NEW YORK, July 26, 2021 (Newswire.com) - We've all heard parents—be them ours or someone else's—say these famous words: "Ask your mother" or "Ask your father."
Every parent plays different roles in their children's lives. When you were growing up, maybe your mom was the breadwinner and bad cop. Maybe your dad was the home cook and homework helper. Someone's always the stronger disciplinarian or rule-maker.
And if you're a parent, maybe you're evaluating your dynamic among you, your co-parent, and your child or children. What better way to spend Parents Day?
Traditional gender roles are problematic because gender's a social construct, not to mention gender's not binary. But when it comes to teaching kids how to handle money and personal finances, are mothers more inclined to teach kids how to handle money than fathers are?
Moms beat out dads, but not by much
As with just about every sensitive or controversial topic—from sex to drugs—parents generally aren't doing a great job of teaching their kids about money.
According to a recent survey of 1,040 people nationwide from the National Financial Educators Council (NFEC), when asked "Which parent taught you the most about money and personal finance?" nearly 24% of respondents said their mother, while nearly 23% said their father. But more than half (almost 54%) said neither.
The two youngest age groups—Gen-Zers (18-24) and younger millennials (25-34)— were most likely to select "neither" than other age groups, at an average of just over 57%. Just one more thing we can blame on our parents, as the financial issues we face in adulthood can usually be traced back to the financial hardships we experienced during our childhoods.
The NFEC advises parents to teach their kids about financial literacy starting at an early age and continuing until they reach adulthood.
Debt can have generational effects
Talking about money can be difficult and uncomfortable, even with the people you're closest with. And if you're a parent with debt, that doesn't just affect you and your family financially, but also it can hurt your kids' socioemotional wellness.
A 2016 study from Pediatrics, the official journal of the American Academy of Pediatrics, suggests that parents' unsecured debt is tied to worse socioemotional development for children.
If you're struggling with unsecured debt—like personal loans, credit cards, or student loans—and it seems to be affecting your children, it might be wise to develop a debt repayment plan. A loan payoff calculator can help you determine how quickly you can pay off your debt and move closer to a debt-free lifestyle that not only will improve your own life, but also that of your children.
All parents pass baggage onto their kids, but ideally you want to lighten the load as much as possible. Give 'em a little personal item and not a full-sized checked bag by unloading them from the prospect of inheriting your debt.
-National Financial Educators Council