Parents don’t spend a lot of time talking with their children about money, and when they do they favor sons over daughters. Either way it does not seem to make much of a difference, what with adults failing to save for the future.
According to its “2014 Parents, Kids and Money Survey,” released Monday, T. Rowe Price reports:
• 58 percent of boys say their parents discuss setting financial goals, compared to 50 percent of girls.
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• 80 percent of parents of a son think the child understands the value of a dollar compared with 69 percent of parents of daughters.
• 45 percent of boys feel “very or extremely smart” about money, compared to 38 percent of girls.
• 58 percent of children whose parents frequently discuss saving for college actually do save, versus 23 percent of children whose parents do not discuss saving for college.
• 60 percent of children whose parents discuss setting financial goals say they are “savers,” versus 46 percent of children whose parents do not discuss finances and who do not save.
And on the subject of saving itself, adults are not preparing for retirement, according to a survey that accompanies Monday’s Bankrate.com Financial Security Index. Among the results:
• More than a third (36 percent) of adults say they have not begun saving for retirement.
• More than a quarter of those surveyed ages 50 to 64 have not begun saving for retirement.
• 23 percent say they started saving for retirement in their 20s, and 14 percent in their 30s.
• About 10 percent or respondents say they started saving for retirement as teenagers.