Wealth Enhancement Finds 53% Say Kids Are Less Money-Ready Despite New Financial Tools
Updated
Updated · InvestmentNews · Aug 12
Wealth Enhancement Finds 53% Say Kids Are Less Money-Ready Despite New Financial Tools
3 articles · Updated · InvestmentNews · Aug 12
Summary
53% of U.S. parents and grandparents told Wealth Enhancement that children today are less prepared to manage money, even with investment apps, digital banking and custodial accounts widely available.
61% of grandparents held that view versus 46% of parents, while Wealth Enhancement said the convenience of tap-and-click finance can weaken lessons about cash, work and the value of money.
56% cited avoiding impulse spending as the hardest lesson to teach, followed by budgeting at 52%, understanding earned income at 50% and saving or delayed gratification at 49%.
53% said they have never opened an investment account for a child, though 22% of those who have did so before the child's first birthday.
For advisors, the findings point to a growing opening to add family money conversations, age-appropriate accounts and financial-literacy planning to broader intergenerational wealth-transfer work.