Unfortunately, it's all too easy to raise financially irresponsible children. Many teenagers learn nothing about personal finance in school, and they learn all the wrong lessons from their free-spending friends.
Free-spending friends? What about free-spending parents? With personal indebtedness at an all time high, I don’t understand why we need an article about teaching children to be financially responsible. We need to teach adults to be financially responsible!
Furthermore, because children have a very short-term perspective on life, they are psychologically incapable of making what adults would consider to be responsible financial decisions. If given the choice between a new car or a college education, a lot of young people would unwisely choose the new car.
It seems to me that raising children is a catch-22 when it comes to finances. I’m not convinced that denying your children things that all of their friends have will teach them anything at all about responsibility. Just the opposite, they may very well develop an irresponsible fixation on short term acquisition of material goods, the lack of them causing the desire to be all the greater.