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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.