Georgians feel strongly about teaching finances to their children, a 2015 End-of-Year Survey by Georgia Credit Union Affiliates revealed.
Seventy-five percent of respondents said it’s extremely important for parents to teach their children about finances, 20 percent said it’s very important and three percent said it’s important. Not a single respondent said it’s not important at all.
According to the survey, 66 percent of respondents said they received most of their financial education through life experiences, 20 percent said they learned at home and 10 percent said they were financially educated either at school or at a financial institution.
The 2015 Annual Parents, Kids & Money Survey conducted by T. Rowe Price shows 28 percent of children are very knowledgeable about personal finances and 21 percent are knowledgeable when it comes to credit. The survey indicated areas where children lack knowledge are inflation, taxes and mortgages.
Eighty-four percent of American teens look to their parents to learn about money management, according to the Junior Achievement’s 2015 Teens and Personal Finance Survey, sponsored by The Allstate Foundation. However, according to the study, many parents feel uncomfortable talking about money matters with their kids due to a level of discomfort with the subject – or their own financial missteps.