Financial literacy

The kids had a chance to pay for part of their own lunch today, something they had never done before. After Sunday church service, we went to New Seasons Market for lunch. My daughter insisted on paying for a croissant, and I thought: Yes, this would be a good "new thing" for today. So my daughter paid $1.50 for a croissant and my son paid $0.99 for a cookie (while I paid for the rest of their lunch).

It is probably true, as one financial expert declared (perhaps it was Suze Orman), that parents teach kids everything but financial management. The result is a form of financial illiteracy whereby children lack knowledge about financial basics. They do not realize money does not grow on trees and work is required to obtain money. But it is important for children to learn about the value of work, about the need to curb the desire for things, and that one gets these things by working for them. Of course, it would be a mistake to teach kids that everything should be viewed through the lens of money. There is, after all, the notion of unconditional love, and the fact that some things should be done just because it is the right thing to do. Hopefully, today's lunch helped my kids learn a little bit about these financial basics.