Parents’ and Children’s Money Survey: Mothers More Likely than Fathers to Teach Kids about Money

Parents play an important role in preparing their children to reach self-sufficiency and helping them establish a firm financial foundation. Yet, according to the latest National Financial Educators Council’s surveys, most parents have not taught their children enough about money to prepare them for adult life.

Between April 20th and April 25, 1,502 respondents from around the country were asked the survey question, “Which parent taught you the most about money and personal finance?” The full results are below.

Results (May 2022)

 

Which Parent Taught You the Most About Money and Personal Finance?

1,502 Respondents

 

30.5%

Mother

22.9%

Father

46.6%

Neither

All age groups who completed the survey (18-24, 25-34, 35-44, 45-54, 55-64, and 65+ years old) selected “Neither” as their top answer.

The root causes of an individual’s financial situation, at any age, often can be traced back to the influences he or she experienced in childhood. 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 the data show that most parents need help teaching kids about money to prepare them for the financial realities of the world.

Read Coverage of this Survey in “The Balance” Personal Finance Blog and How introducing Children to Banking Helps them Gain Financial Literacy

Parents Play an Important Role in Developing Areas that Prepare Youth for Financial Self-Sufficiency

Financial Situation

Each child is born into different challenges that will have impact on their future financial situation.

Financial Behaviors

The behaviors people develop in childhood affect their future finances. Parents, the environment, advertisers, and peers all help shape a person’s behaviors.

Financial Sentiment

People’s financial attitudes and beliefs toward finances form at a young age and have powerful impact on their financial states.

Financial Education

Most kids never receive a high-quality financial education. For many kids, parents and schools fail to help them develop into self-sufficient individuals.

Financial Management Systems

Most children leave home lacking the basic systems they need to get off on the right financial footing.

Past Results (May 2021)

 

Which Parent Taught You the Most About Money and Personal Finance?

1,040 Respondents

 

23.7%

Mother

22.6%

Father

57.3%

Neither

All age groups who completed the survey (18-24, 25-34, 35-44, 45-54, 55-64, and 65+ years old) selected “Neither” as their top answer. The youngest 2 age groups (18-24, 25-34) reported “Neither” more than all other age groups, averaging 57.3%

The root causes of an individual’s financial situation, at any age, often can be traced back to the influences he or she experienced in childhood. 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 the data show that most parents need help teaching kids about money to prepare them for the financial realities of the world.

Read Coverage of this Survey in “The Balance” Personal Finance Blog and How introducing Children to Banking Helps them Gain Financial Literacy

Past Results (April 2019)

 

Which Parent Taught You the Most About Money and Personal Finance?

1,200 Respondents

 

28.1%

Mother

24.0%

Father

47.9%

Neither

Rate the Types of Financial Habits and Behaviors You Picked Up From Your Parents

1208 Respondents

31.6%

Very Positive

21.3%

Somewhat Positive

32.1%

Neutral

6.9%

Somewhat Negative

8.1%

Very Negative

Rate How Well You Feel Your Parents Prepared You for the Financial Realities of Living on Your Own.

1208 Respondents

24.9%

Very Prepared

22.1

Somewhat Prepared

24.1%

Neutral

9.4%

Somewhat Unprepared

19.5%

Very Unprepared

Additional Data

 

Situation

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Behaviors

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Sentiment

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Education

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Systems

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Parents

 

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Parents’ and Children’s Money Survey: Parental Influence on their Children’s Future Finances

Childhood influencers are often root contributors to an adult’s financial situation. A person’s upbringing has important impact on his or her financial knowledge, behaviors, sentiment, and overall situation.

Parents are among the top financial influencers on a child’s life; yet the data show that most parents need help to better prepare their children for the financial realities of life.