Parents say they worry about passing on bad financial advice to their children
Finance expert Tayo Oguntonade takes parents back to school
It turns out parents don’t always know best – a latest poll shows 85% are concerned about giving their children bad financial advice and as a result avoiding talking to their kids about any money matters.
A poll of 2,000 parents with children aged between 10 and 20 found equal thirds say they have no confidence when it comes to investing, budgeting or even managing their credit score, so wouldn’t feel comfortable trying to explain it to their children.
Despite this 59% still try to involve their children in more family finance discussions and over half of the parents polled want to ensure their children have the best footing in life financially.
The research was commissioned by Skipton Building Society, part of the Skipton Group, which has teamed up with TV presenter and finance expert Tayo Oguntonade to provide parents with insight about how to broach the subject.
He highlights that children often look up to their parents, assuming they know everything and while it’s natural for parents to want to shield their kids from their own mistakes he points out that avoiding these conversations can do more harm than good.
“Discussing money matters early equips children with practical skills and a healthy understanding of finances, setting them up for a brighter financial future,” he says.
Two thirds believe budgeting is the most important financial topic children should understand, but over half are concerned they could cause financial anxiety by discussing similar money matters with their children.
Helen McGinty, head of financial advice at Skipton Building Society, commented: “The economic landscape is always evolving, which is why it’s crucial for both parents and children to embrace continuous learning about finances.”
“By seeking proper financial advice, parents can make informed decisions and pass down valuable knowledge to their children. This not only helps families navigate challenges together but also empowers the next generation to build a stronger, more secure financial future.”
