While parents agree on when to start teaching their children about financial matters, they have different ideas about how to do so. A survey released Tuesday by TD Bank, found most parents agree that they should begin teaching their children about financial literacy at age 12.
Despite being more confident about finances overall, fathers were less likely to take the lead in teaching their kids about money – two-thirds report wishing they had more conversations with their kids about financial matters.
Mothers were more likely to talk to their kids about everyday financial issues, like finding teaching moments while shopping, or teaching their children to count money or save in a piggy bank. Fathers were more likely to provide an allowance or to set a tangible savings goal.
The survey noted that the recession has led families to talk to their children more often about money, and nearly one-third say they are "more proactive" and talking to their kids before issues arise.
What's troubling is that some parents may not be teaching the right lessons. Almost half of families said they weren't following a budget. Over one-third of fathers and 22% of mothers said that was because they didn’t need one; 12% of fathers and 19% of mothers said they didn't know how.