While children may learn about finances in school, there are a sizable number of parents of all ages that would like to give their kids financial knowledge on their own. There are many reasons for this, but the levels of parental involvement can range depending on age group.
More than 80 percent of parents noted they are the ones who would be the best to teach their children about financial issues, instead of the school, according to a report from Country Financial. Approximately 10 percent of parents said it would be better for the schools to do this.
Approximately half of those polled noted that children should get a credit card by the time they reach 18 years of age,and before they turn 23, the report said. Another 70 percent noted that teaching children about money should happen no later than seven years of age.
While many agree that education is needed for children, the type of teaching is debated. While nearly 70 percent of people think that there should be allowance factored into teaching a child about financial planning, the level changes depending on the age group asked, the report explained. Only 59 percent of those between the ages of 18 and 29 noted children should have allowance. This figure increases steadily, and gets as high as 70 percent among those who are between 50 and 65 years of age and the next highest group.
School expenses an issue for some young parents
Even if parents are trying to help their children learn about properly instituting a financial plan, there could be some who are struggling to take care of their own money issues when it comes to school.
Parents will spend nearly $300 on their children’s educational needs in the next year, on average, in addition to costs of tuition for those between Kindergarten and senior year of high school, according to a report from RetailMeNot and Omnibus. Another 80 percent noted that they create a budget for their child’s back to school items, but only 23 percent stick to it.
“The financial pressures that have been placed on the backs of parents due to budget cuts can mean a difficult start to the school year,” said Trae Bodge, senior editor for The Real Deal by RetailMeNot. “It’s important for parents to start shopping early and plan their back-to-school needs well in advance so they can set a budget and try to stick to it.”