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T. Rowe Price's 2016 Parents, Kids & Money Survey
The 2016 T. Rowe Price Parents, Kids & Money Survey reveals that millennial parents are more likely to save for holiday spending compared to older generations, with 83% of them saving throughout the year. The survey also highlights varying holiday spending habits among different parent age groups, with three-quarters of millennial parents attempting to fulfill all their children's gift requests and often exceeding their budgets. Parents reported spending an average of $422 on holiday presents for their children, indicating a substantial holiday spending culture among families.
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T. Rowe Price's 2016 Parents, Kids & Money Survey
- 1. 8TH ANNUAL PARENTS,KIDS & MONEY SURVEY—HOLIDAY SPENDING FINDINGS T. Rowe Price November 2016 Detailed Results
- 2. 2 2% 30% 68% 0% 10% 20%30% 40% 50% 60% 70% 80% I don't spend any money on the holidays No Yes Saving for the Holidays T. Rowe Price 2016 Parents, Kids & Money Survey N=1,086 (Total Respondents) Q63. DO YOU NORMALLY SAVE FOR HOLIDAY SPENDING THROUGHOUT THE YEAR? Millennial parents are more likely than Gen X and baby boomer parents to save throughout the year (83% vs. 67% vs. 50%) Parents with more than one child are more likely to save throughout the year (72% vs. 58%)
- 3. 3 3% 11% 11% 14% 24% 40% 56% 56% 0% 10% 20%30% 40% 50% 60% Other Retirement savings Payday loan Emergency Fund Tax refund Regular savings Credit cards Current income Paying for Holiday Spending T. Rowe Price 2016 Parents, Kids & Money Survey N=1,060 (Spend on Holidays) Q64. WHICH OF THE FOLLOWING HAVE YOU EVER USED TO PAY FOR HOLIDAY SPENDING? (CHECK ALL THAT APPLY) 25% select at least one
- 4. 4 7% 9% 23% 35% 26% 0% 5% 10%15% 20% 25% 30% 35% 40% More than 12 months 7-12 months 4-6 months 2-3 months I pay it all in the first month Credit Card Holiday Spending T. Rowe Price 2016 Parents, Kids & Money Survey N=588 (Use Credit Cards for Holiday Spending) Q65. HOW QUICKLY DO YOU PAY OFF WHAT YOU SPENT ON CREDIT CARDS FOR HOLIDAY SPENDING? A total of 16% of parents take more than six months to pay off credit card holiday spending
- 5. 5 Holiday Spending T. RowePrice 2016 Parents, Kids & Money Survey N=1,060 (Spend on Holidays) 53% 58% 64% 74% 82% 0% 20% 40% 60% 80% 100% I try to get everything on my kids’ lists, no matter how much it costs I never stick to my holiday spending budget I spent more over the holidays than I should have I spend the same exact amount for holiday presents on each of my kids It’s important to give to charity over the holidays Q66. HOW MUCH DO YOU AGREE OR DISAGREE WITH THE FOLLOWING STATEMENTS? (DISPLAYING PERCENT WHO AGREE) Men are more likely than women to try to get everything on their kids’ lists (60% vs. 45%)
- 6. 6 Holiday Spending—By ParentAge T. Rowe Price 2016 Parents, Kids & Money Survey N=1,060 (Spend on Holidays) 33% 42% 54% 66% 80% 50% 58% 63% 72% 81% 75% 69% 75% 84% 88% 0% 20% 40% 60% 80% 100% I try to get everything on my kids’ lists, no matter how much it costs I never stick to my holiday spending budget I spent more over the holidays than I should have I spend the same exact amount for holiday presents on each of my kids It’s important to give to charity over the holidays Millennial Gen X Baby Boomer Q66. HOW MUCH DO YOU AGREE OR DISAGREE WITH THE FOLLOWING STATEMENTS? (DISPLAYING PERCENT WHO AGREE) Three-quarters of millennial parents try to get everything on their kids’ lists and spend more over the holidays than they should
