Do your children know your salary

[JanuaryJaguar]

Following on from the thread about whether your parents know your salary I am curious if people share this information with their children. Also if they are aware of what you earn now old are they.
I think in this country we are very coy about salary and linking a persons worth to what they earn. This can lead to children growing up without enough financial knowledge to live as adults.
For my part I gave my children pocket money from 4 years old and have gradually had conversations about salaries and our mortgage, bills etc. My 16 year old knows what we earn, how much tax we pay etc but my 13 year old is less interested so probably couldn’t tell you.
So my question is, how old are your children and how much do they know about your household income and expenditure?

@WilmerFlintstone you can pretend your finances are separate all you like but if you are legally married they are not. If he runs up debt you are liable. If you divorce he would be entitled to half your investments and pensions. If he had an accident and needed high level care your money would go on that.

Thank you for replying. I assume you're both wealthy. I can't see this approach working for a couple with an average income.

My salary range is publicly available so my grown-up children know roughly what I earn. They probably don't know what my DP earns but they know we make enough to have helped them out with deposits for flats and cars etc.
My parents wouldn't have had a clue what I earned. Growing up, I hadn't a clue what they earned. Now, I realise that they were in just about above minimum wage level, and wonder how on earth they made ends meet and gave us the opportunities that we were given. They certainly couldn't have afforded to give me a house deposit or buy me a car. Thank God for the days of student grants and no loans! I wouldn't have been able to afford to go now to university.

DS16 and DD12 don’t know our salaries. I never knew what my parents earned.

I had to share it with her when she was applying for a student grant. Student grants are means tested and eligibility is based on the household income.

I’m not responsible for debts not in name, nor am I stupid. If he needed that level of care the house would pay for that. My investments and property are held just as I want them. I know what I’m doing.

Our marriage is built on trust and I’ve never had cause to doubt that but I want my finances separate, that’s the way I roll.

So much trust you keep yourselves entirely financially separate...ok.

God forbid I have control over my own finances.

We've definitely mentioned our salaries in conversation with/in front of them.at some point, but I doubt they'd remember particularly. They are 16 and 19. I don't think I knew what my dad earned when I was a child. It's not something he would have deliberately kept secret. It just wouldn't have occurred to me to want to know tbh.

We've in a way adopted WilmerFlinstone's approach. Originally we knew each other s wages and split costs and bills accordingly. We never revisited though and we have both progressed in our jobs but have done so, at a guess, at different rates. We never bothered revisiting our original arrangement as it's still working for us. Perhaps I'm paying more, perhaps he is but it doesn't really matter in my eyes.

13 and 9 and they don’t know . I think they’d think I was really well off as they don’t understand how much all my outgoings are and the fact I’m a single parent . My parents never told me growing up and don’t feel it affected my understanding of money .

So, you genuinely don't know each others income?

How have you protected yourself from divorce? You mentioned about debts not being in name?

My DC are primary aged and have a rough idea and understanding of it. They know that it's my job that pays for most things and that the nice holidays are due to my salary but don't think they have much awareness or appreciation for how wide the gap is between our two salaries, they don't need to as it's combined as family money but they know there is a difference between our jobs but don't really grasp what it is or what that means in reality etc. As they get older that will change and they will become more aware and I would hope will mean they realise and helps them become informed on differing options for their futures etc.

My twin boys are only 3, so there's no need now. Once they're older, should they ask, I will be open to sharing it with them. Money isn't an issue, and we live very comfortably; however, DH and I will raise them to understand the value of money.

Yes. They know how much, where, what, how. I have interesting conversations about investments, compound interest, savings etc. Their partners come to me to ask questions because I talk about it and their parents don't.
Not sure why it would be a secret. Ignorance doesn't benefit them.

The youngest is 16 the oldest is 20. They've all started regular savings and investing a little in ETS type investments. We are not in the UK otherwise I'd have recommended various ISAs.

A good opportunity to explain the differences between progressive vs flat tax system and when she gets that first role advertised at £25k how a progressive tax system supports her and her low income.

From about 14 and taking gcse options yes. They have seen us struggle. Dd is out-earning me 2 years out of uni! I’m very proud of her.