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.
- Many holiday shoppers would give up their data for discounts – A new survey shows the share of U.S. consumers who are reluctant to give up their data to a store for a holiday discount has fallen since last year, despite high-profile data breaches ...
- Study: Millennials outdoing parents, grandparents on smart money moves – A new study shows millennials are outdoing their parents' and grandparents' generations when it comes to keeping spending and debt in check ...
- Millennials go mobile to manage their money – and check their credit scores – Nearly half of U.S. millennials use their smartphones to check their credit scores. And a majority of young adults use their phones for a variety of other financial activities ...