Our sixth annual Parents, Kids & Money Survey revealed that boys and girls are not equally prepared when it comes to learning about money matters at home. We also found a correlation between talking to kids of either gender about financial concepts and kids developing positive financial behaviors.
T. Rowe Price encourages parents to invest in their kids’ future by talking to them about money matters weekly. Visit http://moneyconfidentkids.com for help.
3. Conversations about setting financial goals – by child gender
3
58%
50%
Boys Girls
T. Rowe Price 2014 Parents, Kids & Money Survey
According to kids, parents have at least occasional conversations about setting financial goals
with boys significantly more than with girls.
N=488 N=424
Percent of boys and girls who say they have discussions with their
parents about setting financial goals at least occasionally
4. Parents saving for kids college – by child perception
4
53%
42%
Boys Girls
T. Rowe Price 2014 Parents, Kids & Money Survey
Only 42% of girls think their parents are saving for their college versus 53% of boys.
Percent of boys and girls who think their parents save for their college
N=488 N=424
5. Kids with credit cards – by child gender
5
12%
6%
Boys Girls
T. Rowe Price 2014 Parents, Kids & Money Survey
Twice as many boys have credit cards than girls – 12% versus 6%.
Percent of boys and girls that have a credit card
N=488 N=424
6. Child money intelligence – by gender
6
45%
38%
Boys Girls
T. Rowe Price 2014 Parents, Kids & Money Survey
Boys are more likely to think they are smart about money. 45% of boys think they are very or
extremely smart about money versus just 38% of girls.
Percent of boys and girls who think they are very or extremely smart about money
N=488 N=424
7. Kids understand value of a dollar - by gender
7
80%
69%
Boys Girls
T. Rowe Price 2014 Parents, Kids & Money Survey
Of parents with only one child ages 8-14, 80% think their son understands the value of a dollar
while only 69% think their daughter does.
Percent of parents who say their boy or girl understands the value of a dollar
N=259 N=219
9. Kids Saying They are Smart about Money
9
49%
36%
Frequent Not Frequent
%ofKidswhosaytheyare
very/extremelysmartabout
money
T. Rowe Price 2014 Parents, Kids & Money Survey
Frequency of Conversations about Saving and Spending Wisely
Parents who frequently discuss the importance of saving and spending wisely with their kids are
significantly more likely to have kids who say they are very/extremely smart about money than
parents who do not have frequent discussions about this topic (49% vs. 36%).
N=433 N=567
10. Kids Identifying Themselves as Savers or Spenders
10
53%
46%
Frequent Not Frequent
%ofKidswhosaytheyare
Savers
T. Rowe Price 2014 Parents, Kids & Money Survey
Frequency of Conversations about Saving and Spending Wisely
Parents who frequently discuss the importance of saving and spending wisely with their kids are
significantly more likely to have kids who say they are savers than parents who do not have
frequent discussions about this topic (53% vs. 46%).
N=433 N=567
11. Kids Saving For Their Own College Education
11
39%
28%
Frequent Not Frequent
%ofKidswhosaytheysave
forcollege
T. Rowe Price 2014 Parents, Kids & Money Survey
Frequency of Conversations about Saving and Spending Wisely
Parents who frequently discuss the importance of saving and spending wisely with their kids are
significantly more likely to have kids who say they save money so they can go to college than
parents who do not have frequent discussions about this topic (39% vs. 28%).
N=433 N=567
13. Kids Saying They are Smart about Money
13
58%
36%
Frequent Not Frequent
%ofKidswhosaytheyare
very/extremelysmartabout
money
T. Rowe Price 2014 Parents, Kids & Money Survey
Frequency of Conversations about Saving for College
Parents who frequently discuss saving for college with their kids are significantly more likely to
have kids who say they are very/extremely smart about money than parents who do not have
frequent discussions about this topic (58% vs. 36%).
N=251 N=749
14. Kids Identifying Themselves as Savers or Spenders
14
61%
45%
Frequent Not Frequent
%ofKidswhosaytheyare
Savers
T. Rowe Price 2014 Parents, Kids & Money Survey
Frequency of Conversations about Saving for College
Parents who frequently discuss saving for college with their kids are significantly more likely to
have kids who say they are savers than parents who do not have frequent discussions about
this topic (61% vs. 45%).
N=251 N=749
15. Kids Saving for Their Own College Education
15
58%
23%
Frequent Not Frequent
%ofKidswhosaytheysave
forcollege
T. Rowe Price 2014 Parents, Kids & Money Survey
Frequency of Conversations about Saving for College
Parents who frequently discuss saving for college with their kids are significantly more likely to
have kids who say they save money so they can go to college than parents who do not have
frequent discussions about this topic (58% vs. 23%).
N=251 N=749
17. Kids Saying They are Smart About Money
17
60%
34%
Frequent Not Frequent
%ofKidswhosaytheyare
very/extremelysmartabout
money
T. Rowe Price 2014 Parents, Kids & Money Survey
Frequency of Conversations about Budgeting
Parents who frequently discuss budgeting with their kids are significantly more likely to have
kids who say they are very/extremely smart about money than parents who do not have
frequent discussions about this topic (60% vs. 34%).
