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How to help kids have a healthy relationship with money
Why it matters
Children who learn good money habits have more fulfilling relationships and are more financially secure as adults, according to Brigham Young University.
Model good practices
Start with your own actions. Children often mimic the financial behaviors they see at home.
Explore your values
What does money mean to you? Talk with your child about your approach to spending, saving and giving. Seek their opinions.
Use real-life examples
Say you’re saving for a family vacation. Discuss why it’s important to spend time together and how savings decisions reflect those values. Plan the trip together.
Discuss ways to save
Maybe your family saves by skipping weekly movie nights. Use this to show opportunity cost: What you give up when you prioritize spending on something else.
Talk about peer pressure
Your child may feel pressure to spend like their friends do. Help them make their own choices by:
- Reinforcing your values
- Explaining people have different priorities
- Fostering financial literacy
Build skills by playing and reading
Keep talking
Weave money discussions into daily life. Think out loud so your child understands why you’re delaying a purchase or picking one product over another.
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This material is for informational use only and is not intended for financial or investment advice. Bank of America Corporation and/or its affiliates assume no liability for one’s reliance on the material provided. This material is not updated regularly and may not be current. Consult a financial professional when making financial decisions. ©2025 Bank of America Corporation.