'Children need to learn from a very early age that money is not a scary concept,' said Debra Kaplan, a licensed therapist, author and speaker.
Start early
How parents should communicate about money will vary greatly depending on the age of the child, she said. With young children, parents can include their kids in activities where they budget and spend, such as going grocery shopping. Say, for example, you are grocery shopping, and your 5-year-old child asks for two different types of cookies.
Mac Gardner, a Tampa, Florida-based certified financial planner, wrote a book called"The Four Money Bears" to do just that. He noticed with his own children and during outreach he did with school-aged kids that most knew money was for spending, but very few said it should be saved. Almost no kids knew that they could invest money or donate it to help others in need.
He's also developing a game, called Berryville, that will help kids put these financial ideas into practice in a fun way. If money makes you anxious, it's important to address that so you aren't teaching your children to also be afraid of finances.
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