BALTIMORE (4/11/14)--The rising price of products and services topped the list of issues parents worry about when thinking about family finances, the much-discussed T. Rowe Price's "Parent, Kids and Money Survey" found recently.
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Nearly three-quarters of parents worry about inflation, while only 53% of those polled said they're concerned about taking on too much debt.
No matter where their concerns lie, the large majority of parents said they're concerned about setting a good example for their kids in terms of managing finances, at 69%.
Many parents, though, doubt their abilities to set that good example.
The survey, in its sixth year running, found that 28% of parents don't believe they handle money well and so they shouldn't be the ones teaching their kids about managing finances, while 87% agreed it was appropriate for children to learn about money in school.
Further, 22% of parents said they carry balances on their credit cards all the time, and 74% said they're reluctant to talk to their kids about money.
As for the survey's college-related findings, parents "mistakenly" prioritize saving for college over retirement at a rate of 52%, while 28% of parents say college costs keep them up at night.
Nearly 50% of parents admit to bribing kids with money to encourage good behavior, while 30% admit to borrowing money from their kids' piggy banks.
Children go to their moms before their dads with financial questions, with moms being approached 58% of the time compared with 39% for dad. Meanwhile, 70% of dads say household financial responsibility belongs to them, while 66% of moms claim responsibility for household finances.
Sixty-five percent of kids whose parents are saving for college believe they will "definitely" attend college, while 38% of kids whose parents don't save say they will definitely go.
For the full list of survey results use the resource link.