More than four out of five (83%) parents believe it’s their responsibility to educate their children about managing their personal finances, but many don’t feel up to the job.
These are the findings of new research by M&G Investments. And I’m not surprised.
After all, it’s been well documented how unlikely children are to get a good financial education in schools (despite it being on the National Curriculum since September 2014).
Financial advice from your parents
Some 71% of those surveyed agreed that saving money was the most important financial lesson their offspring should learn.
From memory, my mum’s advice on this topic rarely strayed from ‘stop spending all your money on stuff you don’t need’.
She’d most likely agree with the argument that millennials’ struggles to buy a house are down to too much avocado on toast.
I’ll give my dad a bit more credit (it is Father’s Day, after all).
Among the insightful titbits of advice he gave me, such as ‘always order steak medium-rare’ and ‘you’ll never find the girl of your dreams in a pub’, he told me to ‘save 10% of everything you earn’.
As I’m now attempting to buy a home in London, I’ve upped this to 30%. Sadly, his advice didn’t include the best ways to keep up with soaring inflation.
The survey’s respondents also listed ‘the value of money’ and how to budget as important topics for youngsters to learn.
Still, one in six of those polled admitted they weren’t confident coaching youngsters how to manage their money.
Did your parents give you any financial tips when you were growing up? Did you listen? Or, if you’re a parent, what financial advice have you given your children? What’s the best way to ensure we’re better educated about personal finance as a nation?