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Our Piggy Banks, Ourselves

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Piggy banks and savings accounts are the most popular vehicles for teaching U.S. children about financial responsibility.

Retirement market watchers at New York Life Insurance Company, New York, came to that conclusion after commissioning a survey of 1,001 U.S. adults with children younger than 18.

Pollsters asked the parents to listen to a list of six financial education practices and pick their two favorite practices.

About 63%of the parents chose teaching children financial responsibility by “giving them an allowance, a piggy bank, or opening a savings account” as one of the two most effective financial education strategies.

About 40% said they believe in encouraging their children to work toward a high-paying career, and 31% said they believe in parents talking openly with children about personal and family finances.

Only 25% named having “financial plan to take care of their children in case something happens to them” as a top strategy.

- Allison Bell

Other parent survey coverage from National Underwriter Life & Health: