Debt near the bottom of parents' financial concerns
By Juan Rodriguez and Laura Mohammad
America's parents worry more about inflation and setting a good financial example for their kids than taking on too much debt, a survey shows.
In T. Rowe Price's 6th annual Parents, Kids & Money Survey, concern about debt ranked seventh among the eight financial worries parents were asked about. Just over half the parents (53 percent) worried about debt. The top two concerns of parents were the cost of things going up (72 percent) and setting a good financial example for their kids (69 percent).
When it comes to spending, only 34 percent of these same parents use cash most or all of the time, with 44 percent using credit or debit most or all of the time. Also, 44 percent of these parents carry a balance on their cards at least once a year, with 39 percent paying off their cards in full every month. Meanwhile, 65 percent of their children reported using cash for purchases, with only 8 percent using a credit or debit card.
The market research company MarketTools Inc. conducted the survey in the U.S. from Jan. 29-31, 2014, interviewing 1,000 parents and 924 children between the ages of 8 and 14. Its margin of error is plus or minus 3 percentage points.
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Published: April 7, 2014
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