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Weekly Family Finance Picks (#24)

We’re constantly scouring the Internet looking for articles related to family finances and teaching kids good personal finance habits. You can visit the FamZoo delicious page to see our ever growing list of family finance bookmarks. Each week, we pick our favorite articles from the previous week and post them here.

This week, we’ve got some stats, a solid chore scheme, a cool new web tool, and, yep, another bonus video:

Financial Literacy Top of Mind for Parents Post-Recession

When Should Parents Start Teaching Kids About Money Matters?Where do American parents stand on issues related to teaching their kids about money? Looks like most agree that starting young makes a lot of sense.

The COUNTRY survey on financial literacy — a telephone survey of 1,188 adults — asked the following 6 questions:

  • How would you rate communication with your children on the subject of financial matters?
  • At what age do you think a parent should start teaching their child about money matters?
  • How confident are you that you have the knowledge to educate your children about personal finance?
  • Is the school where your children are enrolled doing enough to educate them about basic money management?
  • Have current economic conditions caused you to focus more on educating your children about personal finance?
  • How honest are you about the state of your family finances with your child?

One of the biggest gaps between mom and dad responses was on that last question: 62.5% of men indicated they’re “very honest” about the state of family finances with their children vs. a lower 53.6% of women. Hmmm, interesting... Do you think the guys were being honest about their honesty? ;-)

See the rest of the survey data here.

Do My Kids Have Chores? pffft

I like this mom’s well-organized chore rotation schedule for her teens. See it here. I enjoyed her wry sense of humor too — probably a survival characteristic of all parents with teens. Works for me.

Pricing Used Goods for Sale

It’s not unusual for my kids to want to raise a little cash by selling a no-longer-cherished item on eBay. Often, we have no idea what to put for the starting bid. Jennifer’s article covers a neat new solution to that problem. Check it out here.

And, finally, the bonus video is becoming a habit. Here’s one for this week from CBS MoneyWatch that reinforces one of my favorite concepts — the budget-based allowance:

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