I think this question is very cultural based, and whether you
feel it is important to subscribe to 'social norms'. But as long as
your child can understand and differentiate the situations
where:
1) It is ok to be naked with mom, but not okay with just any
other adults.
2) It is ok for mom to be naked with her children, but not ok
for adults in general to be naked in front of each other in most
public or ordinary situations
3) That every family have different customs and while you may
bathe with them, it is okay that other families have other
customs.
4) They have a clear sense of what is private/public space and
what is private/public about their bodies and themselves.