T. Rowe Price Parents, Kids & Money Survey

9TH ANNUAL PARENTS, KIDS &
MONEY SURVEY
Detailed Results

2
Contents
Saving for
kids’
education
Household Finances…………………………………………………………………..3
Household Debt………………………………………………………………………19
Savings………………………………………………………………………………..28
Emergency Fund……………………………………………………………………..32
Retirement Savings…………………………………………………………………..36
Parental Knowledge, Attitudes and Behavior………………………………...…..42
Financial Discussions………………………………………………………………..49
Teaching Kids About Finances……………………………………………………...60
Allowance……………………………………………………………………………..67
Kid Responses……………………………………………………………………….73
Respondent Profile…………………………………………………………………..86
Objective and Methodology…………………………………………………………90

4
43%
3%
54%
0% 10% 20% 30% 40% 50% 60%
No
Yes, I use a roboadvisor
Yes, I have an advisor or planner
Financial Advisor
Q12. DO YOU USE A PAID FINANCIAL ADVISOR OR PLANNER TO HELP
MANAGE YOUR INVESTMENTS AND/OR FINANCES?
T. Rowe Price 2017 Parents, Kids & Money Survey
N=1,014 (Total respondents)
57% Have
an Advisor
§  Men are more likely than women to have a financial advisor (75% vs. 37%)
§  Millennials (65%) are more likely than both Gen Xers (52%) and baby boomers (39%) to have a
financial advisor

5
19%
40%
41%
0% 5% 10% 15% 20% 25% 30% 35% 40% 45%
Cash
Credit card
Debit card
Paying for Purchases
Q21. WHICH OF THE FOLLOWING DO YOU PRIMARILY USE TO PAY FOR
PURCHASES?

6
22%
33%
45%
16%
47%
38%
0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50%
Cash
Credit card
Debit card
Men
Women
Paying for Purchases by Gender
Q21. WHICH OF THE FOLLOWING DO YOU PRIMARILY USE TO PAY FOR
PURCHASES?
N=1,014 (Total respondents) = Statistically significant - .05 level
§  Men are more likely than women to use a credit card, and less likely to use cash or a debit card

7
20%
80%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90%
No
Yes
Household Budget
N=1,014 (Total respondents); N=810 (Have a budget)
Q23. DO YOU HAVE A HOUSEHOLD BUDGET?
45%
55%
0% 10% 20% 30% 40% 50% 60%
I budget for expenses only
I include savings as a line item in
my budget
Q24. WHICH OF THE FOLLOWING BEST DESCRIBES
HOW YOU APPROACH YOUR BUDGET?
§  Men are more likely than women to have a budget (88% vs. 71%) and more likely to include
savings as a line item (61% vs. 46%)
§  Millennials (84%) are more likely than both Gen Xers (77%) and baby boomers (68%) to have a
household budget

8
4%
17%
79%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90%
Not sure
No
Yes
Budget Surplus
Q22. IS THERE TYPICALLY MONEY LEFT OVER AFTER PAYING ALL THE
MONTHLY EXPENSES?
§  Men are more likely than women to have money left over after paying all the monthly expenses
(89% vs. 68%)

9
69%
12%
19%
0% 10% 20% 30% 40% 50% 60% 70% 80%
No, I've never considered it
No, but I've considered it
Yes
Bankruptcy
N=1,014 (Total respondents); N=194 (Declared bankruptcy)
Q15. HAVE YOU EVER DECLARED PERSONAL
BANKRUPTCY?
31%
69%
0% 10% 20% 30% 40% 50% 60% 70% 80%
No
Yes
Q16. DO YOUR KID(S) KNOW THAT YOU ONCE
DECLARED BANKRUPTCY?
§  Men are more likely than women to have declared bankruptcy (22% vs. 16%)
§  Parents who have declared bankruptcy are more likely than those who haven’t to have kids who
don’t save any of the money they get (16% vs. 6%), spend money as soon as they get it (71%
vs. 42%), and expect parents to buy whatever they want (72% vs. 56%)
§  Kids who are aware their parents declared bankruptcy are more likely than those who are
unaware to say they are smart about money (68% vs. 30%)

10
16%
24%
20%
40%
0% 5% 10% 15% 20% 25% 30% 35% 40% 45%
Strongly agree
Somewhat agree
Somewhat disagree
Strongly disagree
Keeping Financial Secrets
Q64. HOW MUCH DO YOU AGREE OR DISAGREE WITH THE FOLLOWING
STATEMENTS: I KEEP FINANCIAL SECRETS FROM MY SPOUSE/PARTNER?
N=858 (Married)
40% Agree
§  Men are more likely than women to say they keep financial secrets from their spouse/partner
(50% vs. 27%)
§  Keeping financial secrets decreases by generation (45% for millennials, 38% for Gen Xers, and
18% for baby boomers)