N=284 N=716
18. Kids Identifying Themselves as Savers or Spenders
18
56%
47%
Frequent Not Frequent
%ofKidswhosaytheyare
Savers
T. Rowe Price 2014 Parents, Kids & Money Survey
Frequency of Conversations about Budgeting
Parents who frequently discuss budgeting with their kids are significantly more likely to have
kids who say they are savers than parents who do not have frequent discussions about this
topic (56% vs. 47%).
N=284 N=716
19. Kids Saving for Their Own College Education
19
53%
24%
Frequent Not Frequent
%ofKidswhosaytheysave
forcollege
T. Rowe Price 2014 Parents, Kids & Money Survey
Frequency of Conversations about Budgeting
Parents who frequently discuss budgeting with their kids are significantly more likely to have
kids who say they save money so they can go to college than parents who do not have frequent
discussions about this topic (53% vs. 24%).
N=284 N=716
21. Kids Saying They are Smart About Money
21
63%
35%
Frequent Not Frequent
%ofKidswhosaytheyare
very/extremelysmartabout
money
T. Rowe Price 2014 Parents, Kids & Money Survey
Frequency of Conversations about Setting Financial Goals
Parents who frequently discuss setting financial goals with their kids are significantly more likely
to have kids who say they are very/extremely smart about money than parents who do not
have frequent discussions about this topic (63% vs. 35%).
N=232 N=768
22. Kids Identifying Themselves as Savers or Spenders
22
60%
46%
Frequent Not Frequent
%ofKidswhosaytheyare
Savers
T. Rowe Price 2014 Parents, Kids & Money Survey
Frequency of Conversations about Setting Financial Goals
Parents who frequently discuss setting financial goals with their kids are significantly more likely
to have kids who say they are savers than parents who do not have frequent discussions about
this topic (60% vs. 46%).
N=232 N=768
23. Kids Saving for Their Own College Education
23
58%
24%
Frequent Not Frequent
%ofKidswhosaytheysave
forcollege
T. Rowe Price 2014 Parents, Kids & Money Survey
Frequency of Conversations about Setting Financial Goals
Parents who frequently discuss setting financial goals with their kids are significantly more likely
to have kids who say they are save money so they can go to college than parents who do not
have frequent discussions about this topic (58% vs. 24%).
N=232 N=768
25. Kids Saying They are Smart About Money
25
66%
37%
Frequent Not Frequent
%ofKidswhosaytheyare
very/extremelysmartabout
money
T. Rowe Price 2014 Parents, Kids & Money Survey
Frequency of Conversations about Family Finances
Parents who frequently discuss the family finances with their kids are significantly more likely to
have kids who say they are very/extremely smart about money than parents who do not have
frequent discussions about this topic (66% vs. 37%).
N=152 N=848
26. Kids Identifying Themselves as Savers or Spenders
26
66%
46%
Frequent Not Frequent
%ofKidswhosaytheyare
Savers
T. Rowe Price 2014 Parents, Kids & Money Survey
Frequency of Conversations about Family Finances
Parents who frequently discuss the family finances with their kids are significantly more likely to
have kids who say they are savers than parents who do not have frequent discussions about
this topic (66% vs. 46%).
N=152 N=848
27. Kids Saving for Their Own College Education
27
70%
25%
Frequent Not Frequent
%ofKidswhosaytheysave
forcollege
T. Rowe Price 2014 Parents, Kids & Money Survey
Frequency of Conversations about Family Finances
Parents who frequently discuss the family finances with their kids are significantly more likely to
have kids who say they save money so they can go to college than parents who do not have
frequent discussions about this topic (70% vs. 25%).
N=152 N=848
29. Kids Saying They are Smart about Money
29
75%
37%
Frequent Not Frequent
%ofKidswhosaytheyare
very/extremelysmartabout
money
T. Rowe Price 2014 Parents, Kids & Money Survey
Frequency of Conversations about Investment Vehicles
Parents who frequently discuss investment vehicles such as stocks, bonds, etc. with their kids
are significantly more likely to have kids who say they are very/extremely smart about money
than parents who do not have frequent discussions about this topic (75% vs. 37%).
N=110 N=890
30. Kids Identifying Themselves as Savers or Spenders
30
62%
48%
Frequent Not Frequent
%ofKidswhosaytheyare
Savers
T. Rowe Price 2014 Parents, Kids & Money Survey
Frequency of Conversations about Investment Vehicles
Parents who frequently discuss investment vehicles such as stocks, bonds, etc. with their kids
are significantly more likely to have kids who say they are very/extremely smart about money
than parents who do not have frequent discussions about this topic (75% vs. 37%).
N=110 N=890
31. Kids Saving for Their Own College Education
31
81%
26%
Frequent Not Frequent
%ofKidswhosaytheysave
forcollege
T. Rowe Price 2014 Parents, Kids & Money Survey
Frequency of Conversations about Investment Vehicles
Parents who frequently discuss investment vehicles such as stocks, bonds, etc. with their kids
are significantly more likely to have kids who say they save money so they can go to college
than parents who do not have frequent discussions about this topic (81% vs. 26%).
N=110 N=890