A study led by Dr. Ashley LeBaron, a professor of family life at Brigham Young University (BYU), found that kids who received training for proper financial management behavior from their parents have developed meaningful relationships with their life partners. During the study, 2,000 people aged 18 to 30 were surveyed. Accordingly, respondents who are in a flourishing romantic relationship said they learned money principles from their parents early on.
Dr. LeBaron explained that people who are careful with their money and resources tend to be careful with their relationships as well. Putting effort and attention to maintaining strong financial health is similar with how they care about nurturing their relationships, she added.
Because of the relational consequences of teaching children financial literacy, LeBaron recommends a three-step model for parents. First, set an example for the children. Second, regularly have honest and open conversations with them about money. And third, provide them opportunities to apply what they’ve learned.