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What percentage of parents never discuss financial matters with their kids?
Nearly one-third (32%) of parents never discuss financial matters with their kids.
Why do some parents spend more time discussing financial matters with their children?
The T. Rowe Price survey also measures the change in the amount of time that parents spend discussing important financial matters with their children. Some reasons cited for the increased time is attributable to such factors as the child's age and ability to understand more, changes in the family's financial situation, the child's desire to spend more money, and the child's success saving his own money.
What financial topics are older children most interested in discussing with their parents?
The Fourth Annual Parents, Kids & Money Survey found that 20% of children are interested in talking about saving, 18% are interested in discussing how to make money, 12% are discussing allowances, and 7% are discussing investing.
With whom do children prefer to discuss money matters, Mom or Dad?
The same survey found that 54% of children prefer to discuss financial matters with Mom, and 40% of children prefer to discuss financial matters with Dad.
Why bother to teach children about financial matters?
Many family financial experts agree that it is important to help children become financially capable before they leave home so they can live independently later. We educate our children in financial matters so that as adults, they have a capable and successful attitude toward managing their money, and to impart financial values, such as having personal responsibility, developing a saving mentality, delaying gratification, and practicing charity.
Why is it important for me to set an example for my children about how to value money and investing?
Many experts believe it is important to teach our children the value of money before we teach them about investing because financial literacy and values toward money are greatly influenced by what we observe from our parents from childhood through adulthood. After a child learns about financial values, he will be ready to learn about investing.
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