Family Finances

MintFamily with Beth Kobliner: Do Family Dinners Improve Your Finances?

Written by Mint.com
Published Apr 17, 2012
2 min read
The views expressed on this blog are those of the bloggers, and not necessarily those of Intuit. Third-party blogger may have received compensation for their time and services. Click here to read full disclosure on third-party bloggers. This blog does not provide legal, financial, accounting or tax advice. The content on this blog is "as is" and carries no warranties. Intuit does not warrant or guarantee the accuracy, reliability, and completeness of the content on this blog. After 20 days, comments are closed on posts. Intuit may, but has no obligation to, monitor comments. Comments that include profanity or abusive language will not be posted. Click here to read full Terms of Service.

We’ve heard it a million times: Sitting down for a family meal is good for us. Studies show it keeps us connected, instills healthy eating habits, and even helps our kids get better grades. But here’s a new twist: It can make you wealthier.

It’s true: A soon-to-be-released study from professors at the University of Georgia looked at 8,000 families over the course of a decade, and found that those who ate together at least four times a week were more likely to be financially secure. (Hat tip to Squared Away, a blog from the Financial Security Project at Boston College.)

As someone who loves encouraging parents to talk to kids about money, I thought for sure the reason would be that during dinner, kids overhear Mom and Dad discussing the family’s finances (paying for a vacation, the latest credit card bill, etc.), and that kids have an opportunity to ask questions about money. I still believe that’s true—but the study’s findings are a little different.

The families in the study who dined together may or may not have discussed money at all. Instead, the study points to their one common trait: self-regulation. In plain English, that means they excel at establishing good habits and sticking to them. While that may sound like psychobabble to you, it makes perfect sense: If you’re able to prioritize family meals (while balancing work, school, and all the other life demands), you’re probably able to prioritize making smart financial decisions.

But if you’re not the dinner-on-the-table-at-7-every-night kind of parent (and trust me, as a mom of three kids, including two teens, I know it’s hard to coordinate everyone’s crazy schedules), all hope is not lost. The study notes that self-regulation is like a muscle. And like any other muscle, you can strengthen it with exercise. Your assignment: Try committing to some healthy routines, like aiming for at least two family meals a week to start. I’m sensing a reality show in the making: “The Biggest Saver,” anyone?

Do you gather regularly for family meals? How has it helped your family—and your finances?

Beth Kobliner is a personal finance commentator and journalist, the author of the New York Times bestseller “Get a Financial Life: Personal Finance in Your Twenties and Thirties,” and a member of the President’s Advisory Council on Financial Capability. Visit her at bethkobliner.com, follow her on Twitter, and like her on Facebook.