a recent survey
conducted by the team at Guarantor Loan Comparison, it has emerged that nearly
25% of parents who have children aged under 18 feel that they are not the most
responsible for educating their children about financial matters.
Using data sourced from respondents across the UK from all walks of life, the survey looked to gain a greater understanding of the level of financial support parents provide to their children.
Along with direct financial support, educating children about how to handle money is essential for their future development and long-term well-being.s the above data shows, three-quarters of parents are prepared to provide this education.
However, attitudes show that it is not deemed the sole responsibility of parents to provide financial guidance, with more than 70% of respondents agreeing that secondary schools also have a key role to play. This figure drops when the respondents were asked about the role of primary schools, with just over 37% of parents thinking that schools should be discussing financial matters with children between the ages of 5-11.
Sixth forms and sixth form colleges also proved to be less popular with those answering the survey than secondary schools, which implies that the age bracket of 11-16 is seen as the definitive time for financial education to be imparted.
Talking about financial concerns
When it comes to talking about finances with young people over 18 − who are more likely to be earning of their own accord − it seems that mum is definitely the word. The survey revealed a definite gender split in terms of parental guidance on financial matters. When compared to the dads we surveyed, mums were far more likely to talk to their adult children about a number of topics, including:
- Credit scores – 63% of mums said they would discuss this with their adult children, but only 27% of dads said the same
- Debt – 70% of mums were happy to talk about this, as compared to 59% of dads
Budgeting – 78% of mums
would talk budgets, opposed to 41% of dads