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It makes quite a lot of sense: children tend to blabber. Young kids especially reveal information when bragging rights are associated with them, ie. the richest kids vs. the poorest kids. Nevertheless, as kids grow older and mature with egos less susceptible to societal perceptions, they really do need to know their family's income. It is information that directly affects where they apply to college, which scholarships to apply for, and perhaps even how they perceive the society around them. Most importantly, the information gives a realistic idea about money and what it would take to fund the lifestyle they're accustomed to. In a world with an abundance of information, one of the best sources is the experiences of those closest to you.
Contributed by Lucy Zhang