TD Bank surveyed 1,637 consumers within the Northeast as well as Florida and Washington, DC to better understand their financial literacy and attitudes, specifically examining the role of the parent and how this can differ between mothers and fathers.
“The survey shows that each parent contributes different money-related lessons when it comes to a child’s financial education,” says Suzanne Poole, executive vice president, retail sales strategy, TD Bank. “This indicates that it’s important for moms and dads to combine efforts to ensure that their children learn all aspects of financial literacy from monthly budgets to every
day spending.”
Mom vs. Dad: Financial Confidence
According to the survey, 34% of respondents rated their financial knowledge as “good” or better. From that, dads are found to be nearly 10% more financially confident than moms. Despite these findings, 66% of dads also report they wish they had more conversations with their children about money.
Moreover, while moms perceive themselves to be less financially confident, 52% report feeling they take all or most of the responsibility when teaching their children about financial matters.
Mom vs. Dad: Budgeting
Despite evidence that better budgeting can contribute to a more financially fit family, 43% of families surveyed still are not creating or following a monthly budget. Even more interesting are the parental disparities in the reasons why they don’t budget:
- 35% of dads versus 22% of moms feel they do not need a budget
- 19% of moms versus 12% of dads feel they find budgets too complicated and don’t know how to create one
Moms vs. Dads: Financial Education Actions
When it comes to the actions taken by individual parents toward their child’s financial education, moms are more likely to engage in everyday financial conversations:
Teaching children how to count money (81%)
Teaching money matters while shopping (70%)
Saving money in a piggy bank (70%)
Dads, on the other hand, are more likely to focus on the tangible aspects of money:
Providing an allowance (52%)
Setting a savings goal (32%)
Other Key Findings From the Survey Include:
Given the recession, 55% of families say they are talking to their children more often about money
30% of families feel they are being more proactive and having conversations with their children before matters arise
Only 1-in-3 parents are setting a savings goal
Note: Please contact us for additional data points and specifics from New England, Mid-Atlantic, Washington, DC and Florida.
According to the TD Bank Financial Literacy Poll released today by TD Bank, America’s Most Convenient Bank®, 62 percent of all parents agree they should start teaching their children about money by 12 years of age. While mothers and fathers generally agree on when to start money-related conversations, the survey reveals they differ when it comes to their own financial confidence and how they teach their children financial literacy.
TD Bank surveyed 1,637 consumers within the Northeast as well as Florida and Washington, DC to better understand their financial literacy and attitudes, specifically examining the role of the parent and how this can differ between mothers and fathers.
“The survey shows that each parent contributes different money-related lessons when it comes to a child’s financial education,” says Suzanne Poole, executive vice president, retail sales strategy, TD Bank. “This indicates that it’s important for moms and dads to combine efforts to ensure that their children learn all aspects of financial literacy from monthly budgets to every
day spending.”
Mom vs. Dad: Financial Confidence
According to the survey, 34% of respondents rated their financial knowledge as “good” or better. From that, dads are found to be nearly 10% more financially confident than moms. Despite these findings, 66% of dads also report they wish they had more conversations with their children about money.
Moreover, while moms perceive themselves to be less financially confident, 52% report feeling they take all or most of the responsibility when teaching their children about financial matters.
Mom vs. Dad: Budgeting
Despite evidence that better budgeting can contribute to a more financially fit family, 43% of families surveyed still are not creating or following a monthly budget. Even more interesting are the parental disparities in the reasons why they don’t budget:
35% of dads versus 22% of moms feel they do not need a budget
19% of moms versus 12% of dads feel they find budgets too complicated and don’t know how to create one
Moms vs. Dads: Financial Education Actions
When it comes to the actions taken by individual parents toward their child’s financial education, moms are more likely to engage in everyday financial conversations:
Teaching children how to count money (81%)
Teaching money matters while shopping (70%)
Saving money in a piggy bank (70%)
Dads, on the other hand, are more likely to focus on the tangible aspects of money:
Providing an allowance (52%)
Setting a savings goal (32%)
Other Key Findings From the Survey Include:
Given the recession, 55% of families say they are talking to their children more often about money
30% of families feel they are being more proactive and having conversations with their children before matters arise
Only 1-in-3 parents are setting a savings goal
Note: Please contact us for additional data points and specifics from New England, Mid-Atlantic, Washington, DC and Florida.
