A new report by Blacktower Financial Management Group, commissioned for the week, found that many parents found it difficult to talk to their children about financial matters.
Six in 10 parents they did not regularly discuss finances as a family and half of parents said they usually failed to discuss money matters with their children despite 4 out of 5 parents being worried about their children’s financial future.
Talk Money Week is an annual campaign to encourage consumers to discuss money matters and is backed by MAPS - the government-sponsored Money and Pensions Service - and a number of financial firms. It runs this year from 8-12 November.
Blacktower Financial Management surveyed 1,500 UK parents to understand how often parents talk to their children about money.
Blacktower believes parents have a duty to educate their children about money matters.
The survey asked parents at what ages they should talk to their children about money and found major gaps.
Most parents said they aimed to talk to their children about budgeting, avoiding debt and investing when they were teenagers but most admitted they did not talk to their children at all about saving for retirement, pensions or paying off loans.
Blacktower believes parents can help their children get a grip on cash by teaching them about their own money mistakes, helping to invest pocket money and considering downloading money-saving apps for teenagers.
The firm has released a set of money management tips for parents to help educate their children.
John Westwood, group managing director at Blacktower Financial Management, said: “It’s eye-opening to see the large percentage of UK parents struggling to talk to their children about money even though parents know they are the biggest influencer over the development of their child’s money management skills.”
A number of companies are supporting Talk Money Week including Tilney's Bestinvest.
For the full report, please visit https://www.blacktowerfm.com/lets-talk-about-money
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