2014 parents, kids & money survey supplemental data
DESCRIPTION
Our sixth annual Parents, Kids & Money Survey revealed that boys and girls are not equally prepared when it comes to learning about money matters at home. We also found a correlation between talking to kids of either gender about financial concepts and kids developing positive financial behaviors. T. Rowe Price encourages parents to invest in their kids’ future by talking to them about money matters weekly. Visit http://moneyconfidentkids.com for help.TRANSCRIPT
6thAugust 2014
Supplemental Data
2
Boys vs. Girls Findings
Conversations about setting financial goals – by child gender
3
58%50%
Boys Girls
T. Rowe Price 2014 Parents, Kids & Money Survey
According to kids, parents have at least occasional conversations about setting financial goals with boys significantly more than with girls.
N=488 N=424
Percent of boys and girls who say they have discussions with theirparents about setting financial goals at least occasionally
Parents saving for kids college – by child perception
4
53%
42%
Boys Girls
T. Rowe Price 2014 Parents, Kids & Money Survey
Only 42% of girls think their parents are saving for their college versus 53% of boys.
Percent of boys and girls who think their parents save for their college
N=488 N=424
Kids with credit cards – by child gender
5
12%
6%
Boys Girls
T. Rowe Price 2014 Parents, Kids & Money Survey
Twice as many boys have credit cards than girls – 12% versus 6%.
Percent of boys and girls that have a credit card
N=488 N=424
Child money intelligence – by gender
6
45%38%
Boys Girls
T. Rowe Price 2014 Parents, Kids & Money Survey
Boys are more likely to think they are smart about money. 45% of boys think they are very or extremely smart about money versus just 38% of girls.
Percent of boys and girls who think they are very or extremely smart about money
N=488 N=424
Kids understand value of a dollar - by gender
7
80%69%
Boys Girls
T. Rowe Price 2014 Parents, Kids & Money Survey
Of parents with only one child ages 8-14, 80% think their son understands the value of a dollar while only 69% think their daughter does.
Percent of parents who say their boy or girl understands the value of a dollar
N=259 N=219
8
Impacts when Discussing Saving & Spending Wisely
Kids Saying They are Smart about Money
9
49%
36%
Frequent Not Frequent% of K
ids w
ho sa
y they are
very/extremely sm
art a
bout
mon
ey
T. Rowe Price 2014 Parents, Kids & Money Survey
Frequency of Conversations about Saving and Spending Wisely
Parents who frequently discuss the importance of saving and spending wisely with their kids are significantly more likely to have kids who say they are very/extremely smart about money than parents who do not have frequent discussions about this topic (49% vs. 36%).
N=433 N=567
Kids Identifying Themselves as Savers or Spenders
10
53%46%
Frequent Not Frequent% of K
ids w
ho sa
y they are
Savers
T. Rowe Price 2014 Parents, Kids & Money Survey
Frequency of Conversations about Saving and Spending Wisely
Parents who frequently discuss the importance of saving and spending wisely with their kids are significantly more likely to have kids who say they are savers than parents who do not have frequent discussions about this topic (53% vs. 46%).
N=433 N=567
Kids Saving For Their Own College Education
11
39%
28%
Frequent Not Frequent% of K
ids w
ho sa
y they sa
ve
for college
T. Rowe Price 2014 Parents, Kids & Money Survey
Frequency of Conversations about Saving and Spending Wisely
Parents who frequently discuss the importance of saving and spending wisely with their kids are significantly more likely to have kids who say they save money so they can go to college than parents who do not have frequent discussions about this topic (39% vs. 28%).
N=433 N=567
12
Impacts when Discussing Saving for College
Kids Saying They are Smart about Money
13
58%
36%
Frequent Not Frequent% of K
ids w
ho sa
y they are
very/extremely sm
art a
bout
mon
ey
T. Rowe Price 2014 Parents, Kids & Money Survey
Frequency of Conversations about Saving for College
Parents who frequently discuss saving for college with their kids are significantly more likely to have kids who say they are very/extremely smart about money than parents who do not have frequent discussions about this topic (58% vs. 36%).
N=251 N=749
Kids Identifying Themselves as Savers or Spenders
14
61%
45%
Frequent Not Frequent% of K
ids w
ho sa
y they are
Savers
T. Rowe Price 2014 Parents, Kids & Money Survey
Frequency of Conversations about Saving for College
Parents who frequently discuss saving for college with their kids are significantly more likely to have kids who say they are savers than parents who do not have frequent discussions about this topic (61% vs. 45%).
N=251 N=749
Kids Saving for Their Own College Education
15
58%
23%
Frequent Not Frequent% of K
ids w
ho sa
y they sa
ve
for college
T. Rowe Price 2014 Parents, Kids & Money Survey
Frequency of Conversations about Saving for College
Parents who frequently discuss saving for college with their kids are significantly more likely to have kids who say they save money so they can go to college than parents who do not have frequent discussions about this topic (58% vs. 23%).
N=251 N=749
16
Impacts When Discussing Budgeting
Kids Saying They are Smart About Money
17
60%
34%
Frequent Not Frequent% of K
ids w
ho sa
y they are
very/extremely sm
art a
bout
mon
ey
T. Rowe Price 2014 Parents, Kids & Money Survey
Frequency of Conversations about Budgeting
Parents who frequently discuss budgeting with their kids are significantly more likely to have kids who say they are very/extremely smart about money than parents who do not have frequent discussions about this topic (60% vs. 34%).
