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When it comes to the ability to influence your children’s future financial behavior, there is good news and bad news, according to the results of a recent survey conducted by the National Foundation for Credit Counseling (NFCC).
The good news is the majority of Americans say they learned the most about personal finance from their parents. But, the bad news is, unfortunately, that the majority of Americans say they learned the most about personal finance from their parents.
So how exacty is the fact that 44 percent of Americans learned the most about personal finance from their parents?
While it’s certainly encouraging to see that parents still play such a key role in the behavior development of children, it can be a bit worrisome when taking into account the admitted poor financial skills of the majority of Americans.
Because parents often find it difficult to adequately teach kids about money, children ultimately learn by example. To make it just a tad more complicated, according to a study by Ameriprise Financial, the way a parent approaches financial matters differs dramatically according to the gender of the parent.
The report found that, while women are more likely to talk about financial matters with their children, fathers are more prone to simply provide financial support. In fact, more fathers than mothers say they would help their child buy a car or pay off credit card debt than say they’d continue contributing to their own retirement savings.
While you may or may not fall into one of these categories, it is still important to be aware of the example you are setting for your children. So in honor of Father’s Day, make a pledge to address this important life skill. After all, raising a financially independent child could be the best gift you ever gave yourself!
The following are a few tips to help your children start off on the right financial foot:
Ultimately, the wisdom you impart upon your kids now – while you still have influence over them – will help them grow into successful, responsible adults.
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Wow, that's so true! I am lucky my parents built and maintained good credit very carefully, and have been encouraging me to do the same. I currently have no credit, but I think that, at least for now, it's better than getting roped into a 20%+ variable APR secured card, which is basically the only thing a credit-less person can be approved for in this economy. I asked my mom about it and she asked me to consider some more conservative options, like applying for a gas credit card (usually still pretty easy to get accepted for, and generally much lower APR) or getting on my dad's AmEx at 0%fixed APR if possible.
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