Money and Kids – How to Encourage a Prosperity Consciousness

Among the growing calls for increased financial literacy programs for kids, it?s important to consider the essential elements to developing a prosperity consciousness as well as the mechanics of how to calculate interest or what constitutes good credit or bad.

When thinking of money and kids, it is certainly important for teenagers to be prepared for the complex and occasionally predatory world of easy credit and the pressures of mass marketing, yet financial literacy can and should start with younger children and parents have a crucial role to play.

Brain research has revealed that children between the ages of 2-9 are predominantly in the slow moving Theta, or Alpha brain states. These are the same states as adults enter during hypnosis, day dreaming or meditation. Whilst between these ages, children are being imprinted with the values and beliefs that they may well hold on to for the rest of their lives.

This is even more apparent when observing a child watching TV. They can completely ?zone out? and be oblivious to anything around them. In such a suggestible state what are they absorbing? Is it any wonder when they nag you incessantly for the latest toy, sweet or video game which they have see in the commercials?

As a child did you grow up hearing statements like, ?Money doesn?t grow on trees? or ?Money is the root of all evil?? If so, statements such as these are likely to be hardwired into your core beliefs and it is these beliefs which affect your attitude, your actions and ultimately your results.

Therefore, in addition to introducing your children to ideas of saving money, budgeting or where money comes from, spare a thought to consider the longer term implications of your words and actions.

Surveys have found for example, that a majority of people keep their bills in the kitchen, which is the most frequently used room in the house. Kids will pick up on the negative association with bills as they see you sorting through piles of unwanted paper.

They will also detect any stress or negative feelings about money from conversations bemoaning the price of groceries or the depressed housing market. Clearly you need not go around putting on an act or a show for your children, but in the same way as many parents want to protect their children from bad language or profanities; surely they need the same protection from influences which could damage their financial futures?

Try and maintain a positive attitude and approach to influencing your children about money. You could for example encourage the spend, share and save approach, where any allowance, gifts or earnings are divided into three areas, one to spend, one to save and one to share. This approach gives a child responsibility for saving their own money and teaches the consequences of spending versus saving or sharing.

As they grow older the saving could be based in an interest bearing account, with some sort of treat or reward being associated with a trip to the bank to make a deposit. Imagine how your attitude to money would be different if as a child you were rewarded every time to saved some money.

Daniel Britton is an author, speaker and financial education expert. His Financial Fairy Tales series of books make learning about money serious fun by presenting ideas and principles around money and business through enchanting fairy stories which educate as well as entertain.

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