Parents Teaching Kids Money Values

Jim Liebelt | Senior Writer, Editor and Researcher for the HomeWord Center for Youth and Family at Azusa Pacific University | Monday, March 8, 2010

Parents Teaching Kids Money Values

According to a recent survey by American Express, 71% of parents with children between the ages six and 16 say their children understand that we are in a recession. This number suggests that talks about the current economic environment are happening at kitchen tables across the country. The survey also reveals that 91% of parents say they are committed to instilling lessons of financial responsibility upon their children in 2010.

Not only are America's youth attuned to the country's economic downturn, some are even internalizing a sense of responsibility for the family budget, says the report. One in five children has indicated to a parent that "maybe we shouldn't buy that due to the recession."

More than nine in ten parents will be focused on offering valuable financial instruction in 2010. The top lessons are as follows:

• Understanding of debt and its impact on saving and spending (30%)
• Teaching the value of a dollar through reward systems like an allowance (25%)
• The basic teaching of how money is earned and used in everyday life (21%)

Source: Center for Media Research