11
36%
39%
39%
41%
44%
45%
63%
65%
75%
77%
0% 20% 40% 60% 80% 100%
I’ve lost track of how much I spend monthly on subscriptions like Netflix, Spotify, and
other subscription services
I don’t make enough money to cover what I spend
I hide purchases from my spouse so he/she doesn’t know how much I spend
Without credit cards I would not be able to cover my monthly expenses
My spouse and I don’t agree on how to budget for the household
I have a household budget, but I rarely look at it
I rarely carry cash anymore
When managing my finances, I always make sure that I pay myself first by including
savings in the budget
I have taken measures to cut back spending in the last year
Following a budget has helped my financial situation
Parental Attitudes and Behaviors
STATEMENTS?
(DISPLAYING PERCENT THAT AGREE)
§  Men are more likely than women to not look at their budget (52% vs. 34%), need credit cards to
cover monthly expenses (49% vs. 32%), lose track of monthly expenses (47% vs. 22%), and hide
purchases from their spouse/partner (46% vs. 30%)

12
29%
18%
21%
32%
0% 5% 10% 15% 20% 25% 30% 35%
$300 or more
$200 to $299
$100 to $199
Less than $100
Amount Spent on Kid—Birthday
Q73. THINKING ONLY ABOUT YOUR KID WHO WILL BE TAKING THE SURVEY, APPROXIMATELY
HOW MUCH DID YOU SPEND IN THE PAST 12 MONTHS ON BIRTHDAY PRESENTS AND PARTIES?

13
28%
17%
25%
30%
0% 5% 10% 15% 20% 25% 30% 35%
$500 or more
$300 to $499
$100 to $299
Less than $100
Amount Spent on Kid—Holiday Presents
HOW MUCH DID YOU SPEND IN THE PAST 12 MONTHS ON HOLIDAY PRESENTS?

14
33%
17%
19%
31%
0% 5% 10% 15% 20% 25% 30% 35%
$300 or more
$200 to $299
$100 to $199
Less than $100
Amount Spent on Kid—Back to School
HOW MUCH DID YOU SPEND IN THE PAST 12 MONTHS ON BACK TO SCHOOL?

15
26%
28%
9%
38%
0% 5% 10% 15% 20% 25% 30% 35% 40%
$300 or more
$100 to $299
$50 to $99
Less than $50
Amount Spent on Kid—Extracurricular
Activities
HOW MUCH DID YOU SPEND IN THE PAST 12 MONTHS ON EXTRACURRICULAR ACTIVITIES?

16
32%
34%
34%
0% 5% 10% 15% 20% 25% 30% 35% 40%
$75 or more
$20 to $74
Less than $20
Amount Spent on Kid—Halloween
HOW MUCH DID YOU SPEND IN THE PAST 12 MONTHS ON HALLOWEEN?

17
27%
29%
44%
0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50%
$200 or more
Less than $200
Nothing
Amount Spent on Kid—Summer Camp
HOW MUCH DID YOU SPEND IN THE PAST 12 MONTHS ON SUMMER CAMP?

18
26%
26%
23%
25%
0% 5% 10% 15% 20% 25% 30%
More than $200
$51 to $200
$50 or less
Nothing
Amount Spent on Kid—Athletics
Q73. THINKING ONLY ABOUT YOUR KID WHO WILL BE TAKING THE SURVEY,
APPROXIMATELY HOW MUCH DID YOU SPEND IN THE PAST 12 MONTHS ON ATHLETICS?

20
12%
25%
25%
14%
15%
10%
0% 5% 10% 15% 20% 25% 30%
I have carried credit card debt for as long as I can remember
I have used credit cards regularly to finance things I can’t
immediately afford
I have used credit cards occasionally to finance things I can’t
immediately afford
I rarely carry a balance on my credit cards
I never carry a balance on my credit cards
I don't have credit cards
Use of Credit Cards
Q13. WHICH STATEMENT BEST CHARACTERIZES YOUR USE OF CREDIT
CARD FINANCING?
§  Women are more likely than men to not have credit cards (15% vs. 5%)

21
14%
4%
11%
12%
12%
19%
23%
39%
41%
53%
0% 10% 20% 30% 40% 50% 60%
I don't have any debt
Other
Student loan (from kid's education)
Payday loan
Friend/relative debt
Medical debt
Student loan (from parent's education)
Car loan
Mortgage
Credit card debt
Types of Debt
Q14. WHICH OF FOLLOWING TYPES OF DEBT DO YOU HAVE?
(CHECK ALL THAT APPLY)
Mean Types of Debt: 2.14
§  61% of parents have more than one type of debt, with a mean number of debt types at 2.14
§  4% of parents have student loan debt for both their own and their kids’ educations
§  Parents who have declared bankruptcy are more likely than those who haven’t to have a
payday loan (22% vs. 10%)

22
18%
39%
23%
20%
0% 10% 20% 30% 40% 50%
Strongly agree
Somewhat agree
Somewhat disagree
Strongly disagree
Perception of Credit Card Debt
STATEMENT: EVERYBODY HAS CREDIT CARD DEBT?
57% Agree
§  Men are more likely than women to say that everybody has credit card debt (64% vs. 48%)

