Teaching Good Money Habits to Children

Originally published on Making Sense of Cents

Money was a topic that my dad made sure we talked about when I was a child. I learned a lot from him, and while he is no long here, I believe a lot of my good money habits came from him.

However, not everyone gets talked to about money.

According to T. Rowe Price's Parents, Kids & Money survey, they found that amount parents of 8-14 year olds:

• 38% of millennial parents said they are extremely/very reluctant to discuss money with their kids compared to 16% of gen X parents and 7% of baby boomer parents. And, 63% of millennials say they sometimes avoid discussing money with their kids compared to 39% of gen X and 28% of baby boomer parents.
• 55% of millennial parents sometimes lie to their kids about money compared to 32% of gen X and 15% of baby boomers parents.
• 44% of millennial parents are counting on their kids to help them pay for their retirement compared to 15% of gen X and 4% of baby boomers parents.
• 60% of millennial parents say that when it comes to talking about finances, it’s more of a “do as I say, not as I do” dynamic with their kids compared to 39% of gen X parents who said the same and 30% of baby boomer parents.

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