Editor says retire the tooth fairy, sparks controversy - Cincinnati News, Weather, Sports from FOX19 NOW-WXIX

Editor says retire the tooth fairy, sparks controversy

(PHOTO: FOX19 NOW/File) (PHOTO: FOX19 NOW/File)
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An editor for the Financial Times is sparking some controversy among parents following a post titled, "Why we have to kill the tooth fairy." 

Clare Barrett says the tooth fairy may seem like innocent fun, but it harms kids by encouraging the belief that money just magically appears without having to work for it, and shields kids from an understanding of financial matters. 

"Before you pronounce judgment, allow me to pitch my alternative belief system — the truth fairy — and why I think parents need to get real when talking to their children about money," wrote Barrett. 

The editor goes on to say that she believes lessons of the “truth fairy” will leave children better equipped for their future handling finances. 

"Nobody can dispute that teaching children how to manage their finances is a “good thing”, but some would argue this is the job of parents rather than teachers," continued Barrett. "But not all parents are good with money which is why we must beef up personal finance education in schools to ensure nobody falls through the cracks."

But critics say Barrett's fixation on the tooth fairy ignores socioeconomic shifts that play a more important role in shaping attitudes about money.

In post on Money Watch, Helaine Olen, a personal finance expert and author, responded saying, "In a society with a shredded social safety net, rising health care costs, stagnant and falling salaries, and constant bombardment with messages to spend, spend, spend, to point the finger at the Tooth Fairy is not helpful."

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