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2014 Parents, Kids & Money Survey Supplemental Data
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2014 Parents, Kids & Money Survey Supplemental Data

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Our sixth annual Parents, Kids & Money Survey revealed that boys and girls are not equally prepared when it comes to learning about money matters at home. We also found a correlation between talking …

Our sixth annual Parents, Kids & Money Survey revealed that boys and girls are not equally prepared when it comes to learning about money matters at home. We also found a correlation between talking to kids of either gender about financial concepts and kids developing positive financial behaviors.

T. Rowe Price encourages parents to invest in their kids’ future by talking to them about money matters weekly. Visit http://moneyconfidentkids.com for help.

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  • 1. 6th August 2014 Supplemental Data
  • 2. 2 Boys vs. Girls Findings
  • 3. Conversations about setting financial goals – by child gender 3 58% 50% Boys Girls T. Rowe Price 2014 Parents, Kids & Money Survey  According to kids, parents have at least occasional conversations about setting financial goals with boys significantly more than with girls. N=488 N=424 Percent of boys and girls who say they have discussions with their parents about setting financial goals at least occasionally
  • 4. Parents saving for kids college – by child perception 4 53% 42% Boys Girls T. Rowe Price 2014 Parents, Kids & Money Survey  Only 42% of girls think their parents are saving for their college versus 53% of boys. Percent of boys and girls who think their parents save for their college N=488 N=424
  • 5. Kids with credit cards – by child gender 5 12% 6% Boys Girls T. Rowe Price 2014 Parents, Kids & Money Survey  Twice as many boys have credit cards than girls – 12% versus 6%. Percent of boys and girls that have a credit card N=488 N=424
  • 6. Child money intelligence – by gender 6 45% 38% Boys Girls T. Rowe Price 2014 Parents, Kids & Money Survey  Boys are more likely to think they are smart about money. 45% of boys think they are very or extremely smart about money versus just 38% of girls. Percent of boys and girls who think they are very or extremely smart about money N=488 N=424
  • 7. Kids understand value of a dollar - by gender 7 80% 69% Boys Girls T. Rowe Price 2014 Parents, Kids & Money Survey  Of parents with only one child ages 8-14, 80% think their son understands the value of a dollar while only 69% think their daughter does. Percent of parents who say their boy or girl understands the value of a dollar N=259 N=219
  • 8. 8 Impacts when Discussing Saving & Spending Wisely
  • 9. Kids Saying They are Smart about Money 9 49% 36% Frequent Not Frequent %ofKidswhosaytheyare very/extremelysmartabout money T. Rowe Price 2014 Parents, Kids & Money Survey Frequency of Conversations about Saving and Spending Wisely  Parents who frequently discuss the importance of saving and spending wisely with their kids are significantly more likely to have kids who say they are very/extremely smart about money than parents who do not have frequent discussions about this topic (49% vs. 36%). N=433 N=567
  • 10. Kids Identifying Themselves as Savers or Spenders 10 53% 46% Frequent Not Frequent %ofKidswhosaytheyare Savers T. Rowe Price 2014 Parents, Kids & Money Survey Frequency of Conversations about Saving and Spending Wisely  Parents who frequently discuss the importance of saving and spending wisely with their kids are significantly more likely to have kids who say they are savers than parents who do not have frequent discussions about this topic (53% vs. 46%). N=433 N=567
  • 11. Kids Saving For Their Own College Education 11 39% 28% Frequent Not Frequent %ofKidswhosaytheysave forcollege T. Rowe Price 2014 Parents, Kids & Money Survey Frequency of Conversations about Saving and Spending Wisely  Parents who frequently discuss the importance of saving and spending wisely with their kids are significantly more likely to have kids who say they save money so they can go to college than parents who do not have frequent discussions about this topic (39% vs. 28%). N=433 N=567
  • 12. 12 Impacts when Discussing Saving for College
  • 13. Kids Saying They are Smart about Money 13 58% 36% Frequent Not Frequent %ofKidswhosaytheyare very/extremelysmartabout money T. Rowe Price 2014 Parents, Kids & Money Survey Frequency of Conversations about Saving for College  Parents who frequently discuss saving for college with their kids are significantly more likely to have kids who say they are very/extremely smart about money than parents who do not have frequent discussions about this topic (58% vs. 36%). N=251 N=749
  • 14. Kids Identifying Themselves as Savers or Spenders 14 61% 45% Frequent Not Frequent %ofKidswhosaytheyare Savers T. Rowe Price 2014 Parents, Kids & Money Survey Frequency of Conversations about Saving for College  Parents who frequently discuss saving for college with their kids are significantly more likely to have kids who say they are savers than parents who do not have frequent discussions about this topic (61% vs. 45%). N=251 N=749
  • 15. Kids Saving for Their Own College Education 15 58% 23% Frequent Not Frequent %ofKidswhosaytheysave forcollege T. Rowe Price 2014 Parents, Kids & Money Survey Frequency of Conversations about Saving for College  Parents who frequently discuss saving for college with their kids are significantly more likely to have kids who say they save money so they can go to college than parents who do not have frequent discussions about this topic (58% vs. 23%). N=251 N=749
  • 16. 16 Impacts When Discussing Budgeting
