Dollar Bills

Money-Smart Daughters

Dollar BillsA tip for parents today, and one that’s ear to my heart and one that I failed pretty miserably at with my own girls: bringing them up to understand money. Thanks to reuters.com for this good story that all us parents of girls need to pay attention to.

Here’s the deal- it’s anecdotal but oh, so true. The girl opts for a spa birthday party, at some expense, while the boy wants everybody to just bring a donation so he can buy a Lego Death Star puzzle for $400 that he really wants. What’s going on here?

It should come as no surprise that our boys are subject to a bit less social pressure to be trendy and own/wear the latest thing than our girls. Boys seem to value appearance less than our girls. What is surprising is that girls, according to a 2010 Harvard study, are significantly less able to answer financially based questions than boys, despite their overall classroom success. They apparently just aren’t being taught, and the teaching is apparently up to us parents.

Check out the Reuters article referenced above for good ideas on teaching our girls about money and resources you can use. Encourage any entrepreneurial tendencies that you see. Show them about wise spending and budgets at the supermarket and the mall. Teach them the difference between need and want. You can even teach a money lesson when it comes around to birthday parties, as you’ll read in the article! Our girls will be all the better for learning about money early on instead of when it’s too late and they’ve overspent.

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