23
11%
20%
28%
41%
0% 10% 20% 30% 40% 50%
Strongly agree
Somewhat agree
Somewhat disagree
Strongly disagree
Perception of Personal Debt
STATEMENT: I HAVE MORE DEBT THAN MOST PEOPLE?
31% Agree
§  Men are more likely than women to say that they have more debt than most people (39% vs.
23%)
§  Millennials (37%) are more likely than both Gen Xers (29%) and baby boomers (18%) to say
that they have more debt than most people

24
25%
21%
28%
26%
0% 5% 10% 15% 20% 25% 30%
More than 5 years
3-5 years
1-2 years
Less than a year
Carrying a Credit Card Balance
Q19. HOW LONG HAVE YOU BEEN CARRYING A BALANCE ON CREDIT
CARDS?
N=541 (Have credit card debt)
§  Women are more likely than men to be carrying credit card debt for more than five years (29%
vs. 21%)

25
6%
8%
14%
20%
32%
19%
0% 5% 10% 15% 20% 25% 30% 35% 40%
$20,000 or more
$15,000 to $19,999
$10,000 to $14,999
$5,000 to $9,999
$1,000 to $4,999
Less than $1,000
Amount of Debt—Credit Cards
N=541 (Have credit card debt)
Q20. WHAT IS THE APPROXIMATE BALANCE (I.E., THE AMOUNT YOU STILL
OWE) FOR YOUR CREDIT CARDS NOW?
§  A total of 53% of respondents have credit card debt, and of those, 48% have a balance of $5,000 or more
§  Parents who have $5,000 or more in credit card debt are more likely than those who don’t to have kids who
spend money as soon as they get it (58% vs. 44%), expect parents to buy them whatever they want (65% vs.
57%), say parents confuse them when talking about money (67% vs. 51%), and say what parents say about
money is different than what they hear at school (65% vs. 53%)
§  Parents who have declared bankruptcy are more likely than those who haven’t to have $5,000 or more in credit
card debt (68% vs. 42%)

26
27%
8%
20%
22%
12%
10%
0% 5% 10% 15% 20% 25% 30% 35% 40%
$40,000 or more
$30,000 to $39,999
$20,000 to $29,999
$10,000 to $19,999
$5,000 to $9,999
Less than $5,000
Amount of Debt—Student Loans (Parents)
N=233 (Have student loans for parents’ education)
Q17. WHAT IS THE APPROXIMATE BALANCE (I.E., THE AMOUNT YOU STILL OWE)
FOR YOUR STUDENT LOANS (FOR YOUR OR YOUR SPOUSE’S EDUCATION)?

27
19%
13%
24%
19%
16%
8%
0% 5% 10% 15% 20% 25% 30% 35% 40%
$20,000 or more
$15,000 to $19,999
$10,000 to $14,999
$5,000 to $9,999
$1,000 to $4,999
Less than $1,000
Amount of Debt—Student Loans (Kids)
N=110 (Have student loans for kids’ education)
Q18. WHAT IS THE APPROXIMATE BALANCE (I.E., THE AMOUNT YOU STILL
OWE) FOR YOUR STUDENT LOANS (FOR YOUR KIDS’ EDUCATION)?

29
13%
49%
49%
52%
53%
0% 10% 20% 30% 40% 50% 60%
None of the above
Money saved for other goals
Money saved for retirement
An emergency fund to cover unexpected expenses
Money saved for kids’ college education
Savings Accounts
Q26. WHICH OF FOLLOWING DO YOU HAVE?
Total Types of Savings
None: 13%
One: 26%
Two: 22%
Three: 23%
Four: 16%
§  A total of 39% of parents have three or more types of savings
§  Parents who have three or more types of savings are more likely to have kids who discuss
money with them (83% vs. 66%) and less likely to have kids who spend money as soon as they
get it (40% vs. 52%) or lie about their spending (34% vs. 43%)

30
Savings Accounts—By Parent Gender and
Age
Q26. WHICH OF FOLLOWING DO YOU HAVE?
Gender Age
Men Women
Millennial
(A)
Gen X
(B)
Boomer
(C)
Money saved for kids’ college education 65% 38% 57% 51% 43%
Money saved for retirement 50% 48% 42% 54% (A) 64% (A)
Emergency fund 56% 47% 52% 52% 54%
Money saved for other goals 54% 43% 50% 47% 45%
None of the above 5% 23% 14% 13% 14%
Bold font signifies statistical significance

31
32%
68%
0% 10% 20% 30% 40% 50% 60% 70% 80%
Saving for retirement
Saving for kids' college education
Family Saving Priority
Q28. WHICH OF THE FOLLOWING IS THE HIGHER PRIORITY FOR YOU AND YOUR
FAMILY?
Gender Age
Men Women
Millennial
(A)
Gen X
(B)
Boomer
(C)
Saving for kids’ college education 75% 60% 76% (B,C) 62% 61%
Saving for retirement 25% 40% 24% 38% (A) 39% (A)

33
14%
9%
17%
6%
9%
20%
14%
10%
0% 5% 10% 15% 20% 25%
More than twelve months
Seven to 12 months
Six months
Five months
Four months
Three months
Two months
One month or less
Size of Emergency Fund
N=526 (Have emergency fund)
Q29. FOR HOW MANY MONTHS WOULD YOUR EMERGENCY FUND COVER
YOUR FAMILY’S EXPENSES?

