DENVER (CBS4) – Many parents are doing a lousy job talking to and educating their children about money, and a new survey said they’re not leading by example.
More parents save for vacation than their children’s college educations. A lot of children these days think money magically comes from ATMs. They have no idea people have to earn it and need to save it.
“We as a society have become comfortable talking about sex and religion over the dinner table … we just don’t talk about money,” said Rich Martinez, Young Americans Bank President.
Martinez isn’t at all surprised by the study.
Thirty-eight percent of kids say they know their parents avoid talking with them about current finances. Top financial topics kids want their parents to talk to them about are how credit cards and banks work, how to manage money and what things really cost.
Young American Bank in Denver offers classes to help kids learn about money. But ideally the money talk should begin at home, helping kids set realistic goals for themselves.
LINK: Young Americans Bank