According to Entreprenuer.com, roughly 20 percent of American parents never discuss money management with their children -- even though such conversations tend to instill lifelong lessons about work ethic, self-reliance and financial literacy.
If bestowing an allowance or assigning chores is a popular way to breach this subject, make sure it’s clear why your child is receiving money, and that any payment is aligned with action, according to the below infographic compiled by ChoreMonster, a suite of apps that aims to incentivize chores.
It’s also crucial to talk to your kids about budgeting and how to save both in the long and short term. For instance, it might be wise to point out that curbing smaller purchases -- such as ice cream or movie tickets -- can pay off in big ways down the road, such as in being able to buy a bike or even a new car.
For more tips on how to talk to your kids about money, and some suggestions for age-appropriate chores this summer, check out the infographic below.