For most people, money conversations aren't very easy or comfortable. "I don't think older generations had this tendency to talk to their kids about money. I don't think older generations even talked about money among themselves," personal finance expert Farnoosh Torabi tells CNBC Make It. "It was this very taboo topic. And I think we're still experiencing that, but to a lesser degree today."
That said, the earlier you have these hard conversations and instill smart money habits in your kids, she says, the better off they'll be.
It's less about having your kids memorize definitions of personal finance concepts like compound interest and tax-deferred retirement plans; what's important is allowing them the "freedom to explore money and ask questions and to be curious," says Torabi, who is a mother of two and Chase Slate's financial education ambassador.
If your kids are raised to believe that talking about money is inappropriate or impolite, "that later shows up in life and can be really damaging," she adds. "Because then they won't ask questions when they really need to. They won't ask for the raise. They won't ask about the fine print. They won't ask about other things that really could impact their financial well-being."