The deep downturn in the American economy may have an unexpected upside for future generations. Parents appear to be more aware of the importance of educating their children about money. According to a new Country Financial survey, more than half (58%) of parents have increased their focus on teaching their children about personal finances due to current economic conditions. Two-thirds (66%) rate their communication about money matters with their children as excellent or good.
Recession aside, this increased focus may also be attributed to the fact that many parents believe their children are not getting the financial education they need in school. Forty-one say their child’s school is not doing enough to teach basic money management. Another 34% are unsure if schools are giving their children the proper education in personal finance.