Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
Inflation bigger worry than debt for parents, survey finds
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.

Click to view larger image Click for larger view
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.

Additional findings:
  • 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.
RSS





print
News Now LiveWire
Watching #SuperBowlXLIX this Sunday? Look for regional #creditunion #commercials @CltMetroCU @BECU @golden1cu #Seahawks #Patriots
1 hour ago
Philadelphia's American Bakery Workers FCU liquidated by @TheNCUA; @trumarkonline assumes shares
1 hour ago
More branch shutterings by @Citi: 4th-largest bank to close 10% of #Chicago area branches HT @CrainsChicago http://t.co/2vAvgucLY5
2 hours ago
56% struggle with subprime credit scores says @cfed survey HT @washingtonpost http://t.co/RHmMvuhNtw
3 hours ago
How to use social media for crisis communications Feb. 10 webinar from @SBAgov, @AgilityRecovery http://t.co/d16t8RHr7n
3 hours ago