Americans think parents should teach kids about money yet many don’t

Most Americans believe that it is a parent’s job to teach their children about money.

However, many don’t talk about finances with their children, according to a poll by CNBC + Acorns Invest in You.

About 83% of US adults, according to the survey, said parents are most responsible for educating their children on this topic. performed by Momentive. The online survey was conducted March 23-24 among a national sample of 3,953 adults, of whom 1,149 were parents.

At the same time, only 15% of parents reported talking to their children about household finances more than once a week, 13% said once a week, and 16% said once a month. About 24% talk to their children less often and 31% never.

Those earning less money were more likely to have these money calls once a week or more often, as were black and Hispanic respondents, the survey found.

“Every child’s very first teacher is their parent,” said Yanely Espinal, director of educational outreach at Next Gen Personal Finance, a nonprofit personal finance organization.

“This means that early money lessons at home are crucial.”

But many parents may have self-doubt.

“It seems like a Herculean task to teach your kids about money when you’re not really comfortable with money yourself,” said certified financial planner Tom Henske, managing partner at The New York-based Wealth Advisor.

Talking around the dinner table once a month can make a big difference, he said.

“What we need to do is create an environment where we get kids talking about it,” said Henske, whose book for parents on teaching kids about money, It Makes Total Cents, is due out in the will be released in June.

The case for the school

Photo by Troy Aossey via Getty Images

The trend for personal finance lessons in schools is slowly building. Recently, Florida became the largest state to require a personal finance course for high school graduation. Twenty-five states now require students to take personal finance courses, either in a standalone class or integrated with another course, the state said Council for Economic Education.

Additionally, 46 personal finance bills are pending in 21 states, according to Next Gen Personal Finance Invoice tracker.

“Research shows that students who are able to take financial economics classes in high school make better decisions about their college funding,” said Nan Morrison, president and CEO of the Council for Economic Education.

“They have better credit scores,” she added. “They have lower loan default rates.”

Teach your kids about money

Sorting coins is one way to teach kids about money.

Michelle Fox | CNBC

Still, parents should start teaching their children about money from a young age.

Resources abound if you know where to look. The Council for Economic Education offers free of charge Financial fun packages for the family at homethese are age-appropriate games, activities, and worksheets that you can work on together.

Next generation personal finance also has free online games and activities on topics like investing and budgeting and that National Foundation for Financial Education offers free online courses, learning activities and quizzes.

More from Invest in You:
Do you want to teach your kids about money in a fun way? Try these games
Fears of inflation are forcing Americans to reconsider financial decisions
Here’s what consumers want to cut if prices keep rising

You can also provide lessons using real-life examples, such as: B. by showing your children how to pay for items in the store. If you use a credit card, explain how it works.

Those monthly dinner conversations are also crucial, Henske said. Start by asking your children an open-ended question, e.g. B. “How do you think we borrow money in this house?”

“It starts a whole conversation about borrowing, lending, mortgages, credit cards, car loans,” he said.

Money in your children’s hands is also a powerful learning tool, Henske said.

About 44% of respondents in the CNBC + Acorns Invest in You survey said they pay their children an allowance, while 55% said they don’t. However, how your children make money is really a personal choice, he said. This can be through an allowance, a job, or gifts.

“You would never take your kid to tennis lessons without a racquet,” Henske said.

“You can’t teach your kids enough about money without having some money to practice with.”

TURN ON: Connect Sharon Epperson today at 1pm along with governors from Mississippi, New Jersey and Nevada and discusses how their states are progressing with financial education in schools.

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Disclosure: NBCUniversal and Comcast Ventures are investors acorns.

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