N=284 N=716
Kids Identifying Themselves as Savers or Spenders
18
56%
47%
Frequent Not Frequent% of K
ids w
ho sa
y they are
Savers
T. Rowe Price 2014 Parents, Kids & Money Survey
Frequency of Conversations about Budgeting
Parents who frequently discuss budgeting with their kids are significantly more likely to have kids who say they are savers than parents who do not have frequent discussions about this topic (56% vs. 47%).
N=284 N=716
Kids Saving for Their Own College Education
19
53%
24%
Frequent Not Frequent% of K
ids w
ho sa
y they sa
ve
for college
T. Rowe Price 2014 Parents, Kids & Money Survey
Frequency of Conversations about Budgeting
Parents who frequently discuss budgeting with their kids are significantly more likely to have kids who say they save money so they can go to college than parents who do not have frequent discussions about this topic (53% vs. 24%).
N=284 N=716
20
Impacts when Discussing Setting Financial Goals
Kids Saying They are Smart About Money
21
63%
35%
Frequent Not Frequent% of K
ids w
ho sa
y they are
very/extremely sm
art a
bout
mon
ey
T. Rowe Price 2014 Parents, Kids & Money Survey
Frequency of Conversations about Setting Financial Goals
Parents who frequently discuss setting financial goals with their kids are significantly more likely to have kids who say they are very/extremely smart about money than parents who do not have frequent discussions about this topic (63% vs. 35%).
N=232 N=768
Kids Identifying Themselves as Savers or Spenders
22
60%
46%
Frequent Not Frequent% of K
ids w
ho sa
y they are
Savers
T. Rowe Price 2014 Parents, Kids & Money Survey
Frequency of Conversations about Setting Financial Goals
Parents who frequently discuss setting financial goals with their kids are significantly more likely to have kids who say they are savers than parents who do not have frequent discussions about this topic (60% vs. 46%).
N=232 N=768
Kids Saving for Their Own College Education
23
58%
24%
Frequent Not Frequent% of K
ids w
ho sa
y they sa
ve
for college
T. Rowe Price 2014 Parents, Kids & Money Survey
Frequency of Conversations about Setting Financial Goals
Parents who frequently discuss setting financial goals with their kids are significantly more likely to have kids who say they are save money so they can go to college than parents who do not have frequent discussions about this topic (58% vs. 24%).
N=232 N=768
24
Impacts When Discussing Family Finances
Kids Saying They are Smart About Money
25
66%
37%
Frequent Not Frequent% of K
ids w
ho sa
y they are
very/extremely sm
art a
bout
mon
ey
T. Rowe Price 2014 Parents, Kids & Money Survey
Frequency of Conversations about Family Finances
Parents who frequently discuss the family finances with their kids are significantly more likely to have kids who say they are very/extremely smart about money than parents who do not have frequent discussions about this topic (66% vs. 37%).
N=152 N=848
Kids Identifying Themselves as Savers or Spenders
26
66%
46%
Frequent Not Frequent% of K
ids w
ho sa
y they are
Savers
T. Rowe Price 2014 Parents, Kids & Money Survey
Frequency of Conversations about Family Finances
Parents who frequently discuss the family finances with their kids are significantly more likely to have kids who say they are savers than parents who do not have frequent discussions about this topic (66% vs. 46%).
N=152 N=848
Kids Saving for Their Own College Education
27
70%
25%
Frequent Not Frequent% of K
ids w
ho sa
y they sa
ve
for college
T. Rowe Price 2014 Parents, Kids & Money Survey
Frequency of Conversations about Family Finances
Parents who frequently discuss the family finances with their kids are significantly more likely to have kids who say they save money so they can go to college than parents who do not have frequent discussions about this topic (70% vs. 25%).
N=152 N=848
28
Impacts When Discussing Investment Vehicles(Stocks, Bonds, Etc.)
Kids Saying They are Smart about Money
29
75%
37%
Frequent Not Frequent% of K
ids w
ho sa
y they are
very/extremely sm
art a
bout
mon
ey
T. Rowe Price 2014 Parents, Kids & Money Survey
Frequency of Conversations about Investment Vehicles
Parents who frequently discuss investment vehicles such as stocks, bonds, etc. with their kids are significantly more likely to have kids who say they are very/extremely smart about money than parents who do not have frequent discussions about this topic (75% vs. 37%).
N=110 N=890
Kids Identifying Themselves as Savers or Spenders
30
62%
48%
Frequent Not Frequent% of K
ids w
ho sa
y they are
Savers
T. Rowe Price 2014 Parents, Kids & Money Survey
Frequency of Conversations about Investment Vehicles
Parents who frequently discuss investment vehicles such as stocks, bonds, etc. with their kids are significantly more likely to have kids who say they are savers than parents who do not have frequent discussions about this topic (62% vs. 48%).
N=110 N=890
Kids Saving for Their Own College Education
31
81%
26%
Frequent Not Frequent% of K
ids w
ho sa
y they sa
ve
for college
T. Rowe Price 2014 Parents, Kids & Money Survey
Frequency of Conversations about Investment Vehicles
Parents who frequently discuss investment vehicles such as stocks, bonds, etc. with their kids are significantly more likely to have kids who say they save money so they can go to college than parents who do not have frequent discussions about this topic (81% vs. 26%).
N=110 N=890