When it comes to managing money, parents want to set a good example for their children. It seems that knowing how to do that is the dilemma.
According to a recent survey by T. Rowe Price, about 3 out of 4 parents are hesitant to talk with their kids about finances, even though two-thirds of parents were concerned about setting a good financial example for them.
Roughly 1 of 4 parents surveyed feel they are not good with money themselves and shouldn’t be the ones to teach their children. Almost 9 in 10 parents said it’s appropriate for kids to learn about financial matters in school.
And speaking of financial behaviors the survey revealed….almost half the parents admitted to bribing their kids with money to encourage good behaviors, and about one third admitted to borrowing money from their kids’ piggy banks.