On a recent episode of "60 Minutes," Ed Bradley detailed a chilling story about a young man in Alabama who allegedly murdered two police officers and a dispatcher. At the center of this disturbing event was the highly controversial video game Grand Theft Auto.

For those who don’t know, Grand Theft Auto is a video game series where players are rewarded for senseless and horrible acts like stealing guns and squad cars from police officers before brutally murdering them.

Two weeks ago, a multi-million dollar lawsuit was filed in Alabama against the makers and marketers of Grand Theft Auto, claiming that months of playing the game led a teenager to go on a rampage and kill three men.

You might be wondering, "what does this issue have to do with teaching kids about money?" I believe a great deal -- especially if you consider how spending choices intersect with the culture on a regular basis.

Companies wouldn’t sell violent video games if there weren’t a market. With an average retail price of $16.99, the game is in the affordable range for millions of young people. Companies know that collectively, America’s youth have billions of discretionary dollars and in turn pull out all the stops to market their wares.

According to "60 Minutes," the Grand Theft Auto series has sold more than 35 million copies, with worldwide sales approaching $2 billion.

One of the most common questions I hear from parents is “what if my child wants to use their money to buy something (e.g. a violent video game) that I don’t agree with?” I frequently remind parents that you have absolute veto power over your child’s spending choices. Just because Johnny down the street has the game doesn’t mean you have to do the same.

Bottom line: Companies have little motivation to be interested in your family’s values when it comes to selling products. Why? Because the Federal Trade Commission -- the government agency that should be addressing this issue -- has no authority to regulate advertising to children. It was taken away by congress in 1980.

So what’s the answer? Be proactive and establish a system to help your child make wise spending decisions.

1. Start by asking your child what’s on their current spending list.
2. Just like with sharing and saving, help them set spending goals that reflect your family’s values.
3. Find a balance between micro managing every decision they make to rarely discussing the issue at all.
4. Periodically review the topic in order to maintain healthy spending boundaries.

The National Institute on Media and the Family released their ninth annual Mediawise video game report card. It provides an excellent snapshot of the interactive gaming industry with a focus on issues related to the welfare of children and teens. For more information, click here.

How evident are your values in your spending decisions?

By frequently modeling values infused spending choices, you will likely have an easier time passing on similar habits to your children.

This question is designed to build on the Share-Save-Spend tip for the week and can be used as a springboard for additional conversations with family and friends.

"Corporate involvement at the high school level is about to explode nationwide," said Judith Thomas, the marketing director for the National Federation of State High School Associations. "It's an unlimited, untapped market and it is in places companies often can't easily reach."

Source: New York Times, Oct. 17, 2004

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