The key points in a nutshell
- Be transparent about how much a hobby costs. As they grow older, children should develop an understanding of the cost of living.
- Rivalry between siblings is normal and part of their development. But don't leave your children alone to argue over costs. Discuss the topic together as a family.
- When choosing a hobby, consider whether it even fits into the family budget over the medium term. If not, look for alternatives together.
- Talk to your children about their sense of fairness. What is fairness? Is it when all the family's hobbies cost the same? Or when each member can pursue their particular interest?
- Set limits. If the riding lessons also involve a riding camp, that could be a good birthday or Christmas present.
UBS’s educational principles
This article was written in collaboration with educator Marianne Heller, who has years of experience in teaching financial education and debt prevention programs for children and young people.