Parents wear many hats and it can be difficult to make sure we’re raising our kids with all the necessary life skills. A new survey from the National Financial Educators Council (NFEC) is shedding light on a very specific life lesson that is key to raising independent adults: financial literacy.
Using over 1,000 respondents, the survey asked the question “Which parent taught you the most about money and personal finance?” The overwhelming answer? “Neither.”
While respondents did say that their mother was more likely to teach financial literacy than their father (23.7 percent over 22.6 percent), it’s clear that the majority has grown up with little to no instruction on finances.
The study grouped respondents into age groups that included 18-24, 25-34, 35-44, 45-54, 55-64, and 65+ years old. Interestingly, the two youngest groups, 18-24 and 25-34, reported “Neither” more than all other age groups making this issue a relevant topic for today’s parents.
“It’s essential for parents to make a conscious and consistent effort to discuss finances, model good financial decision-making, and provide opportunities for kids to practice earning, budgeting, saving, and spending, especially while they still have the safety net of living at home and receiving family support,” says Vince Shorb, NFEC CEO.
So how can you make sure your kiddos are prepared financially as they become adults? One of the main goals of the NFEC is to encourage and provide tools for parents to teach financial literacy skills to their children from an early age. You can head to their website for tons of info.
You can view the full survey results here.