Money may not be everything nor the most important thing, and it may not be able to buy you true happiness, but teaching children money management skills can also improve their chances at romantic relationships in the future, which can bring some kind of truer happiness.
Researchers at BYU found that children who learn money management behavior at a young age from their parents also incidentally develop more meaningful relationships into adulthood, as published in Journal of Family Issues.
The researchers survey 1,950 young adults between the ages of 18 and 30 years old in romantic relationships. Those who indicated they learned financial literacy from their parents as children, not only developed between financial behaviors and less financial distress, but also more fulfilling romantic relationships in to their early adult years.
“The kind of people that are careful with their money and put effort into it are also the kind of people who are careful and put effort into their relationships,” said lead author, Ashley LeBaron-Black. “Doing daily acts of nurturing to keep a relationship healthy is similar to doing regular things like budgeting to keep financial health strong.”
LeBaron-Black recommended a three pronged approach to teaching children financial literacy.
First, parents should set healthy financial behavior and attitudes as example for the children to model.
Second, families should talk about money, in a healthy and responsible way. Too often, money is treated as a taboo and such avoidance lead to poor financial outcomes for children as they become adults.
Third, and finally, parents should provide opportunities for children to develop experiences regarding financial decision making so they grow up with confidence in managing their own finances.
Once again, money shouldn’t be the end all and be all of our desires, neither should we be teaching children to be greedy, but we should be teaching them good financial attitudes and skills necessary for their future, and not be avoidant with the topic of money. Being able to efficiently and healthily manage money, provide benefits in other parts of their lives.
A LeBaron-Black et al. From piggy banks to significant others: associations between financial socialization and romantic relationship flourishing in emerging adulthood. Journal of Family Issues 2021. Published online 12/28/2021. https://doi.org/10.1177/0192513X211057536
