NEW YORK – Regardless of the stunted economy that has tried to grow over the last five years, money is among the lowest priorities in conversations between parents and their children, according to a national telephone survey conducted for the American Institute of Certified Public Accountants.
Parents are more likely to have spoken about the importance of good manners, the benefit of good eating habits, the importance of getting good grades, the dangers of drugs and alcohol, and the risks of smoking than about the value of money and managing it wisely. Children, on average, are 10 years old when mom or dad has the first financial conversation with them about money, according to the survey.
The findings come as last week, Federal Reserve Chairman Ben S. Bernanke stressed the importance of early financial education for “not only individual well-being, but also the economic health of our nation."
“Based on our findings, parents seem more concerned about the politeness of their children than their financial fitness,” said Ernie Almonte, CPA, vice chair of the AICPA’s National CPA Financial Literacy Commission.
According to the survey, 67 percent strongly agree they know enough about personal finance to teach their children good habits.
The National Financial Literacy Commission suggests parents start early, speak in the student’s terms, repeat often and walk the walk.