What happens when parents talk to their children about money?
The fact of whether and how parents talk to their children about money or not has far-reaching consequences. Children save for college if parents talk to them about it beforehand. 58% of kids whose parents often talk to them about saving for college say they save for it themselves. In contrast to only 23% of children whose parents do not talk about saving.
If the parents also talk to their children about stocks and other forms of investment, 81% of the children save for later. In addition, the children of parents who are willing to talk see themselves more as “savers”, while the others see themselves as “spending money”. What is 20 euros pocket money in childhood that is spent uselessly can become consumer debts of 20,000 euros in adulthood.
