Some Interesting Statistics about Money Education

A great deal of the education our kids receive about money and finance comes from us as parents. It is then interesting to see what the following statistics tell us about how we well (or not) we do with the subject

·       In a recent National Financial Capabilities study, only 24% of Millennials (ages 23-35) were able to answer the first three financial literacy questions correctly and a mere 8% answered them all correctly.

The following stats all come from the 2016 T. Rowe Price report

•       80% of parents didn’t think schools were doing enough to teach kids about financial         matters
•      69% of parents are very/extremely concerned about setting a good financial example for their kids.
•       80% of parents feel that they are setting a good financial example, but then 66% also admit to doing things that wouldn’t qualify as setting a good example.
•       40% of parents admitted that when it comes to talking to their kids about finances, it’s "do as I say, not as I do." 
•       49% of parents said they rarely or never discuss family finances with their children
•       18% of parents admitted to being very/extremely reluctant to discuss financial matters with their kids
•       72% of parents experience at least some reluctance to having such a discussion

If any of the above seems statements feel true for you, then be aware that you are far from alone.


Alan Beeston 28 August 2018