LAS VEGAS, May 9, 2019 /PRNewswire/ -- Parents play an important role in preparing their children to become self-sufficient and helping them establish a firm financial foundation. Yet the latest National Financial Educators Council's surveys demonstrate that most parents haven't taught their children enough about money.
Between April 24 and April 29, 2019, 1,200 people from around the country were asked, "Which parent taught you the most about money and personal finance?" A proportion of 28.1% of respondents selected "Mother," while 24% selected "Father."
Although mothers scored higher in teaching personal finance lessons to their children than did fathers, it's also notable that the top answer was "Neither," with 47.9% of respondents choosing this option.
View complete survey results at https://www.financialeducatorscouncil.org/parents-and-children-money-survey/
"Neither" was the top answer among all age groups that completed the survey (18-24, 25-34, 35-44, 45-54, 55-64, and 65+ years old). All age groups except 18-24-year-olds were more likely to select "Mother" as the parent who taught them more about personal finance. Only 18-24-year-olds chose "Father" as the parent who taught them more about money, with 26.6% among that group selecting "Father" versus 22% who chose "Mother."
The National Financial Educators Council conducts polls, surveys, and research to better understand the strength of parents' influence on their children's financial development. In the latest survey, 1,200 people across the United States were asked which of their parents provided more financial literacy training.
Childhood influencers are often the root causes of an individual's financial situation. 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 financial literacy statistics shows that most parents need help to better prepare their children for the financial realities of life. In the NFEC's latest test results of youth between the ages of 15 to 18 demonstrate most could be considered financially illiterate with 55.40% failing the financial literacy test.
The NFEC's CEO, Vince Shorb states "We encourage parents to take an active role in the financial education of their children. Most kids will never receive any personal finance training at school – so parents it's up to you to raise children that have the skills and knowledge that will help them work toward becoming self-sufficient adults."
Because of the importance of financial literacy, 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.
The NFEC's research and advocacy are focused on 5 central areas where parents play an important role in the development of their children and helping them work toward 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.
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 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.
415.729.7290 ext. 7010
SOURCE National Financial Educators Council