51% of parents give their children an allowance but only 4% require them to deposit any savings into a bank account. (DoughMain)
24% of students believe they should get their first credit card in High School
Only 26% of High School students have ever discussed needs versus wants
77% of parents said they don’t always tell kids the truth about money matters (T. Rowe Price)
Only half of parents admitted to regularly setting aside money of their own to save or invest; additionally, only 43% set savings goals, and only 24% ensure that their investments are diversified (TRP)
Nearly a third of parents (32%) avoid talking about their family’s current financial situation with their kids (TRP)
Only a quarter of Americans feel well informed about managing household finances (NFI).
Over 40% of America's families live off of 110% of their income (NFI)
Nearly one in five 18 to 24 year-olds is in "debt hardship," up from 12 percent in 1989. (Demos.org, "The Economic State of Young America," May 2008)
84% of undergraduates indicate they need more education on financial management topics. (64 percent would have liked to receive information in high school and 40 percent as college freshmen.) (Sallie Mae, "How Undergraduate Students Use Credit Cards," April 2009)
Personal savings as a percentage of disposable personal income decreased from 11.2% in the early 1980s to 0.0% in the first and second quarters of 2005. It was 5.8% as of the end of the third quarter of 2010 (U.S. Bureau of Economic Analysis)
More than 80% of parents said they want to be better financial role models for their children (April 2010 Poll conducted by Capital One).
It is NEVER too early to start teaching your children to make good financial choices.