Should a child be privy to family discussions?

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How important is it for a child to participate in family discussions? Sometimes, while my husband and I are talking, perhaps discussing some family matter, finances or some relative or friend, or airing our grievances to each other, my child either happens to be there and listens on, or hearing raised voices or maybe catching a bit of some interesting gossip just gravitates to the scene of action. He's an only child so he's completely involved with our lives and with family matters. Is it correct? What do you feel? Should it be encouraged or should a child be kept away from all this? After all, he's part of the family and everything affects him as well.