LAS VEGAS, May 6, 2021 /PRNewswire/ -- Parents play an important role in preparing their children to reach self-sufficiency and helping them establish a firm financial foundation. Yet, according to the latest National Financial Educators Council's surveys, most parents have not taught their children enough about money to prepare them for adult life.
Between April 28th and May 4th, 1,040 respondents from around the country were asked the survey question, "Which parent taught you the most about money and personal finance?" The proportion of respondents who selected "Mother" was 23.7% and 22.6% selected "Father."
However, although mothers surpassed fathers in teaching personal finance lessons to their children among these survey participants, the top answer was "Neither" at 53.7%.
View full survey results here.
All age groups who completed the survey (18-24, 25-34, 35-44, 45-54, 55-64, and 65+ years old) selected "Neither" as their top answer. The youngest 2 age groups (18-24, 25-34) reported "Neither" more than all other age groups, averaging 57.3%
The root causes of an individual's financial situation, at any age, often can be traced back to the influences he or she experienced in childhood. People's upbringing affects their financial situations and the challenges they face as adults. Parents are among the top financial influencers on a child's life; yet the data show that most parents need help teaching kids about money to prepare them for the financial realities of the world.
Parents Take an Active Role
The NFEC's research is focused on five central areas where parents play an important part in fostering their children's personal development and financial self-sufficiency. These areas include research exploring the financial situations into which children are born, how financial behaviors develop, how parents shape financial sentiment, the financial systems youth have in place, and the financial education young people receive.
A key advocacy position for the NFEC is encouraging parents to teach financial literacy to kids starting at an early age and proving ongoing education until adulthood.
"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." Vince Shorb, NFEC CEO
Mother's Day & Father's Day Resources to Help
One of the pillars of the National Financial Educators Council's advocacy is to encourage parents to take an active role in their children's financial education and help them mold positive financial behaviors.
Starting on Mother's Day and continuing through Father's Day, the NFEC has made the full Family Chore Project available complimentary for parents and kids at: https://www.financialeducatorscouncil.org/chores-for-kids/
The NFEC's Family Chore Project helps parents develop positive money management skills and a habit of working to earn money. The project encourages age appropriate kids chores and families take charge of their financial learning through decision-making around when and how to save, spend, and/or share their money.
Throughout this project, children apply core financial concepts to real-life situations that matter to them and then learn and grow from those experiences. This process helps them develop behaviors – and eventually habits – that encourage thoughtful money decision-making.
About the NFEC
The National Financial Educators Council is a social enterprise organization committed to improving financial capabilities among the global community. The NFEC develops tools, resources, and training to help organizations and individuals share financial literacy messages at the community level. The NFEC's commitment to conducting promotions encouraging youth financial literacy and financial literacy research to gain a deeper understanding of personal finance topics helps the industry obtain data and professional opinions about this important subject matter.
SOURCE National Financial Educators Council