I know that kids can be demanding sometimes, my son makes unreasonable demands and he will point me to my bank card when he wants something. To him a bank card means there is money available and must be used for some of his needs. I am trying my best to explain the concept of money to him as he is still young and want him to understand that one works for money.
I asked a few parents if their kids know how much they earn and this is what they had to say.
'I did not formally reveal my salary to my children but sometimes I would be lazy top go to the bank and would give them my bankcard to withdraw some money and do whatever we needed to do. From that exercise I have noticed that I developed trust in them as I know that they have never taken a cent or used my card without my permission even though they know my pin code. In fact they all know my pin code so that it’s easy for me to send them on these errands.
Secondly this taught them a sense of responsibility as they can see the trust we have put upon them as our kids. They would bring back the small change without me even asking for it, which is great. It also made them not to demand a lot from me as they can see my bank balance even though kids will be kids and they will always ask for some small things. I feel that if you don’t involve your children with money matters they will think that you are a millionaire whereas sometimes ends do not meet. At the same time some kids can misuse this trust and as parents we need to be on a lookout for this.'
'My kids know how much I earn so that they can get to understand that no matter how much I earn there are difficult times financially where I can't do for them as I used to. My aim is to also instill in them that it’s easy to make a child in a moment of heated passion, but raising a child is another thing, so they must rather wait until they are matured enough and financially stable. They can see where the bulk of the money is going.'
'I do not see a reason for my child to be involved in my financial matters. As a parent I provide what I can and that is where it ends she does not need to know what I earn. This is my hard earned cash and not ours even though it takes care of my whole family.
Do your children know how much you earn?