What do I do when my children ask me about how much income we earn?

Most parents prefer not telling their children their annual income, yet children need to learn sound financial concepts at a young age. One mother explained to her kids that she makes "more money than some yet less than others." When your children start asking about your income and money, instead of focusing on specific figures, use the opportunity to stress the importance of saving first, having a financial plan and using credit wisely no matter what income a person makes.

For additional information, see www.wisepockets.com a website developed by the Center for Entrepreneurship and Economic Education at the University of Missouri-St. Louis.

Mary Anne B. Pettit, Center for Economic Education, Southern Illinois University-Edwardsville

Last update: Tuesday, July 05, 2005