Survey Methodology
The study was conducted among consumers in the New England census division, Middle Atlantic census division, Florida and Washington DC from January 5-12; 2011.TD polled 1,637 consumers from Maine to Florida: 718 in New England, 689 in Middle Atlantic and Washington, DC, and 230 in Florida. The sample size of 1,637 has a margin of error of +/- 2.4%. The survey was hosted by global research company Angus Reid Public Opinion.
About Angus Reid Public Opinion
Angus Reid Public Opinion is the Public Affairs practice of Vision Critical—a global research company. Vision Critical is a leader in the use of the Internet and rich media technology to collect high-quality, in-depth insights for a wide array of clients.
TD Bank surveyed 1,637 consumers within the Northeast as well as Florida and Washington, DC to better understand their financial literacy and attitudes, specifically examining the role of the parent and how this can differ between mothers and fathers.
“The survey shows that each parent contributes different money-related lessons when it comes to a child’s financial education,” says Suzanne Poole, executive vice president, retail sales strategy, TD Bank. “This indicates that it’s important for moms and dads to combine efforts to ensure that their children learn all aspects of financial literacy from monthly budgets to every
day spending.”
Mom vs. Dad: Financial Confidence
According to the survey, 34% of respondents rated their financial knowledge as “good” or better. From that, dads are found to be nearly 10% more financially confident than moms. Despite these findings, 66% of dads also report they wish they had more conversations with their children about money.
Moreover, while moms perceive themselves to be less financially confident, 52% report feeling they take all or most of the responsibility when teaching their children about financial matters.
Mom vs. Dad: Budgeting
Despite evidence that better budgeting can contribute to a more financially fit family, 43% of families surveyed still are not creating or following a monthly budget. Even more interesting are the parental disparities in the reasons why they don’t budget:
35% of dads versus 22% of moms feel they do not need a budget
19% of moms versus 12% of dads feel they find budgets too complicated and don’t know how to create one
Moms vs. Dads: Financial Education Actions
When it comes to the actions taken by individual parents toward their child’s financial education, moms are more likely to engage in everyday financial conversations:
Teaching children how to count money (81%)
Teaching money matters while shopping (70%)
Saving money in a piggy bank (70%)
Dads, on the other hand, are more likely to focus on the tangible aspects of money:
Providing an allowance (52%)
Setting a savings goal (32%)
Other Key Findings From the Survey Include:
Given the recession, 55% of families say they are talking to their children more often about money
30% of families feel they are being more proactive and having conversations with their children before matters arise
Only 1-in-3 parents are setting a savings goal
Note: Please contact us for additional data points and specifics from New England, Mid-Atlantic, Washington, DC and Florida.
Survey Methodology
The study was conducted among consumers in the New England census division, Middle Atlantic census division, Florida and Washington DC from January 5-12; 2011.TD polled 1,637 consumers from Maine to Florida: 718 in New England, 689 in Middle Atlantic and Washington, DC, and 230 in Florida. The sample size of 1,637 has a margin of error of +/- 2.4%. The survey was hosted by global research company Angus Reid Public Opinion.
About Angus Reid Public Opinion
Angus Reid Public Opinion is the Public Affairs practice of Vision Critical—a global research company. Vision Critical is a leader in the use of the Internet and rich media technology to collect high-quality, in-depth insights for a wide array of clients.
All opinions expressed in this review are my own and not influenced in any way by the company. Any product claim, statistic, quote or other representation about a product or service should be verified with the manufacturer or provider. Please refer to this site's Disclaimer for more information. I have been compensated or given a product free of charge, but that does not impact my views or opinions.
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