T. Rowe Price's 11th Annual Parents, Kids & Money Survey
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T. Rowe Price’s 2019 Parents, Kids & Money Survey found that stress among parents who are caring for both their kids and aging family members, commonly known as the sandwich generation, is negatively impacting their money habits and their kids’ money habits.
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T. Rowe Price's 11th Annual Parents, Kids & Money Survey
- 1. 11TH ANNUAL PARENTS, KIDS & MONEY SURVEY Detailed Results
- 2. 2 Contents Saving for kids’ education Caregivers………….…………………………………………………………………..3 Household Finances…………………………………………………………………13 Savings………………………………………………………………………………..28 Financial Discussions………………………………………………………………..35 Teaching Kids About Money…………………………….…………………………..45 Allowance……………………………………………………………………………..52 Kid Responses……………………………………………………………………….60 Respondent Profile…………………………………………………………………..75 Objective and Methodology………………………………………….……….……..79
- 3. CAREGIVERS
- 4. 4 65% 35% No Yes Caring for an Aging Parent/Relative Q22. Are you currently serving as the caregiver for at least one aging parent or relative? T. Rowe Price 2019 Parents, Kids & Money Survey – Parent Survey N=1,005 (Total respondents) 32% 68% No Yes Q23. Does the parent/relative you’re caring for live with you in your home? (N=352)
- 5. 5 28% 72% No Yes Caregiver Planning Q24. Have you ever consulted an attorney or financial planner to help you plan financially for caring for your parent/relative? T. Rowe Price 2019 Parents, Kids & Money Survey – Parent Survey N=352 (Caregivers)
- 6. 6 15% 20% 34% 23% 8% $500 or less $501 to $999 $1,000 to $2,999 $3,000 to $4,999 $5,000 or more Caregiver Expenses Q25. Including all expenses, approximately how much money do you spend each month caring for your parent/relative? T. Rowe Price 2019 Parents, Kids & Money Survey – Parent Survey N=352 (Caregivers) Q26. Are you receiving any type of financial aid or social service support or resources to aid in the care of your aging parent/relative? 74% 26% No Yes
- 7. 7 Caregiver Attitudes Q27. How much do you agree or disagree with the following statements? (Displaying percent that agree) 42% 73% 74% 83% I wish there were more resources to help with managing finances when caring for an older parent/relative Caring for my parent/relative takes away from time with my kid(s) Caring for my parent/relative causes financial strain Having to help care for an older parent/relative has impacted the way I think about and plan for my own retirement T. Rowe Price 2019 Parents, Kids & Money Survey – Parent Survey N=352 (Caregivers)
- 8. 8 Credit Cards (Q17, Q18) 34% 37% 70% 63% Have a credit card balance of $5K+ Regularly carry a credit card balance Caregivers Non-Caregivers Caregivers vs. Non-Caregivers T. Rowe Price 2019 Parents, Kids & Money Survey – Kid Survey N=1,005 (Total respondents)
- 9. 9 Using Money From Savings Accounts (Past two years) (Q31, Q35, Q39) Caregivers vs. Non-Caregivers T. Rowe Price 2019 Parents, Kids & Money Survey – Kid Survey N=1,005 (Total respondents) 11% 23% 64% 71% 77% 91% Used college savings Used retirement savings Used emergency fund Caregivers Non-Caregivers
- 10. 10 Discussing Money and Finances (Q16, Q45, Q50, Q62) Caregivers vs. Non-Caregivers T. Rowe Price 2019 Parents, Kids & Money Survey – Kid Survey N=1,005 (Total respondents) 83% 22% 35% 37% 59% 28% 65% 70% 73% 84% Have a financial advisor I hide purchases from my spouse I miss opportunities to talk to my kids about finances Have some reluctance to discuss financial topics with kids Have argued with spouse/partner about finances Caregivers Non-Caregivers
- 11. 11 Allowance (Q31, Q55) Caregivers vs. Non-Caregivers T. Rowe Price 2019 Parents, Kids & Money Survey – Kid Survey N=1,005 (Total respondents) 8% 15% 41% 32% 62% 77% Give allowance without requirements I have no idea what my kids do with their allowance My kids usually spend their allowance right away Caregivers Non-Caregivers
- 12. 12 Kid Responses (KQ18) Caregivers vs. Non-Caregivers T. Rowe Price 2019 Parents, Kids & Money Survey – Kid Survey N=1,005 (Total respondents) 20% 49% 45% 41% 59% 70% 72% 75% My parents do not make enough time for me I like to spend money as soon as I get it My parents are always worried about money I wish my parents taught me more about money Caregivers Non-Caregivers
- 14. 14 4% 22% 74% My spouse/partner is primarily repsonsible We share responsibility equally I am Managing Household Finances Q9. Who is primarily responsible for managing the day-to-day finances for the household? T. Rowe Price 2019 Parents, Kids & Money Survey – Parent Survey N=1,005 (Total respondents)
- 15. 15 20% 39% 35% 5% 1% Extremely knowledgeable Very knowledgeable Somewhat knowledgeable Not very knowledgeable Not at all knowledgeable Parents’ Financial Knowledge Q49. Overall, how knowledgeable are you about money and finances? T. Rowe Price 2019 Parents, Kids & Money Survey – Parent Survey N=1,005 (Total respondents)
- 16. 16 15% 85% Rent Own Primary Residence Q14. Do you currently own or rent your primary residence? 7% 9% 11% 16% 23% 19% 15% Not sure 50% or more 40-49% 30-39% 20-29% 10-19% 0-9% Q15. Approximately what percentage of your after- tax income goes to pay your rent or mortgage? T. Rowe Price 2019 Parents, Kids & Money Survey – Parent Survey N=1,005 (Total respondents)