- 7. 7 13% 20% 36% 18% 13% 0% 5% 10%15% 20% 25% 30% 35% 40% A lot more than last year A little bit more than last year The same as last year A little bit less than last year A lot less than last year Holiday Spending Comparison T. Rowe Price 2016 Parents, Kids & Money Survey N=1,060 (Spend on Holidays) Q67. COMPARED TO THE YEAR BEFORE, WOULD YOU SAY YOUR HOLIDAY SPENDING THIS YEAR WAS: (INDICATE WHICH APPLIES)
- 8. 8 34% 37% 29% 0% 5% 10%15% 20% 25% 30% 35% 40% $500 or more $200 to $499 Less than $200 Amount Spent on Kid—Holiday Presents T. Rowe Price 2016 Parents, Kids & Money Survey N=1,086 (Total Respondents) Q68. THINKING ONLY ABOUT YOUR KID WHO WILL BE TAKING THE SURVEY, APPROXIMATELY HOW MUCH DID YOU SPEND IN THE PAST 12 MONTHS ON HOLIDAY PRESENTS? Mean: $422 Median: $300
- 9. 9 Kid Responses T. RowePrice 2016 Parents, Kids & Money Survey N=1,086 (Total Respondents) 69% 87% 0% 20% 40% 60% 80% 100% My parents encourage me to give money to charity My parents encourage me to donate clothes or toys to charitable causes (e.g., Goodwill, Salvation Army, Toys for Tots, etc.) Q81. HOW MUCH DO YOU AGREE OR DISAGREE WITH THE FOLLOWING STATEMENTS? (DISPLAYING PERCENT WHO AGREE)
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- 11. 11 49%51% Respondent Profile 26% 25% 25% 24% South Northeast West Midwest Q2. REGIONQ1.AGE Q3. GENDER Men Women Q5. HOUSEHOLD INCOME 76% 11% 9% 4% 1% Married Separated/Divorced Single Married (same sex) Widow/Widower Q4. MARITAL STATUS 29% 58% 13% < 35 35–50 51+ 30% 38% 32% < $50K $50K–$99,999 $100K+ 74% 16% 9% 5% 2% White/Caucasian Hispanic/Latino Black/African American Asian Native American Q6. RACE/ETHNICITY T. Rowe Price 2016 Parents, Kids & Money Survey N=1,086 (Parents: Total Respondents)
- 12. 12 Respondent Profile Q7. EDUCATIONLEVEL 64% 14% 9% 4% 4% 3% 2% Employed full time Stay-at-home parent Employed part-time Self-employed Unemployed Retired Student Q8. EMPLOYMENT STATUS 2% 11% 21% 12% 33% 21% < HS graduate HS graduate Some college Assoc. degree Bachelor's degree Graduate degree 28% 42% 19% 11% 1 2 3 4+ Q9. # KIDS IN HH 51%49% Q11. KID GENDER BoysGirls Q12. KID AGE 10% 14% 16% 13% 14% 19% 14% 8 9 10 11 12 13 14 T. Rowe Price 2016 Parents, Kids & Money Survey N=1,086 (Parents: Total Respondents); N=1,086 (Kids: Total Respondents) 80% 15% 5% Biological only Non- biolgical only Mix TYPE OF KIDS
- 13. 13 Respondent Profile 25% 53% 17% 4% 1% None One Two Three Four + #BOYS IN HOUSEHOLD# KIDS IN HOUSEHOLD KID GENDER MIX 28% 42% 19% 11% One Two Three Four + 21% 25% 54% Girls only Boys only Boys and girls T. Rowe Price 2016 Parents, Kids & Money Survey N=1,086 (Parents: Total Respondents) # GIRLS IN HOUSEHOLD 22% 51% 21% 5% 2% None One Two Three Four +
- 14. 14 Respondent Profile 75% 22% 3% None One Two + #KIDS 8 – 14 IN HH# KIDS < 8 IN HH KID AGE MIX 25% 53% 42% 19% 11% None One Two Three Four + 29% 52% 3% 16% 8-14 only 8-14 and younger 8-14 and older 8-14 and both T. Rowe Price Parents, Kids & Money Survey N=1,086 (Parents: Total respondents) # KIDS > 14 IN HH 63% 30% 6% 1% One Two Three Four +
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- 16. 16 Objective and Methodology Objective To understand the basic financial knowledge, attitudes, and behaviors of both parents of children ages 8 – 14 and their children ages 8 – 14. Methodology T. Rowe Price commissioned an online survey of parents of children ages 8 – 14 and their children ages 8 – 14 . The survey was fielded from 2/4/16 to 2/11/16, with parent quotas of approximately 50% men and 50% women. A total of 1,086 parents and children ages 8 – 14 in the U.S. participated; the sampling error for a sample of 1,086 is +/- 3% at the 95% confidence interval. The survey was fielded through MetrixLab, Inc. T. Rowe Price 2016 Parents, Kids & Money Survey