Would you tell a child that NRP does not pay for them?

Mojisola

supersaver2 wrote: »

Of course but people have stated on this thread that their children know what they earn, I wouldn't want my child discussing my salary in the playground with other children!

But other families operate in their own ways. If those parents are happy for their children to know what they earn, that's their way.

I don't think anyone has said that all children should be given details of their parents' incomes.

Pollycat

supersaver2 wrote: »

Of course but people have stated on this thread that their children know what they earn, I wouldn't want my child discussing my salary in the playground with other children!

And we have no idea if the OP's friend's children are aware of what their Mum earns and what their Dad used to earn.
That is not relevant to this thread.

DUTR

Pollycat wrote: »

And we have no idea if the OP's friend's children are aware of what their Mum earns and what their Dad used to earn.
That is not relevant to this thread.

Correct because the next spin off thread from this is " My child asked how come friend 1 gets more clothing allowance than me" " Or more importantly " How come friend 1's Mum gets more child support than you?"

marisco_2

Person_one wrote: »

But...how do you then expect them to be able to manage money and be completely independent financially a mere 6 years later?

My parents managed to raise me to do the above by 18 without divulging any detailed information about their financial position. As I grew up they passed on to me how to pay bills in the most cost efficient way possible, manage a budget, be a savvy consumer and to save up for big purchases. When I became older my dad explained to me all about credit cards, loans, mortgages etc. The benefits and implications of taking these on, how to use them to your advantage, and not end up in huge debt risking a bad credit history.

FBaby

Of course but people have stated on this thread that their children know what they earn, I wouldn't want my child discussing my salary in the playground with other children!

I don't think my kids know how much I earn. They know it is not something to ask and definitely know that family finances is not something to share with anyone. That's part of learning about finance management.

What they know is that I and my husband have an income, claim no benefits, that we pay more towards our mortgage than necessary because we want to repay it early. They know that I never use my credit card and that I will only booked our holiday once I have saved enough for it in addition to keeping up the emergency fund. They know that my car is on lease and that I got a good deal going with a particular company rather than the manufacturer. They understand the concept of interest (joke about it when they lend each other money). They know that their father doesn't pay any maintenance and that he has debts to pay. They also know that he really wants to get a job and save enough to afford to rend a bigger property for his family. I can't imagine them not knowing some of these things.

FBaby

My parents managed to raise me to do the above by 18 without divulging any detailed information about their financial position.

Do you think you would have been psychological damaged if they had introduced all these concept at an earlier age?

Errata

I think 12 year olds need to fully understand that money doesn't grow on trees alongside understanding the stork doesn't bring babies.
How that information is given to them by parents will vary from family to family, but the important thing is that the information is given and understood.

DUTR

Errata wrote: »

I think 12 year olds need to fully understand that money doesn't grow on trees alongside understanding the stork doesn't bring babies.
How that information is given to them by parents will vary from family to family, but the important thing is that the information is given and understood.

I don't think it's just the 12 year olds though

marisco_2

FBaby wrote: »

Do you think you would have been psychological damaged if they had introduced all these concept at an earlier age?

No. They didn't sit me down just before my 18th thinking I could then cope with such knowledge. It was introduced to me gradually from quite a young age. I was an inquisitive child who asked loads, probably too many questions and as things came up they were handled in an age appropriate manner. The best way to enable a child is to subtly instil things over a long time period. Worked for me anyway and is what I am doing with my own children now.

lostinrates

supersaver2 wrote: »

Of course but people have stated on this thread that their children know what they earn, I wouldn't want my child discussing my salary in the playground with other children!

As for going on the internet and researching other people's incomes as suggested in a previous post, as a teacher of secondary school age pupils I doubt many children (or any actually!) at 12 years old would even contemplate this, most are to interested in One Direction which is the way it should be for children of this age in my opinion.

My nieces have both , all their lives, been given shares by their god fathers for birthdays and Christmas. They have been making buying and selling decisions since they were wee:D

I have no idea why music they are into these days, but I know they have balanced a love for the arts with a healthy resourcefulness through their teens. They were lucky enough to go to to excellent schools where resourcefulness has been strongly encouraged.


Incidentally, despite an excellent grasp of so e aspects of finances their parents have been misleading to them about ther financial status, thus when the older one got a place at an Excellent overseas but expensive university only then did they find their was no money available to pay for it. . Thankfully, she has got a good place here.