Debt near the bottom of parents' financial concerns
By Juan Rodriguez and Laura Mohammad | Published: April 7, 2014
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.
To use the graphic on your site, use the following code:
- Infographic: How many households have at least one card? – Your annual income and education level may indicate the chances of whether or not your household has a credit card ...
- Infographic: In divorce, women's credit suffers more – More than half of recently divorced women said their credit score tanked during marriage, compared to just 42 percent for men ...
- Gen Z getting a head start using credit cards – Almost a fifth of teens 13-17 are authorized users on an adult's card, a TransUnion study finds ...