Children need to see parents spending cash to understand there is not an endless supply of money, said a Kansas State University Extension specialist.
Released July 19, 2007
MANHATTAN, Kan. - Children who see parents using a credit or debit card, rather than cash, may have difficulty understanding money management strategies such as the ability to pay.
Kids may think there is an endless supply of money, said Carol Young, Kansas State University Research and Extension financial management specialist.
"Occasionally, carry cash for incidentals," said Young.
She recommends placing money earmarked for incidentals in an envelope.
"If the money is spent more quickly than anticipated, don´t rush to replace it," Young added. "Coming up short can help children re-think spending."
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http://www.oznet.ksu.edu/news/sty/briefs.htm#One
Contact: Mary Lou Peter-Blecha, mlpeter@ksu.edu
