Boys Learn More About Money Than Girls
May 20, 2015
With women managing a good deal of the money in the United States today, it would seem then that girls are raised to be as informed and confident about money as boys. However, according to the T.Rowe Price 2014 Parents, Kids and Money Survey, that isn’t necessarily the case. The sixth annual survey asked 1,000 parents of kids ages 8-14 and over 900 kids in that same age range about their financial knowledge, attitudes and behaviors.
Of the children asked, only about half recalled ever having a regular conversation about financial goals with their parents. 58% of boys reported this and 50% of girls, which in turn came the result of 45% of boys and 38% of girls who think they are very or extremely smart about money. This statistic proves that the need for discussions with our children about money is crucially important.
The parents also agreed. 80% felt that the boys understood the value of a dollar while only 69% felt the girls understood it. When the children were asked whether they believe that their parents are saving for college for them, 53% of boys think they are while 42% of girls think they are.
Another statistic was of those boys polled ages 8-14, 12% of them has their own credit card while 6% of girls do! The fact that boys are outperforming the girls in these categories comes down to the first statistic, parents are talking about money to their sons more than their daughters and their child’s confidence and knowledge is reflected from these conversations.
We strongly encourage you to bring your child into our office the next time you meet with one of our advisors. It is a great way to teach them about money and get them started in the right direction, no matter what age. To schedule a time to meet with one of our advisors, please call us at 763-231-9510.