance managing our resources. Today we have money or we may borrow and purchase. But Tomorrow he has to earn and then only he has to purchase. You can't support him through their lives. So we have to explain them importance of resources and utilising them properly. So parents should take time and make their children to understand the ground realities and tell them about the problems one may face in case we go for loans and spend. That will ensure their lives to be smooth. Otherwise they will get accustomed to unnecessary expenditure and finally become a failure in their lives. Even though they may feel bad initially, later on they will understand the usefulness of various resources .
    always confident

  • #753095
    I would pinpoint the mother, the way she nurtures the child from the beginning would have the wholesome effect on the child behavior. For example my two children were brought up in such a way that they are not sent to any relatives house even for one day, they would not ask for any thing to be purchased when taken out, all their wants and requirements are well taken care off by us and they know the liabilities and limitations with which we are living and therefore would not demand anything that is not urgently required. While dining every day at the dinner, we would discuss the issue of the day and plan for tomorrow and thus what ever wants are expressed to us are tried to be fulfilled and there is no preferential asking from them and we always brought dress for both even though the birthday is for one and that we kept them happy.
    K Mohan
    'Idhuvum Kadandhu Pogum "
    Even this challenging situation would ease

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