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Parents Not Likely To Discuss Money With Kids, Says Finance Survey

Only a handful of years after the financial crisis and ensued and roiled the global economy, money is a subject that parents are least likely to discuss with their kids, according to a finance survey.

The poll, which was commissioned by the American Institute of Certified Public Accountants (AICPA) and conducted by Harris Interactive, found that the parents surveyed were likely to have had various other discussions with their children.

Survey results

In the survey, almost all, or 95 percent, indicated that they had discussed how important it is to have good manners with their children. Another 87 percent had talked with their kids about the positive results stemming from good eating benefits. An identical fraction of survey participants specified that they had stressed how crucial it is for their children to attain good grades.

A slightly-lower amount, or 84 percent of survey respondents, stated that they had warned their kids about the potential pitfalls associated with abusing drugs and alcohol. More-than four-fifths, or 82 percent, indicated that they had talked to their kids about the dangers that could result from smoking.

Finally, 81 percent specified that they had spoken with their children about how important money is and the crucial nature of utilizing it effectively. The study found that parents have this discussion with their children when the they are an average of 10 years old, and it is usually the mother that is responsible for covering these matters with her kids.

Finance education not top priority

"Based on our findings, parents seem more concerned about the politeness of their children than their financial fitness," Ernie Almonte, CPA, vice chair of the AICPA's National CPA Financial Literacy Commission, said in the statement. "Dollars and cents should get the same attention as please and thank you at home. Financial education builds critical skills that help put life goals within reach and strengthen the economy. Parents must make financial lessons a priority in both conversation and action as early as possible."

"As important as teaching your kids about money is making sure you are teaching them the right lessons," Almonte added. "It never hurts to brush up on the basics. It is not uncommon in my work as a CPA to come across financial misunderstandings that people have held onto for decades."

Bernanke advocates financial education

The results of the survey were released during the same week when Federal Reserve Ben Bernanke stated his support for financial education, saying its important for "not only individual well-being, but also the economic health of our nation."