34
22%
78%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90%
No, I do not maintain a separate account for my emergency fund
Yes, I maintain a separate account for my emergency fund
Separate Emergency Fund Account
Q30. DO YOU MAINTAIN A SEPARATE ACCOUNT FOR YOUR EMERGENCY
FUND OR IS IT KEPT IN AN ACCOUNT WITH OTHER FUNDS?

35
17%
1%
14%
20%
26%
27%
35%
5%
9%
21%
21%
22%
24%
28%
31%
0% 10% 20% 30% 40%
Nothing
Other
To cover expenses while unemployed
To pay taxes
Car purchase or repair
Health care costs
Home repair/renovation
Wedding
Down payment on a home
Childcare/daycare
Pay off debt
Day-to-day expenses
Holiday spending
Vacation
Kids' education
Using the Emergency Fund
Q31. WHAT TYPES OF THINGS HAVE YOU USED EMERGENCY FUND MONEY
FOR IN THE PAST TWO YEARS?
67% have used emergency
funds for non-emergencies,
and 45% have used
emergency funds for more
than one non-emergency
Across categories, men are
more likely than women to
tap in to their emergency
fund
Emergencies
Non-emergencies

37
2%
17%
23%
26%
29%
29%
50%
65%
0% 10% 20% 30% 40% 50% 60% 70%
Other
Taxable investment account
Roth IRA
Certificate of deposit (CD)
Annuity or life insurance policy
Traditional IRA
Regular savings account
401(k) plan
Retirement Accounts
N=495 (Have retirement savings)
Q32. WHAT TYPES OF ACCOUNTS DO YOU HAVE FOR YOUR RETIREMENT
SAVINGS?
Total # of Accounts
One: 33%
Two: 26%
Three: 21%
Four+: 20%
Mean: 2.41

38
28%
72%
0% 10% 20% 30% 40% 50% 60% 70% 80%
No
Yes
Mixed Retirement Accounts
N=276 (Have regular savings or taxable investment accounts for retirement savings)
Q33. DO THE REGULAR SAVINGS OR TAXABLE INVESTMENT ACCOUNTS
YOU USE FOR RETIREMENT SAVINGS ALSO HAVE MONEY THAT IS NOT
GOING TO BE USED FOR RETIREMENT?
§  Men are more likely than women to mingle money in their accounts (76% vs. 65%)

39
4%
14%
26%
56%
0% 10% 20% 30% 40% 50% 60%
Five times or more
Two to four times
Once
Never
N=276 (Have regular savings or taxable investment accounts for retirement savings)
Q34. HOW MANY TIMES HAVE YOU TAKEN MONEY OUT OF YOUR
RETIREMENT SAVINGS IN THE PAST TWO YEARS?
Using Money From Retirement Accounts
§  Men are more likely than women to have taken money out of their retirement savings (49% vs. 38%)
§  Millennials (62%) are more likely than both Gen Xers (33%) and baby boomers (29%) to have taken
money out of their retirement savings
§  Those who have declared bankruptcy (74% vs. 37%) and those who have more than $5,000 in credit
card debt (62% vs. 37%) are more likely to have taken money out of retirement savings

40
2%
18%
19%
22%
22%
26%
12%
13%
13%
17%
18%
21%
26%
33%
35%
0% 10% 20% 30% 40%
Other
To cover expenses while
To pay taxes
Car purchase or repair
Health care costs
Home repair/renovation
Wedding
Down payment on a home
Replenish emergency fund
Holiday spending
Childcare/daycare
Day-to-day expenses
Vacation
Kids' education
Pay off debt
Using Money From Retirement Accounts
N=216 (Have taken money out of retirement savings)
Q35. WHICH OF THE FOLLOWING THINGS HAVE YOU PAID FOR WITH
MONEY TAKEN FROM RETIREMENT SAVINGS IN THE PAST TWO YEARS?
83% have used retirement
funds for non-emergencies,
and 47% for more than one
non-emergency
Emergencies
Non-emergencies

41
20%
35%
26%
19%
0% 5% 10% 15% 20% 25% 30% 35% 40%
Strongly agree
Somewhat agree
Somewhat disagree
Strongly disagree
Anxiety About Saving for Retirement
STATEMENT: CONVERSATIONS ABOUT SAVING FOR RETIREMENT USUALLY
FILL ME WITH A LOT OF ANXIETY?
55% Agree

PARENTAL KNOWLEDGE,
ATTITUDES, AND BEHAVIORS

43
49%
69%
70%
74%
0% 10% 20% 30% 40% 50% 60% 70% 80%
Investing
Managing expenses
Budgeting
Money
Parents’ Financial Knowledge
Q58. OVERALL, HOW KNOWLEDGEABLE ARE YOU ABOUT EACH OF THE
FOLLOWING?
(FIVE POINT SCALE – DISPLAYING VERY OR EXTREMELY)
§  For each topic, men are more likely than women to say they are knowledgeable

44
39%
47%
50%
55%
59%
0% 10% 20% 30% 40% 50% 60% 70%
I have borrowed from my kids’ “piggy bank” without paying them back
I have gone into debt to pay for something my kids wanted
I sometimes feel ashamed that I’m not providing enough for my kids
I spend too much money on my kids for things they don’t really need
I worry that I spoil my kids
Parental Attitudes and Behaviors
Q62 AND Q64. HOW MUCH DO YOU AGREE OR DISAGREE WITH THE
FOLLOWING STATEMENTS?

