One in three dad and mom refuse to speak about cash with their children – for this one purpose
A third of parents are ducking out of money talks with their kids as they fear passing on bad advice.
And it turns out, mums and dads aren’t always the financial wizards, as a whopping 85% admit they’re worried about telling their kids the wrong thing when it comes to money.
A survey of 2,000 parents with kids aged between 10 and 20 revealed that a third are clueless about investing, keeping on top of bills or even getting their credit score sorted.
More than half want to ensure their kids get off on the right foot money-wise but reckon they don’t know enough to be able to give advice.
Still, 59% are making a go of it, trying to get the young ones into more chats about the family’s finances.
The study was conducted by Skipton Building Society, who have roped in telly host and money boffin Tayo Oguntonade to help parents brush up on how to crack open the cash conversation.
“Discussing money matters early equips children with practical skills and a healthy understanding of finances, setting them up for a brighter financial future,” Tayo says.
Two-thirds of parents believe that budgeting is the most crucial financial topic for children to understand. However, over half worry that discussing such money matters could induce financial anxiety in their kids.
Three-quarters wish they had received more financial education during their childhood, and 66% believe that financial literacy should be taught in schools rather than at home.
Helen McGinty, head of financial advice at Skipton Building Society, commented: “The economic landscape is always evolving, which is why it’s crucial for both parents and children to embrace continuous learning about finances.”
“By seeking proper financial advice, parents can make informed decisions and pass down valuable knowledge to their children. This not only helps families navigate challenges together but also empowers the next generation to build a stronger, more secure financial future.”
