Sofia is a recent graduate from BYU and is preparing to start a Master’s program in Marriage, Family, and Human Development this next Fall. She enjoys participating in different research projects as it helps families in various aspects of their lives. In her free time, she enjoys spending time with family, reading, and cooking – especially empanadas and churros.
Sofia Suxo-Sanchez
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Do as I Say… AND as I Do: Teaching Children About Money in the Home
In a world with information readily available at our fingertips, we often forget about the power of teaching within the home. For example, although children could Google any financial question, what and how they learn about money from their parents (called financial socialization) is the top predictor of their future financial wellbeing.1 The financial literacy gained through these processes will inevitably benefit children later in life as it is applied in emerging adulthood.2,3 Why do children learn more about money from parents than from peers, media, work, or other sources? The home is where children spend most of their time, and the groundwork laid there can have long lasting effects on children’s attitudes and behaviors. There are three primary ways that parents teach children about money: modeling, discussion, and experiential learning.4
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