Money Savvy
by Darla Kashian
On my daughter’s second birthday, our friend Christina captured Noa on film flushing a dollar down the toilet. To her, it was paper, no different than a tissue. To me, as a parent and a financial consultant, it was a sign of things to come.
It is funny, I’ll grant you that, but as I’ve built a consulting practice based on values and transmitting social justice and economic responsibility to one’s children, I have to say that I do feel like I may have failed out of the gate. But let’s cut a little slack—I have at least a year or two before her habits are etched in stone.
There’s a lot of competition for those dollars that my daughter controls. As parents, we might not recognize the level of control our children have, but my objective in writing for Rainbow Rumpus is to help equip both young people and parents with the tools necessary to be objective consumers as young people and prudent stewards as parents.
Since joining RBC Wealth Management, I’ve presented my “Raising Money-Savvy Kids” workshop to hundreds of parents and children. Using this soapbox, I’ve learned a lot about who controls the messages targeting young people, and my objective has been to work to counter the influence marketing has on kids and parents.
Consider this: according to Susan Linn, author of Consuming Kids: The Hostile Takeover of Childhood, advertising directed at children is estimated at over $15 billion annually—about 2.5 times more than what it was in 1992. And efforts are growing, both in the amount of money and in the methods advertisers use to reach children. Schools used to be commercial free; now soda companies and athletic apparel manufacturers have secured a place in the classroom and the playing fields. At one point, more than two-thirds of schools nationwide had exclusive “pouring rights” contracts with soda companies.
In my own home, I’m challenged by these efforts. Whether it’s diapers carrying pictures of Elmo, overindulgent relatives during the holidays, or my own temptation to shower my only child with the things, toys, and experiences I did not have as a child, I share the struggle to keep my values about money and charity in the forefront of our discussions about wants, needs, and the value of a dollar.
In future issues of Rainbow Rumpus, I plan to address subjects of interest to both young people and parents. Each column, targeted to young adults, will be accompanied by exercises for families and parents. I plan to start by exploring the following topics.
- Allowance: How to Save, Share, and Spend
- The Media Message and Marketing to Young People
- Giving: Why Time and Money Make a Difference
- Cash, Kids, and Credit
- Levi’s, Lucky, and Coogi: What the Brand Means to You
I am pleased to have this venue courtesy of Rainbow Rumpus, and I am especially pleased to have an opportunity to address young people. I welcome advice, stories, and suggestions from everyone who has faced these challenges, and especially ideas from young readers who can add to the dialogue, clear up my ideas when necessary, and introduce me to new strategies and ideas. Please provide feedback at darla.kashian@rbc.com.
