Final answer:
Parents need good money management skills to ensure they can cover family expenses and save for future needs while avoiding debt, rather than A. to purchase luxury items or impress others.
Step-by-step explanation:
Parents need good money management skills primarily to provide for their family's needs and future (Answer C). Effective money management encompasses various aspects, such as budgeting to ensure sufficient funds for everyday expenses and future savings, understanding banking institutions, and utilizing insurance and risk-management strategies. This knowledge helps individuals make informed economic decisions. It is crucial to begin saving early to allow savings to grow and to plan astutely for financial stability and any potential emergencies. Contrary to the misconception that money management is only about affording luxury items or impressing others, it is rooted in the practical reality of ensuring that necessities and unexpected expenses can be met without resorting to excessive debt.
Parents need good money management skills primarily to provide for their family's needs and future. It is important for parents to budget and balance their income and expenditures to ensure that they have enough money to cover their expenses. Good money management skills also involve understanding banking institutions, investing early in life, protecting against financial loss through insurance, and understanding the costs and benefits of using credit. These skills help parents become more informed decision makers in our economy.