In this episode of Focus On…, Adrienne Penta, National Head of Wealth Management, and Will Skeean, President of SCS Financial, explore how families can cultivate financial responsibility in children. They address common questions from parents — like when to start talking about money, how to encourage smart spending, and ways to prepare kids for financial independence.
One of the most valuable gifts parents can offer is a strong, healthy relationship with money — one built on confidence, accountability, and purpose. This episode shares actionable strategies to help children develop sound financial habits and understand not just how to make good choices, but why those choices matter.
Watch the episode featuring Adrienne and Will’s full conversation here.
Starting the Money Conversation Early
One of the most frequent questions Adrienne and Will hear is, “When should I start talking to my kids about money?” Will’s response is straightforward: start now. “Sooner is better than later,” he urged parents. Introducing financial concepts early helps lay the groundwork for lasting habits.
Adrienne emphasized that financial education isn’t just about numbers. “There are really three elements to good financial decision-making: autonomy, responsibility, and understanding delayed gratification,” said Adrienne. “And while talking about these things is important, having life experiences is even more important.” She encouraged parents to offer age-appropriate opportunities for kids to make their own choices—and mistakes. As she put it, “A five-dollar mistake can teach more than a lecture.”
Breaking the Silence Around Money
Many parents hesitate to talk about money because they’re unsure how much to share or how to begin. Adrienne and Will recommend starting small and making money a natural part of everyday life.
For younger children, this might mean discussing simple spending decisions at the grocery store. By middle school, conversations can expand to topics like taxes or entrepreneurship. Adrienne shared a story about her own child launching a slime-making business, quickly learning about costs, profits, and efficiency.
As kids grow older, tools like Greenlight and other budgeting apps can help make abstract concepts more tangible. By high school and college, the focus shifts to budgeting, credit, and investing.
“Don’t let the fear of tough questions stop you from starting these conversations,” Adrienne advised. “Almost every parent I’ve ever worked with fears the question, ‘How much money do we have?’ or ‘How much money do I get?’ These are tough questions, and most parents aren’t ready to answer them, even with older children.”
She suggested preparing responses in advance to handle tricky questions: “Even something like, ‘I’m actually not ready to share that with you,’ or ‘I don’t know the answer yet,’ or ‘Why do you want to know?’ Sometimes that opens up a whole different conversation.”
Teaching Purpose Alongside Practicality
While understanding financial mechanics is important, Adrienne and Will emphasize the value of connecting money to family values and purpose.
Will sees philanthropy as a powerful way to teach this. “Philanthropy can be a really interesting tool. It gives them visibility into the investment process, lets them understand how money can compound and achieve a mission, [and] takes it out of the self. It’s suddenly about the community, and it gives families a great forum to then talk about values.”
Philanthropy also creates space for meaningful family discussions—about what matters most, which causes align with their values, and how they can contribute to the world. By actively participating in giving, children begin to understand the broader impact money can have.
Giving Kids Money: When and How
Another common question Adrienne and Will hear is: “When should I start giving money to my kids?” Will’s advice is to wait until they’re ready. “It’s a process,” said Will. “Start small, give them some independence, and let them make mistakes. As they prove themselves over time, you can trust them with more responsibility.”
As children grow into adulthood, transparency becomes increasingly important. For example, if parents plan to contribute to their grandchildren’s education, sharing that information can help adult children make informed decisions and align their financial planning with family priorities.
Adrienne also stressed the importance of fostering independence. “Developing autonomy and a sense of self is hard to achieve with an unlimited supply of money,” she said. “So, in those formative years, we often advise parents to let your kids be independent, and let them figure out who they are in the absence of your money.”
By encouraging independence and setting thoughtful boundaries, parents help children build resilience, responsibility, and a deeper understanding of their own values.
Avoiding Common Pitfalls
Even with the best intentions, parents can stumble when helping their children become financially independent. Adrienne and Will agree that the post-college years are especially challenging.
“The post-college years are tricky,” Adrienne explained. “Parents want to bubble wrap their kids so nothing bad can happen. Providing a safety net is fine, but that’s different than a free ride. A free ride removes all responsibility, and it means there are no consequences for what your kids might do in the world.”
She recommends offering structured support—an allowance based on a budget, instead of access to unlimited cashflow—while making it clear that effort and accountability are expected.
Another common mistake is assuming children aren’t aware of family wealth. “Kids are smart. They listen to everything. They see everything,” said Will. “And, by the way, they’re pretty good on the internet too. They often find out more than you think, even if you’re not talking to them. That’s why it’s really important to have the conversation—to give them your perspective so they truly understand what’s happening, rather than hearing it from another source.”
Even if older children have developed habits that are hard to change, Will says it’s never too late to reset. “We all make mistakes,” said Will. “So, sit down with your children and say, ‘Here’s a decision we made, and I don’t think it’s working the way we want it to. Let’s use this as a reset button to put us on a better path.’”
Adrienne adds that parents shouldn’t hesitate to bring in professionals. “Use your advisors. You’ve raised one or two kids; your advisors have seen this with lots of families. They can help you have these conversations—even the reset ones.”
Financial Education Is a Journey
Raising financially responsible kids isn’t about a single conversation, it’s a lifelong journey built on trust, consistency, and shared values. It means giving children the freedom to make choices, the confidence to learn from mistakes, and the perspective to see money as a tool for living with purpose.
Families who talk openly about financial decisions, model their values, and connect money to meaning help their children grow into thoughtful stewards of their own futures. As Adrienne concluded, “Teaching kids about money isn’t a one-time conversation. It’s a lifetime journey rooted in values, communication, and trust.”
Want to hear more from Adrienne and Will?
Watch the full episode here to dive deeper into their advice and stories.
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