It seems parents are doing more talking about money with their kids these days–at least those answering the annual survey from T.Rowe Price do.
Released last week, the survey revealed that 46% of parents are having more conversations with their kids about money compared to a year ago. Additionally, about half, or 48%, of parents spent about the same amount of time talking with their kids about money as they did last year.
Top reasons for the increase in conversation?
• 38% said their children can understand more and need to learn.
• 17% said the economy or a change in their financial situation prompted the conversations.
From the kids’ perspective, the most popular topics are saving, how to make money, and allowances. Yet, 45% of kids didn’t know or couldn’t name a money topic they wanted their parents to discuss. When asked where they turn for answers about money, a majority (54%) of kids said they go to their moms first. About 40% go to their dads first.
But when it comes to discussing specific family finances, most parents say they avoid the details–nearly one third will avoid that discussion.
How does the survey compare to what happens in your family?