Introduction

We learn our values about money, and how to manage money, from our family through the socialization process. Some families actively work to teach their children about money. They will explain the concept of money, give children an allowance and require them to save 10-15%, have the child open and maintain a savings account, and talk about credit cards, loans, etc. They will even involve the children in the financial decision making of the family. Other families take a more passive role when it comes to teaching children about money. They may even ask children to leave the room when the family is going to talk about financial issues. In many cases parents may not know how to manage their own money and so don’t know how to educate their children on this. There are also many cases in which the family is financially successful but doesn’t transfer their knowledge on money to their children because they lack the parenting skills to do so.

What did your family teach you about money? 

How does this differ from what you have learned in this class?

What was your take away from the assignment to track your income and expenses?

Rubric

You will earn 2.5 points for responding to all the questions above and 2.5 points for responding to another student’s responses to the questions.