Survey finds older generations concerned abut kids financial literacy

A survey by wealth management firm Wealth Enhancement finds that more than half of parents and grandparents say kids today are less financially prepared than they were when they were growing up.

The survey, which sampled 1,000 U.S. parents and grandparents, found the following:

• Majority View: 53% of parents and grandparents say children today are less prepared to manage money as adults than they were at the same age.
• Room to Grow: Despite concerns about financial preparedness, more than half of survey respondents (53%) have never opened an investment account for their children. 
• Hard-Earned Lesson: The majority of respondents (56%) believe that avoiding impulse purchases and overspending is the hardest money lesson to teach kids.
• Cha-Ching: More than half of survey participants (63%) have given their children an allowance, and they believe $18 per week is a fair, first weekly amount. 

Learn more about the survey’s findings and how to build children’s financial literacy here.