  • 17. Kids Saying They are Smart About Money 17 60% 34% Frequent Not Frequent %ofKidswhosaytheyare very/extremelysmartabout money T. Rowe Price 2014 Parents, Kids & Money Survey Frequency of Conversations about Budgeting  Parents who frequently discuss budgeting with their kids are significantly more likely to have kids who say they are very/extremely smart about money than parents who do not have frequent discussions about this topic (60% vs. 34%). N=284 N=716
  • 18. Kids Identifying Themselves as Savers or Spenders 18 56% 47% Frequent Not Frequent %ofKidswhosaytheyare Savers T. Rowe Price 2014 Parents, Kids & Money Survey Frequency of Conversations about Budgeting  Parents who frequently discuss budgeting with their kids are significantly more likely to have kids who say they are savers than parents who do not have frequent discussions about this topic (56% vs. 47%). N=284 N=716
  • 19. Kids Saving for Their Own College Education 19 53% 24% Frequent Not Frequent %ofKidswhosaytheysave forcollege T. Rowe Price 2014 Parents, Kids & Money Survey Frequency of Conversations about Budgeting  Parents who frequently discuss budgeting with their kids are significantly more likely to have kids who say they save money so they can go to college than parents who do not have frequent discussions about this topic (53% vs. 24%). N=284 N=716
  • 20. 20 Impacts when Discussing Setting Financial Goals
  • 21. Kids Saying They are Smart About Money 21 63% 35% Frequent Not Frequent %ofKidswhosaytheyare very/extremelysmartabout money T. Rowe Price 2014 Parents, Kids & Money Survey Frequency of Conversations about Setting Financial Goals  Parents who frequently discuss setting financial goals with their kids are significantly more likely to have kids who say they are very/extremely smart about money than parents who do not have frequent discussions about this topic (63% vs. 35%). N=232 N=768
  • 22. Kids Identifying Themselves as Savers or Spenders 22 60% 46% Frequent Not Frequent %ofKidswhosaytheyare Savers T. Rowe Price 2014 Parents, Kids & Money Survey Frequency of Conversations about Setting Financial Goals  Parents who frequently discuss setting financial goals with their kids are significantly more likely to have kids who say they are savers than parents who do not have frequent discussions about this topic (60% vs. 46%). N=232 N=768
  • 23. Kids Saving for Their Own College Education 23 58% 24% Frequent Not Frequent %ofKidswhosaytheysave forcollege T. Rowe Price 2014 Parents, Kids & Money Survey Frequency of Conversations about Setting Financial Goals  Parents who frequently discuss setting financial goals with their kids are significantly more likely to have kids who say they are save money so they can go to college than parents who do not have frequent discussions about this topic (58% vs. 24%). N=232 N=768
  • 24. 24 Impacts When Discussing Family Finances
  • 25. Kids Saying They are Smart About Money 25 66% 37% Frequent Not Frequent %ofKidswhosaytheyare very/extremelysmartabout money T. Rowe Price 2014 Parents, Kids & Money Survey Frequency of Conversations about Family Finances  Parents who frequently discuss the family finances with their kids are significantly more likely to have kids who say they are very/extremely smart about money than parents who do not have frequent discussions about this topic (66% vs. 37%). N=152 N=848
  • 26. Kids Identifying Themselves as Savers or Spenders 26 66% 46% Frequent Not Frequent %ofKidswhosaytheyare Savers T. Rowe Price 2014 Parents, Kids & Money Survey Frequency of Conversations about Family Finances  Parents who frequently discuss the family finances with their kids are significantly more likely to have kids who say they are savers than parents who do not have frequent discussions about this topic (66% vs. 46%). N=152 N=848
  • 27. Kids Saving for Their Own College Education 27 70% 25% Frequent Not Frequent %ofKidswhosaytheysave forcollege T. Rowe Price 2014 Parents, Kids & Money Survey Frequency of Conversations about Family Finances  Parents who frequently discuss the family finances with their kids are significantly more likely to have kids who say they save money so they can go to college than parents who do not have frequent discussions about this topic (70% vs. 25%). N=152 N=848
  • 28. 28 Impacts When Discussing Investment Vehicles (Stocks, Bonds, Etc.)
  • 29. Kids Saying They are Smart about Money 29 75% 37% Frequent Not Frequent %ofKidswhosaytheyare very/extremelysmartabout money T. Rowe Price 2014 Parents, Kids & Money Survey Frequency of Conversations about Investment Vehicles  Parents who frequently discuss investment vehicles such as stocks, bonds, etc. with their kids are significantly more likely to have kids who say they are very/extremely smart about money than parents who do not have frequent discussions about this topic (75% vs. 37%). N=110 N=890
  • 30. Kids Identifying Themselves as Savers or Spenders 30 62% 48% Frequent Not Frequent %ofKidswhosaytheyare Savers T. Rowe Price 2014 Parents, Kids & Money Survey Frequency of Conversations about Investment Vehicles  Parents who frequently discuss investment vehicles such as stocks, bonds, etc. with their kids are significantly more likely to have kids who say they are very/extremely smart about money than parents who do not have frequent discussions about this topic (75% vs. 37%). N=110 N=890
  • 31. Kids Saving for Their Own College Education 31 81% 26% Frequent Not Frequent %ofKidswhosaytheysave forcollege T. Rowe Price 2014 Parents, Kids & Money Survey Frequency of Conversations about Investment Vehicles  Parents who frequently discuss investment vehicles such as stocks, bonds, etc. with their kids are significantly more likely to have kids who say they save money so they can go to college than parents who do not have frequent discussions about this topic (81% vs. 26%). N=110 N=890