Do you influence your teen’s money habits?

The results of a new poll by the Northwestern Mutual Foundation’s financial literacy Web site, Themint.org show YOU, the parent, have the greatest influence on your child’s money habits! According to the press release, “The poll asked teens to choose who had the biggest influence on the way that they saved or spent money. In a landslide, seven out of ten kids aged 17 and younger said “parents” swayed their actions the most, outpacing “friends” (16%), “TV, magazines, books, radio or celebrities” (14%), and “teachers” (1%).”

Do these survey results surprise you? The results may or may not be a revelation to you but the end result should be an evaluation of your preparedness to model and teach your children. Would fear or relief be your response if you knew your children would have spending habits just like yours when they become adults?

Northwestern Mutual’s survey “also asked teens how they would grade their parents as role models for saving and spending money. Nearly seven out of ten kids aged 17 and younger gave their parents either a “B” or a “C” grade, saying that moms and dads should spend money more responsibly and involve everyone in conversations about the family budget. Less than 30 percent of children honored their parents with an “A.” Fortunately, only two percent of parents received a failing grade.” How would you grade your ability to model wise financial decisions?

I have found kids are always ready to evaluate their parents but are you ready for the answer? I know teaching your children financial principles is challenging because it is not second nature for most of us. You have a responsibility to your children and I recognize the desire of every parent I speak with is for your children to leave home knowing more about money than you did when you left your parents home.

What are you going to do to affect that change?



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Wednesday, April 20th, 2011 Financial concepts No Comments