In order to teach a child to spend money wisely, many parents choose to confide in their children about the pressures of life and how hard they work to earn money. They even go as far as saying “our family is very poor” or “we don’t have any money” to their children. Parents may think that this behavior has no effect on their children, but in the long run, it can have negative consequences and even “destroy” their children.
From a young age, parents constantly teach their children to think in such a way that the idea of “poverty” becomes deeply ingrained in their subconscious. Children look at the things they love and desire to have but cannot afford, which gradually leads to sadness and unease.
Over time, children may come to believe that all things good and valuable are not deserving for them, and that they are only distant dreams. Children become insecure, feeling that they are not capable or deserving enough. This insecurity takes root and becomes more serious as they grow up. In many cases, children may suffer from psychological distress and depression.
In addition, excessive sharing about money matters and negative sharing can cause children to worry and have more mature thoughts than their age. Children constantly think that their parents have no money and are afraid to ask for anything, leading to a more introverted lifestyle. Meanwhile, the family’s financial burden should never be a weight that young children should carry.
Thinking that they are poor can make children feel insecure and inferior compared to their peers. They become timid, afraid to make new friends, and hesitate to express themselves in new groups. Many children even feel inferior when comparing themselves to others. Once they are psychologically affected, it is difficult for them to escape from negative emotions.
Furthermore, parents often “complain about their poverty” to their children, and each day the sense of scarcity is exaggerated and magnified in the child’s mind. As a result, children use the “difficult circumstances” as an excuse to avoid doing things they don’t want to do.
For example, if their academic performance is poor, children will resign themselves with: “Poor families can’t afford extra classes”. Or if their talents are not performing well, children immediately make excuses: “My parents are poor and don’t have the artistic gene”…
This situation will only lead to children becoming irresponsible individuals who are afraid to face failures and fix their mistakes.
Because of these reasons, parents should never say phrases like “we don’t have money” or “our family is very poor” to their children. Instead, parents should teach their children how to spend money wisely, have plans to help them learn the value of saving and strive for success.
Believing they are from a “poor” family can cause children to develop a scarcity mindset, which may lead to them making excuses for themselves. For example, they might attribute poor academic performance to a lack of extra classes due to financial reasons, or they might blame their lack of talent on their parents’ “poverty” and assumed lack of certain genes. This can foster a fear of failure and a tendency to avoid responsibility.
Instead of focusing on negative statements and complaints about financial struggles, parents should take a more constructive approach. They can teach children about wise money management by involving them in family financial planning and explaining the value of saving. Parents can also encourage children to set goals and work towards success, helping them understand that financial stability is achievable through hard work and prudent spending habits.