Dr. Ashley LeBaron Black, this week’s guest, is a professor at Brigham Young University.

Her research focuses on how teaching children about money impacts their financial, relational, and mental health outcomes in emerging adulthood. One of her most powerful findings is: Kids learn more about money from their parents than from schools, media, peers, and work experience combined.

According to Ashley’s recent study, hands-on experiences with parents are the most effective method of teaching children about money, while lecturing them is the least effective. 

Ashley's research found financial education can lead to better mental health and relationships. We talk about how families benefit immensely in a variety of ways when parents intentionally teach their kids about money using experiential lessons, perhaps with allowance, so kids can practice managing their own money.

There's no one-size-fits-all approach to teaching kids about money, being open and honest about finances is key, and allowing for first-hand experience is as well.

Key points:

- Hands-on experiences with parents are the most effective method of teaching children about money while lecturing them is the least effective.

- Financial education can lead to better mental health and relationships.

- Children whose parents provided a good financial example tend to manage their own money better later in life, but at the same time, hope is not lost if they do not.

- Parents can involve their kids in family financial decisions, and even keep kids informed about financial challenges and how they plan to deal with them.

- Parents shouldn't let their own lack of financial knowledge stand in the way of teaching about money.. They don’t need to be perfect in managing their finances to teach their kids important financial lessons, they just need some strategy and effort.

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Mentioned in This Episode:
Ashley LeBaron-Black: lebaron-black.com

Cents of Responsibility Blog: Following the Science to Teach Our Kids About Money - https://www.centsofresponsibility.com/blog/followingthescience?utm_source=podcast&utm_medium=cor&utm_campaign=ep12

Cents of Responsibility - How to Teach Your Kids About Money Starter Course - https://www.centsofresponsibility.com/start?utm_source=podcast&utm_medium=cor&utm_campaign=ep12

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In this episode:

- Alec Lindenauer, COR's Chief Allowance Officer and Financial Advisor
- Ashley LeBaron-Black, Family Studies Professor at Brigham Young University

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Want more resources to teach your child about money? Check ‘em out here:

💰Parent Resources:

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💰How To Teach Your Kids About Money Podcast:

https://www.centsofresponsibility.com/podcast?utm_source=podcast&utm_medium=cor&utm_campaign=ep12

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