45
28%
36%
45%
52%
53%
48%
56%
54%
58%
64%
0% 10% 20% 30% 40% 50% 60% 70%
I have borrowed from my kids’ “piggy bank” without paying them back
I have gone into debt to pay for something my kids wanted
I sometimes feel ashamed that I’m not providing enough for my kids
I spend too much money on my kids for things they don’t really need
I worry that I spoil my kids
Men Women
Parental Attitudes and Behaviors by Parent
Gender
Q62 AND Q64. HOW MUCH DO YOU AGREE OR DISAGREE WITH THE

46
15%
16%
16%
20%
26%
27%
54%
0% 10% 20% 30% 40% 50% 60%
None of the above
Told my kids we have more money than we really do
Used money my kids have received as gifts to buy something for myself
Showed financial statements to my kids
Told my kids we have less money than we really do
Told my kids we can’t afford things when we really can
Used money as incentive for good grades or good behavior
Parental Behaviors
Q52. WHICH OF THE FOLLOWING THINGS HAVE YOU DONE?
§  85% of parents have done at least one of the listed behaviors
§  Millennials are more likely than older generations to misrepresent the household financial status

47
12%
10%
16%
20%
24%
28%
34%
37%
37%
40%
0% 5% 10% 15% 20% 25% 30% 35% 40% 45%
None of the above
Roboadvisor
Books or other materials by celebrity spokespeople
Social media
Financial news channels
Parents
Friends
Traditional financial advisor
Financial websites or apps
Google/my own research
Financial Resources
Q59. WHEN IT COMES TO FINANCIAL MATTERS, WHICH OF THE FOLLOWING
DO YOU CONSULT?
§  In general, men and millennials are more likely to consult sources when it comes to financial
matters

48
Parents Knowledge of Saving and Investing
42%
43%
51%
55%
66%
0% 10% 20% 30% 40% 50% 60% 70%
Stocks are generally less risky investments than bonds
A 50 year old shouldn’t put any of their retirement money in stocks because stocks can
lose money
Having an emergency fund to cover one or two months' living expenses is sufficient
If I save 6% of my income toward retirement each year, I’ll have enough money to
comfortably retire at age 65
What investments you choose (e.g., what stock, bond, or mutual fund) matters more than
how much money you invest
Q46. PLEASE INDICATE WHETHER EACH OF THE FOLLOWING STATEMENTS
IS TRUE OR FALSE
(DISPLAYING PERCENT SAYING TRUE)
§  Men are more likely than women to say saving 6% a year is enough for retirement (62% vs.
47%), an emergency fund lasting one to two months is sufficient (55% vs. 46%), and stocks are
less risky than bonds (49% vs. 35%)

50
3%
11%
9%
28%
31%
18%
0% 5% 10% 15% 20% 25% 30% 35%
Once a day or more
A few times a week
Once a week
A few times a month
Once a month or less
Never
Frequency of Financial Discussions
Q47. OVERALL, HOW OFTEN DO YOU DISCUSS ANY FINANCIAL TOPICS
(E.G., THE IMPORTANCE OF SAVING AND SPENDING WISELY, SETTING
FINANCIAL GOALS, BUDGETING, ETC.) WITH YOUR KIDS?
§  Parents who discuss financial topics with their kids at least once a week are more likely than
those that do not to have kids who say they are smart about money (64% vs. 41%)
§  Men are more likely than women to say more than once a week or more (26% vs. 19%)

51
12%
35%
53%
0% 10% 20% 30% 40% 50% 60%
I set aside time to specifically discuss financial topics
The kids usually come to me with a question
I bring things up as they occur
Types of Financial Discussions
N=828 (Have financial discussions with kids)
Q48. WHICH OF THE FOLLOWING BEST DESCRIBES HOW YOU DISCUSS
FINANCIAL TOPICS WITH YOUR KIDS?
§  Women are more likely than men to bring things up as they occur (68% vs. 42%) and less likely
to have kids come to them with a question (21% vs. 46%)
§  Millennials (48%) are more likely than both Gen Xers (26%) and baby boomers (7%) to wait for
kids to come to them with questions

52
42%
61%
0% 10% 20% 30% 40% 50% 60% 70%
My kids are too young to talk to about money and finances
I generally only talk to my kids about money when they ask about it
Financial Conversations
STATEMENTS?

