BOSTON (CBS) – T. Rowe Price’s annual Parents, Kids & Money Survey was just released. And you would think after three years of doing the survey nothing would be new. Not so. They keep digging a bit deeper. Here are some of the results of the recent survey:
- Parents want to set a good example, but they aren’t above bribery: Almost 50% of parents admit to bribing their kids with money to encourage good behavior.
- A third of parents surveyed admitted they sometimes “borrow” money from their kids’ piggy banks.
- Parents are worried about discussing money with the kids,74% of parents admit to being reluctant to talk with their kids about financial topics because they don’t want their kids to worry about money.
- Some don’t really save:22% of parents who identified themselves as savers carry a credit card balance most of the time.
- Some parents doubt their teaching abilities:28% of parents don’t think they should be the one to teach their kids about money.
- Most Parents (87%) think it’s okay for kids to learn about financial matters in school.
- Almost 60% of kids go to their mom first with financial questions versus 40% to dad.
- Parents whose own parents were good money teachers felt more knowledgeable about managing their personal finances and investing matters than those whose parents did not prepare them well.
- Kids can learn about money with games. Most parents thought games were a good way to teach kids about money and 68% of kids say they have played a game involving saving and spending money. Three good board games I used with kids would be Pay Day, Life and Monopoly. Fun family games with life lessons embedded.
- Kids still like having cash, 65% of kids generally use cash to pay for their purchases.
I believe we need to teach the parents basic money skills so they in turn can teach their kids!
Start with T. Rowe Price’s MoneyConfidentKids, a resource for parents and educators with money games, tips, and information.