Breaking the silence: Why talking about money with kids is still a taboo in India

Money, an essential aspect of our lives, influences nearly every decision we make. Yet, in many Indian households, discussing finances, especially with children, remains a deeply ingrained taboo. This silence surrounding money matters can have profound effects on a child's financial literacy and their ability to make informed decisions as they grow.

What can be the reasons behind this taboo and why it's crucial to break it.

• Cultural Stigma:

One of the primary reasons discussing money with kids is considered taboo in India is rooted in cultural stigma.

Traditionally, conversations about finances have been considered private and personal matters. The fear of being judged based on one's financial situation or the desire to maintain a facade of prosperity often leads parents to avoid discussing money matters openly.

• Lack of Financial Education:

In many Indian schools, financial literacy is not part of the curriculum. This absence of formal education on money management leaves children without the necessary knowledge to navigate the complex world of personal finance.

Parents, feeling ill-equipped to educate their children, may choose to avoid the topic altogether.

• Fear of Anxiety and Stress:

Parents may avoid discussing money with their children to shield them from potential anxiety or stress associated with financial matters. The idea is to preserve the child's innocence and protect them from the harsh realities of economic challenges.

However, this approach can backfire, as children are likely to face financial decisions in the future without the necessary skills to handle them.

• Generational Patterns:

The reluctance to discuss money may also be a result of generational patterns. If parents themselves were not exposed to open discussions about finances in their childhood, they may perpetuate the silence without realizing the adverse effects it can have on their children's financial literacy.

• Changing Economic Landscape:

In the fast-evolving economic landscape, the traditional mindset regarding money is becoming increasingly outdated. With rising costs of living, varied investment options, and a dynamic job market, children need to be well-versed in financial matters to make informed decisions in their adult lives.

How to break the taboo:

• Start Early:

Encourage open discussions about money from an early age. Introduce basic financial concepts in a language that is easy for children to understand.

Use everyday situations to teach them about budgeting, saving, and the value of money.

• Lead by Example:

Children learn by observing. Set a positive example by openly discussing your financial goals, budgeting strategies, and the importance of saving.

This will normalize conversations about money and empower your children to develop healthy financial habits.

• Use Technology and Games:

Incorporate technology and educational games to make learning about money fun and engaging.

Numerous apps and games are designed to teach children financial literacy skills while keeping them entertained.

• Foster a Judgment-Free Environment:

Create a judgment-free space where children feel comfortable asking questions about money. Be patient, and encourage curiosity. This will help dispel the stigma associated with financial discussions.

Breaking the silence surrounding money in Indian households is crucial for the holistic development of children

By fostering an open and educational environment, we can equip the younger generation with the financial knowledge they need to navigate an increasingly complex economic

landscape.

It's time to challenge the taboo and empower our children to make informed and responsible financial decisions in the future.

Let's have money talk with kids.