53
10%
15%
24%
20%
31%
0% 5% 10% 15% 20% 25% 30% 35%
Extremely reluctant
Very reluctant
Somewhat reluctant
Not very reluctant
Not at all reluctant
Reluctance to Discuss Financial Matters
Q49. HOW RELUCTANT ARE YOU TO DISCUSS FINANCIAL MATTERS WITH
YOUR KIDS?
§  69% of parents have some reluctance to discussing financial matters with their kids
§  Parents who have declared bankruptcy are more likely than those who haven’t to be reluctant to
talk to their kids about money (44% vs. 20%)
§  Parents who have more than $5,000 in credit card debt are more likely than those who don’t to
be reluctant to talk to their kids about money (35% vs. 21%)

54
16%
20%
22%
24%
31%
34%
36%
41%
54%
28%
31%
34%
37%
43%
43%
41%
44%
34%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Market volatility
Digital payment methods like PayPal and Venmo
Not talking about money in public
The value of long-term investing
Giving to charity
Setting financial goals
Maintaining a budget
How to earn money
The importance of saving
Frequently
Occasionally
Importance of Financial Discussions
Q50. HOW OFTEN DO YOU DISCUSS EACH OF THE FOLLOWING WITH YOUR
KIDS?
(FOUR POINT SCALE – DISPLAYING FREQUENTLY OR OCCASIONALLY)

55
32%
33%
35%
36%
38%
38%
40%
0% 10% 20% 30% 40% 50%
Politics
Terrorism
Family finances
Death
Drugs
Bullying
Sex
Uncomfortable Discussions
Q51. HOW UNCOMFORTABLE ARE YOU DISCUSSING EACH OF THE
FOLLOWING WITH YOUR KIDS?
(FIVE POINT SCALE – DISPLAYING VERY OR EXTREMELY)
§  Across all topics, millennials are more likely than Gen Xers and baby boomers to be
uncomfortable having discussions with their kids

56
26%
28%
46%
0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50%
No difference
Girls
Boys
Kids Asking Questions
N=620 (Have boys and girls)
Q54. BASED ON YOUR EXPERIENCE, WHO ASKS ABOUT MONEY MORE?
§  Men are more likely than women to say boys ask more about money (57% vs. 28%)

57
35%
25%
40%
0% 5% 10% 15% 20% 25% 30% 35% 40% 45%
No difference
Girls
Boys
Talking to Boys and Girls
Q55. DO YOU FIND THAT YOU SPEND MORE TIME TALKING ABOUT MONEY
WITH YOUR BOY(S) OR GIRL(S)?
N=620 (Have boys and girls)
§  Men are more likely than women to spend more time talking to boys about money (52% vs.
23%)

58
Talking to Boys and Girls
N=404 (Talk more to boys or girls)
Q56. WHY DO YOU TALK MORE WITH YOUR [BOY(S) OR GIRL(S)]?
32%
25%
38%
33%
57%
50%
16%
26%
45%
25%
57%
53%
0% 10% 20% 30% 40% 50% 60%
They play on financial games or apps more
They are more likely to have more money to manage
They are older
They need more help with money
They seem more interested
They ask more questions
Girls Boys
Talk More to:
= Statistically significant - .05 level
§  Parents who talk with boys about finances more than girls are more likely to say boys need help
with money and they play more financial games

59
48%
51%
67%
83%
0% 20% 40% 60% 80% 100%
I often miss opportunities to talk to my kids about money and finances
I don’t always know the best way to talk to my kids about financial topics
Opportunities to talk to my kids about money and finances come up almost every
day
The conversations I have with my kids about finances make a difference
Attitudes About Financial Discussions
STATEMENTS?
§  Men are more likely than women to say they don’t always know the best way to talk to kids
about financial topics (57% vs. 44%) and they often miss opportunities (54% vs. 41%)
§  Millennials are more likely than Gen Xers and baby boomers to say they don’t always know the
best way to talk to kids about financial topics (56% vs. 48% vs. 38%)

61
10%
16%
18%
20%
31%
41%
55%
0% 10% 20% 30% 40% 50% 60%
None of the above
Investment account
Credit card
Checking account
Online/gaming account
Piggy bank
Savings account
Kids’ Finances
Q60. WHICH OF THE FOLLOWING DO YOUR KIDS HAVE?

62
2%
41%
57%
0% 10% 20% 30% 40% 50% 60%
Other
My kid does
I do
Paying Kids’ Credit Card Bill
Q61. WHO PAYS YOUR KID’S CREDIT CARD BILL
N=180 (Kid has credit card)

63
6%
2%
32%
34%
37%
41%
41%
45%
47%
0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50%
None of the above
Other
Figuring out the amount of sales tax you pay
Discussing why we can’t take a bigger vacation
Figuring out how much tip to leave at a restaurant
Discussing the cost of college
Going into a physical bank
Figuring out how much you get off on sales
Back-to-school shopping on a budget
Teaching Moments
Q53. WHICH OF THE FOLLOWING HAVE YOU USED AS AN OPPORTUNITY TO
TEACH YOUR KIDS ABOUT MONEY?
§  Women are more likely than men to say figuring out how much to tip (41% vs. 35%), figuring out
how much you get off on sales (53% vs. 38%), and back-to-school shopping on a budget (54%
vs. 41%)

64
6%
24%
33%
63%
65%
0% 10% 20% 30% 40% 50% 60% 70%
None of the above
Manage their own accounts
Decide what charities to donate to
Decide what they spend their own money on
Decide what to save their money for
Allowing Kids to Manage Their Own
Finances
Q63. WHICH OF THE FOLLOWING DO YOU ALLOW YOUR KIDS TO DO ON
THEIR OWN?
§  A total of 44% of parents let their kids decide what to save their own money for AND what to
spend their own money on

65
55%
69%
0% 20% 40% 60% 80%
I have a hard time making my kids understand the value of a dollar
I’ve tried various ways to get my kids to save their money instead of spending it all
right away to no avail
Teaching Kids About Money
STATEMENTS?

