The beauty of knowledge is that it’s meant to be shared and passed on. When we actively engage in two-way communication about finances with our children, something magical happens—we learn from them, and they learn from us. This knowledge transfer is a dynamic process, where our children absorb the financial wisdom we impart, while also offering fresh perspectives and insights. 

After all, parents learn from children too! Do you remember the first time your child did something creative and taught YOU something new? Lifelong learning is a lot like a constant ebb and flow – sometimes, you’ll teach your kids something new, and sometimes, they’ll teach you something new. 

At the end of the day, one of the greatest gifts we can give our children is the freedom to openly communicate about money matters. When we embrace two-way communication, we invite them to share their dreams, aspirations, and financial goals with us.

Embracing innovation in our financial discussions with our children allows us to break free from old patterns and enrich their financial education. Let’s explore some of the many ways you can open up a free flowing exchange of ideas. 

Conversations about money

Conversations about money with kids may often involve parents doing most of the talking: sharing financial advice, exploring budgeting and teaching financial concepts. Don’t get us wrong, teaching is still an irreplaceable part of the learning process. But just because you’re an adult doesn’t mean the learning stops! 

There’s a whole new world to explore when we open two-way communication and truly listen to what others – including our children – have to say about money (kind of like how you may have had to teach your parents how to use a smartphone).

By opening up two-way communication and listening to our children, we strengthen the bond with them and create a collaborative environment where financial discussions become learning experiences for everyone involved.

Remember, as parents, we’re not only teachers, but also lifelong learners. Embracing two-way communication about money allows us to enrich our own understanding of finances and grow alongside our children. 

Embracing change

Change is constant throughout our lives – and many times, the younger generation sees it first. One of the most striking differences between generations is the role of technology in our lives. Our kids are growing up in a world of apps, digital payments, and online financial tools. Their comfort with technology offers valuable lessons for us as parents.

The digital age has introduced kids to a wealth of information and resources about money, often at their fingertips. They have access to educational content, financial blogs, investment advice and interactive financial games, enabling them to explore various aspects of money management.

Our children are bursting with creativity and entrepreneurial spirits. They come up with inventive ways to earn money, turn their hobbies into small businesses, and even manage their own mini-ventures. It’s so important to support the way they are finding themselves in the world of resources, whether that’s through helping them package goods or teaching them about the financial aspects of running a business. 

Take a cue from your kids, start embracing change, and explore online financial education resources together! There are so many websites and apps that offer fun and engaging ways to learn about budgeting, saving, investing, and more. By learning together, you not only enhance your financial knowledge, but also foster a bond through shared experiences. 

Involving yourself in their process in a positive way can help safeguard them against the illegitimate information out there – because let’s be honest, there’s a lot of it. By showing your support, they are more likely to appreciate you teaching them how to decipher what may be a scam or uneducated opinions rather than feeling like you are discouraging them. 

Building confidence

When we begin educating our children about money matters early on, we lay a solid foundation for their financial education and growth. But it’s not about building that foundation – it’s also about building their confidence. 

Let’s think about this for a second. Imagine you’re a teenager, and you go to your dad to talk about your new idea – a budget for the new Apple Watch you want. If you present the idea to your dad, and he acts uninterested or shoots it down, you lose a little bit of confidence. You might not feel comfortable coming up to him again, or trying your hand at budgeting. You feel dismissed and defeated. Had he been more receptive to your pitch, you might be more likely to continue making your own budgets or planning your finances.

It’s critical to foster that confidence early on. As your kids grow, this financial foundation serves as a launching pad for their financial journey. With each step they take, they gain confidence in their abilities to make informed financial decisions. They start to understand the power of budgeting, the value of saving, and the significance of investing. 

Cross-generational collaboration 

We all have different perspectives on life – and finances – depending on when we were born and how we were raised. That’s the beauty of it all: each of us comes with our own unique views. 

By fostering open and inclusive financial discussions with our kids, we create a space where viewpoints and perspectives from different generations come together to spark new ideas. Think of it like a meeting of the minds! We can learn from the younger generation, just like they can learn from us. There’s a certain power that can be found in opening your mind up to accepting new information at all levels.

Each generation has its own experiences, challenges, and ways of approaching money matters that are forever changing as time goes on and new stages of life are met. While we may have a foot through the door of retirement planning, our kids might have innovative ideas about what currency could look like in the future. Cross-generational collaboration is not just about sharing perspectives—it’s also about embracing innovation together. 

Imagine what we can all learn from each other!