Adult debt – result of childhood influences

Our adult debt a result of childhood influences

Research suggests that our money habits are formed by age 7. Parents and families are the number one influence on children’s financial behaviours. What we see and hear about money when we are young stays with us for life. The best solution, according to Rachel Smith Author of Underspent, is to explain to your kids the importance of making good choices. Don’t say, “Do you think I’m made of money?’ but instead talk to your children and say “As a family we need to make choices about how much money we save and how we save”. Rachel’s parents were both entrepreneurs who taught her the value of money, savings and hard work at a very young age.

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