66
49%
54%
56%
68%
72%
76%
79%
0% 20% 40% 60% 80% 100%
When my kids receive money as a gift, I decide what to do with the money
The schools do a good job of teaching kids about money
I let my kids make bad financial decisions so they can learn from their mistakes
I let my kids manage their own money
I would be interested in taking a course that teaches financial basics
I would enroll my kids in a course about money and finances for kids
I keep a pretty close eye on my kids’ money and what they’re doing with it
Letting Kids Manage Their Own Money
Q62 & Q64. HOW MUCH DO YOU AGREE OR DISAGREE WITH THE

68
34%
11%
55%
0% 10% 20% 30% 40% 50% 60%
I don’t give allowance
I give allowance without any requirements
I give allowance, but kids have to earn it
Allowance Approach
Q74. WHICH OF THE FOLLOWING BEST DESCRIBES YOUR APPROACH TO
ALLOWANCE?

69
11%
18%
17%
55%
0% 10% 20% 30% 40% 50% 60%
$51 or more
$21 to $50
$11 to $20
$10 or less
Amount of Allowance
Q76. REGARDLESS OF HOW OFTEN YOU GIVE ALLOWANCE, ON AVERAGE,
HOW MUCH DO YOU GIVE PER WEEK?
N=669 (Give an allowance)

70
8%
13%
8%
19%
19%
20%
14%
0% 5% 10% 15% 20% 25%
11 or older
10
9
8
7
6
5 or younger
Age Allowance Begins
Q77. HOW OLD WERE YOUR KIDS WHEN YOU STARTED GIVING
ALLOWANCE?

71
56%
66%
0% 10% 20% 30% 40% 50% 60% 70%
My kids usually spend most of their allowance money right away
I often give my kids additional money outside their allowance
Allowance
STATEMENTS?
§  Men are more likely than women to give kids money outside their allowance (71% vs. 60%), and
their kids usually spend their allowance right away (64% vs. 46%)

72
Allowance Trending
PERCENT OF PARENTS
WHO GIVE ALLOWANCE
55%
79%
70%
47%48%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
20172016201520132011
AVERAGE ALLOWANCE PER WEEK
55%
17%
18%
11%
61%
18%
16%
4%
50%
23%
18%
9%
68%
18%
12%
2%
$10 or less
$11–$20
$21–$50
$51 or more
2017
2016
2015
2013
2017 N=1,104 (Total respondents)
2011 N=1,008(Total respondents)
2017 N=669 (Give an allowance)

74
15%
32%
42%
10%
2%
0% 5% 10% 15% 20% 25% 30% 35% 40% 45%
Extremely
Very
Somewhat
Not very
Not at all
Kids’ Knowledge of Money
Q83. OVERALL, HOW SMART ARE YOU ABOUT MONEY?
§  Boys are more likely than girls to say very/extremely (50% vs. 41%)

75
10%
90%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
No
Yes
Kids’ Savings Habits
Q84. DO YOU HAVE ANY MONEY SAVED?

76
29%
22%
21%
14%
14%
0% 5% 10% 15% 20% 25% 30% 35%
$500 or more
$200-$499
$100-$199
$50-$99
Less than $50
N=917 (Have money saved)
Q85. ABOUT HOW MUCH DO YOU HAVE SAVED?

77
2%
12%
50%
63%
0% 10% 20% 30% 40% 50% 60% 70%
Other
My parents have it
In a bank
At my house
N=917 (Have money saved)
Q86. WHERE DO YOU KEEP THE MONEY YOU HAVE SAVED?

78
8%
46%
36%
11%
0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50%
I don't save anything
I save some of it
I save most of it
I save all of it
Q87. OF ALL THE MONEY YOU GET, HOW MUCH DO YOU SAVE?

