About half of parents talk to their kids about money
Generation X is more likely to have these financial conversations, Chase survey finds
Data whiz and visual storyteller
Though the vast majority of American parents (83 percent) say it’s never too soon to teach a child about money, only about half (56 percent) have actually gotten around to having those conversations with their kids, the Chase Slate 2018 Credit Outlook survey found.
Generation X parents were far likelier than other generations to have initiated money conversations with their children, with 71 percent reporting they had done so. In contrast, only 49 percent of baby boomer parents and 43 percent of millennial parents said such conversations had taken place.
When it came to discussions about credit cards, only 32 percent of American parents said they had explained to their children what credit scores are. Yet 38 percent of parents reported they had encouraged their child to get their first credit card.
See related: 4 wrong money messages for kids (and 4 right ones)
Chase conducted its annual credit survey among a nationally representative sample of 1,000 U.S. adults and an additional sample of 2,000 millennials. Administered in March and April 2018, Chase released its findings on May 11.
- South Dakota, North Carolina lead nation in new card accounts – New data from Experian shows card balances grew 6.6 percent year-over-year in the second quarter, and new credit card accounts grew even faster ...
- Millennials taking their credit building seriously – Seventy percent of millennials checked their credit scores in the past 12 months - more than older age groups ...
- Credit card bills are first to go unpaid, Fed finds – When bills must go unpaid now, credit cards are at the top of the list, a Federal Reserve survey finds. That changed during the recession, when credit card bills were paid because they were viewed as a financial lifeline ...