New Wealth Enhancement Research: Kids Have More Financial Tools Than Ever, Yet Many Families Worry They're Less Prepared to Manage Money

More than half of parents and grandparents (53%) believe today's children are less ready to manage money than they were at the same age. Wealth Enhancement explores what's driving those concerns and what families can do to help.

MINNEAPOLIS, Aug. 11, 2026 /PRNewswire/ -- Children today have unprecedented access to financial technology. Yet many parents and grandparents question whether convenience is translating into the knowledge, habits, and confidence needed to manage money successfully as adults.

Grandparents express the greatest concern, with 61% saying today's children are less financially prepared, compared with 46% of parents who share that view, according to the latest research from Wealth Enhancement's "The First Dollar" survey.*

Only about three in ten (29%) parents and grandparents believe today's children are better equipped to manage money than previous generations. Millennial parents are the most optimistic, with 40% saying kids today are better able to handle their finances.

"Access to money, like so many things today, can feel instantaneous through tools such as credit cards, digital payments, and tap-to-pay technology," says Chloé Briel, CFP®, Senior Advanced Planning Manager at Wealth Enhancement. "That convenience can make it more difficult to teach the value of money and healthy financial habits."

While many families are still navigating how best to prepare children for their financial futures, the research highlights opportunities to build financial confidence over time. More than half of parents and grandparents (53%) have never opened an investment account for their children. Among families who have taken that step, many are starting early: One in five (22%) opened an investment account before their child's first birthday.

"One of the greatest advantages of investing is time. When families begin investing early, even modest contributions have the opportunity to benefit from years of compounding growth," says Dustin Smith, CFP®, Senior Vice President, Financial Advisor at Wealth Enhancement. "An investment account can serve as more than a financial asset - it can become a powerful tool for teaching children the value of patience, discipline, and long-term wealth creation."

As parents and grandparents consider long-term planning, many grapple with the more immediate money lessons. Among those surveyed, most think the hardest money lesson to teach is how to avoid impulse purchases and overspending (56%), followed closely by how to budget and manage everyday spending (52%).

Other lessons parents and grandparents identify as difficult to teach include how money is earned and the value of work (50%) and how to save money and delay gratification (49%). Only about one-third (34%) believe that teaching children how to grow their money—through concepts like interest and investing—is among the hardest financial lessons.

The findings highlight both a challenge and an opportunity: While parents and grandparents worry about children's financial readiness, there are meaningful ways to help build stronger financial habits and confidence over time, including working with a trusted financial advisor.

"Financial preparedness starts with consistent conversations, intentional modeling, and understanding family priorities such as funding secondary education, travel, or values-based investing," Briel says. "Whether through allowances, investing, or everyday purchasing decisions, small moments can help children build confidence managing money in the future."

For additional insights, visit Wealth Enhancement's survey report here.

Methodology*

Wealth Enhancement's "The First Dollar" survey was conducted by Wakefield Research among 1,000 representative U.S. parents and grandparents (500 of each), between April 28 and May 4, 2026, using an email invitation and an online survey.

Results of any sample are subject to sampling variation. The magnitude of the variation is measurable and is affected by the number of interviews and the level of the percentages expressing the results. For the interviews conducted in this particular study, the chances are 95 in 100 that a survey result does not vary, plus or minus, by more than 3.1 percentage points for the total sample, and 4.4 percentage points for each audience (Parents/Grandparents) from the result that would be obtained if interviews had been conducted with all persons in the universe represented by the sample.

About Wealth Enhancement

Wealth Enhancement offers integrated financial planning grounded in clear, detailed advice. With local offices around the country, financial advisors are backed by a network of specialists who can support clients' financial needs, no matter how complex. That experience spans estate planning, tax strategy, investment management, insurance consulting, retirement income planning, and business consulting services.

Since 1997, Wealth Enhancement has delivered specialized knowledge, attentive service, and detailed planning. Our financial plans are crafted with care, tailored with compassion, and built to handle what life brings.

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Prosek Partners, on behalf of Wealth Enhancement
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SOURCE Wealth Enhancement