79
23%
50%
22%
5%
0% 10% 20% 30% 40% 50% 60%
Frequently
Occasionally
Rarely
Never
Frequency of Financial Conversations
Q90. HOW OFTEN DO YOU TALK WITH YOUR PARENTS ABOUT MONEY AND
FINANCES?
§  Kids whose parents let them decide how to manage their money are more likely than those
whose parents don’t let them decide to have occasional/frequent conversations with their
parents (76% vs. 70%)

80
15%
17%
26%
26%
41%
49%
0% 10% 20% 30% 40% 50% 60%
None of the above
Friends/other kids
Aunts/uncles/cousins
Brothers and sisters
Teachers
Grandparents
Learning About Money From Others
Q91. WHO ELSE BESIDES YOUR PARENTS TALKS TO YOU OR TEACHES YOU
ABOUT MONEY AND FINANCES?
§  Kids whose parents let them decide how to manage their money are more likely than those
whose parents don’t let them decide to learn from grandparents (55% vs. 44%), teachers (45%
vs. 37%), and other family members (32% vs. 22%)

81
Kid Attitudes and Perceptions
35%
37%
51%
52%
88%
0% 20% 40% 60% 80% 100%
My parents are uncomfortable talking to me about money
My parents fight about money
I play a lot of games that have money involved
My friends and I talk about money a lot
My parents set a good example when it comes to how to save and spend money
STATEMENTS?

82
1%
22%
11%
66%
0% 10% 20% 30% 40% 50% 60% 70%
Not sure
No
Yes, and I don't have to earn it
Yes, but I have to earn it
Allowance
Q93. DO YOU GET AN ALLOWANCE?

83
12%
19%
15%
53%
0% 10% 20% 30% 40% 50% 60%
$51 or more
$21 to $50
$11 to $20
$10 or less
Amount of Allowance
Q95. ON AVERAGE, HOW MUCH ALLOWANCE DO YOU GET PER WEEK?
N=782 (Receive an allowance)

84
Money Management
36%
48%
54%
55%
77%
86%
89%
0% 20% 40% 60% 80% 100%
My parents have borrowed from my “piggy bank” without paying me back
I usually spend money as soon as I get it
Sometimes what my parents tell me about money is different than what I’ve heard
at school
My parents sometimes confuse me when they talk about money
My parents let me manage my own money
My parents are really good with money
It’s important to save money for emergencies
STATEMENTS?
§  Kids whose parents let them decide how to manage their money are less likely than those whose parents don’t
let them decide to spend their money as soon as they get it (40% vs. 53%)
§  Parents who have declared bankruptcy are more likely than those who haven’t to have kids who say parents
confuse them when talking about money (76% vs. 51%) and that what their parents tell them about money is
sometimes different than what they hear at school (70% vs. 53%)

85
29%
24%
47%
0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50%
Not sure
Their retirement
My college
Perceived Savings Priorities
Q100. DO YOU THINK IT’S MORE IMPORTANT FOR YOUR PARENTS TO SAVE
FOR THEIR RETIREMENT OR YOUR COLLEGE?

87
50%50%
Respondent Profile
31%
20%
24%
25%
South
Northeast
West
Midwest
Q2. REGIONQ1. AGE Q3. GENDER
Men
Women
Q5. HOUSE HOLD
INCOME
82%
10%
5%
3%
1%
Married
Single
Separated/Divorced
Married (Same sex)
Widow/Widower
Q4. MARITAL STATUS
35%
55%
10%
<35
35–50
51+
23%
49%
28%
<$50K
$50K–$99,999
$100K+
71%
14%
13%
5%
2%
White/Caucasian
Hispanic/Latino
Black/African
American
Asian
Native American
Q6. RACE/ETHNICITY
(Check all that apply)

88
Respondent Profile
Q7. EDUCATION LEVEL
65%
16%
10%
5%
4%
2%
1%
Employed full-time
Employed part-time
Stay at home parent
Self-employed
Unemployed
Retired
Student
Q8. EMPLOYMENT STATUS
(Check all that apply)
1%
10%
25%
11%
31%
22%
< HS graduate
HS graduate
Some college
Assoc. degree
Bachelor's degree
Graduate degree
21%
54%
19%
7%
1
2
3
4 +
Q9. # KIDS IN HH
53%
47%
Q11. KID GENDER
BoysGirls
Q12. KID AGE
14%
11%
16%
12%
15%
19%
13%
8
9
10
11
12
13
14

89
Respondent Profile
24%
57%
15%
4%
1%
None
One
Two
Three
Four +
# BOYS IN HOUSEHOLD KID GENDER MIX
15%
24%
61%
Girls only
Boys only
Boys and girls
# GIRLS IN HOUSEHOLD
15%
60%
21%
3%
1%
None
One
Two
Three
Four +
81%
18%
1%
None
One
Two +
# KIDS 8-14 IN HH# KIDS < 8 IN HH
55%
33%
10%
2%
None
One
Two
Three+
# KIDS > 14 IN HH
68%
28%
4%
One
Two
Three+

91
Objective and Methodology
Objective
§  To understand the basic financial knowledge, attitudes, and behaviors of both parents of
children ages 8-14 and their children ages 8-14.
Methodology
§  T. Rowe Price commissioned an online survey of parents of children ages 8-14 and their
children ages 8-14.
§  The survey was fielded from January 18, 2017, through January 26, 2017, with parent
quotas of approximately 50% men and 50% women.
§  A total of 1,014 parents and children ages 8-14 in the U.S. participated; the sampling error
for a sample of 1,014 is +/- 3.1% at the 95% confidence interval.
§  The survey was fielded through Research Now.

T. Rowe Price Parents, Kids & Money Survey

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