I’ve always felt that schools should educate the youth on practical things like personal finance, rather than on memorization of facts. But this responsibility falls solely on the shoulders of parents. TD Bank recently surveyed 1,637 parents to discover some facts on the financial knowledge of parents and how, if at all, parents are educating their children about financial matters.
Here are some of the more interesting facts I found in the survey by the numbers.
- 34% – The amount of parents who rated their knowledge of financial matters as good (or better). This low number isn’t surprising. If anything, I’m surprised at the honesty of those polled.
- 10% – How much more confident men were than women in their financial knowledge. This doesn’t mean it’s true, it just means that men are more confident about it.
- 52% – The percentage of women feel like they (rather than their husband) are the ones who take the lead when teaching their children on finances.
- 35% – The percentage of men felt their family didn’t need a budget
- 22% – The percentage of women who felt their family didn’t need a budget.
- 55% – Percentage of families who say they are talking to their children about money more now than before the recession.