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Posted on December 01, 2010

Money Management International's 2010 Kids and Money survey studied how children learn about money compared with how their parents learned about money when they were young. The study also looked at childrens' relationship with money, including: their participation in school fundraisers, the tools used to teach them about money, how children earn money, and how they spend it.

Survey questions

  • At what age did you first open a bank account?
  • At what age did your child open their first bank account?
  • Which of the following tools taught you most of what you know about money?
  • Which of the following tools do your children use the most to learn about money?
  • Has your child ever been asked to sell items on behalf of their school or organization?
  • If you had to choose the perfect cartoon financial role model for your child, who would it be?
  • How much control does your child have over the cash they may receive as an allowance, for gifts, or for chores?
  • What do your children tend to do with most of their money?

Interesting findings

  • About a quarter of parents today didn’t have a bank account when they were kids.
  • Kids are starting to save younger these days – three times as many children under 10 have bank accounts than their parents did when they were that age.
  • Some parents expect a lot from schools – roughly a quarter said they learned their financial skills at school or some other structured learning and nearly as many expect their kids to learn that way, too.
  • Piggy banks have gained in popularity – nearly twice as many parents use the piggy bank as a learning tool for their kids compared to how many used it themselves as kids.
  • Many more kids are being exposed to some kind of financial learning – nearly five times as many parents did not learn about money till they were adults compared to their kids.
  • Nearly 7 in 10 American kids participate in fundraisers.
  • While almost half of kids spend their money on things they want, 2 in 10 spend it on things they need – like new clothing or school supplies.

View the full 2010 Kids and Money Survey results

Related resources

View press releases, articles, and resources related to the 2010 Kids and Money Survey.

Kids and money infographic

Press release: "We're teaching kids to earn money, are we teaching them to manage it? MMI survey shows nearly 7 in 10 children participate in fundraisers"

Press release: "MMI survey studies how the next generation is banking, saving, spending, and fundraising"