Parents Teach Children Weekly Budgeting: Benefits and Potential Emotional Costs Explored

A growing trend sees parents teaching children weekly budgeting as a life skill, aiming to foster independence, saving habits, and an understanding of expenses. This approach involves giving children allowances, outlining 'expenses,' and encouraging saving or investment. Experts suggest early budgeting can build self-control and emotional well-being by demystifying money. However, psychologists caution that associating money discussions with fear, shame, or parental stress can lead to negative emotional impacts on children, emphasizing that kids absorb the emotions tied to money.