- 17. 17 23% 35% 21% 22% Strongly agree Somewhat agree Somewhat disagree Strongly disagree Paying for Better Schools Q50. How much do you agree or disagree with the following statement? I pay more in rent/mortgage because I wanted to live in an area that has better schools. T. Rowe Price 2019 Parents, Kids & Money Survey – Parent Survey N=1,005 (Total respondents) 58% pay more for better schools
- 18. 18 20% 42% 30% 8% An extreme amount A considerable amount Not very much Not at all Paying for Better Schools Q51. How much has that impacted your ability to pay for other things and/or save for retirement or your kids’ college? T. Rowe Price 2019 Parents, Kids & Money Survey – Parent Survey N=580 (Pay more for better schools)
- 19. 19 53% 2% 45% No Yes, I use a roboadvisor Yes, I have an advisor or planner Financial Advisor Q16. Do you (or anyone in your household use a paid financial advisor or planner to help manage your investments and/or household finances? (This is someone who you’ve hired to manage your finances/investments, not a friend or family member who helps you without being compensated) 47% have an advisor T. Rowe Price 2019 Parents, Kids & Money Survey – Parent Survey N=1,005 (Total respondents)
- 20. 20 17% 29% 20% 27% 7% I have carried a balance on my credit card(s) for as long as I can remember I regularly carry a balance on my credit card(s) I occasionally carry a balance on my credit card(s) I never carry a balance on my credit card(s) I don't have credit cards Use of Credit Cards Q17. Which statement best characterizes your use of credit card financing? (Please think about all household credit card accounts) T. Rowe Price 2019 Parents, Kids & Money Survey – Parent Survey N=1,005 (Total respondents)
- 21. 21 8% 9% 14% 17% 23% 12% 17% $20,000 or more $15,000 to $19,999 $10,000 to $14,999 $5,000 to $9,999 $1,000 to $4,999 Less than $1,000 I don’t have any balance Amount of Credit Card Debt Q18. What is the approximate balance (i.e., the amount you still owe) on all your credit cards? (Please think about all household credit card accounts) T. Rowe Price 2019 Parents, Kids & Money Survey – Parent Survey N=934 (Have credit cards)
- 22. 22 4% 20% 23% 24% 29% I'm not sure More than 5 years 3-5 years 1-2 years Less than a year Carrying a Credit Card Balance Q19. How long have you been carrying a balance on credit cards? (Please think about all household credit card accounts) T. Rowe Price 2019 Parents, Kids & Money Survey – Parent Survey N=777 (Have credit card debt)
- 23. 23 9% 39% 16% 17% 18% I/we don’t have a budget I/we have a general idea of what is spent each month, but nothing written down I/we maintain a budget using a financial program or app I/we maintain a budget in a spreadsheet I/we maintain a budget on paper Household Budget Q21. Which of the following best describes your approach to household budgeting? T. Rowe Price 2019 Parents, Kids & Money Survey – Parent Survey N=1,005 (Total respondents)
- 24. 24 36% 36% 55% 92% My kid can sometimes be a bully My kid has been bullied because he/she doesn't have the latest stuff or wear the coolest clothes I worry that I spoil my kids I always make time for my kids Parental Attitudes and Behaviors Q50. How much do you agree or disagree with the following statements? (Displaying percent that agree) T. Rowe Price 2019 Parents, Kids & Money Survey – Parent Survey N=1,005 (Total respondents)
- 25. 25 14% 24% 19% 42% Strongly agree Somewhat agree Somewhat disagree Strongly disagree Hiding Purchases Q50. How much do you agree or disagree with the following statement? I hide purchases from my spouse/partner so he/she doesn’t know how much I spend. T. Rowe Price 2019 Parents, Kids & Money Survey – Parent Survey N=866 (Married) 38% hide purchases
- 26. 26 38% 9% 12% 13% 15% 16% 16% 17% 18% 19% 24% 24% I Have not argued with my spouse/partner Gambling losses Money lost on poor investments Unexpected charge on credit card Worry about losing a job or not finding a job Dipping into a savings Taxes too high Kids costing too much money Paying for college Not sticking to a budget/overspending Spoiling the kids Amount of debt owed Arguing About Finances Q62. In the past six months, have you and your spouse/partner argued about any of the following financial topics when your kid was home? (Check all that apply) T. Rowe Price 2019 Parents, Kids & Money Survey – Parent Survey N=1,005 (Total respondents)
- 27. 27 288 322 370 376 426 506 521 Birthday presents and parties (N=814) Non-athletic extracurricular activities (N=522) Holiday presents (N=809) Tutoring (N=223) Therapy (N=167) Athletics (N=581) Medical care (N=584) Spending on Kids Q56. Approximately how much did you spend in the past 12 months for your kid in each of the following categories? (Reporting mean amount spent) T. Rowe Price 2019 Parents, Kids & Money Survey – Parent Survey N= Varies by category
- 28. SAVINGS
- 29. 29 10% 53% 54% 62% None of the above Money saved for kids’ college education An emergency fund to cover unexpected expenses Money saved for retirement Savings Accounts Q28. Which of the following do you have? (Check all that apply) T. Rowe Price 2019 Parents, Kids & Money Survey – Parent Survey N=1,005 (Total respondents)
- 30. 30 13% 9% 17% 6% 13% 20% 14% 8% More than 12 months Seven to 12 months Six months Five months Four months Three months Two months One month or less Size of Emergency Fund Q30. For how many months would your emergency fund cover your family’s expenses? T. Rowe Price 2019 Parents, Kids & Money Survey – Parent Survey N=545 (Have an emergency fund)
- 31. 31 26% 2% 11% 19% 26% 30% 31% 7% 10% 12% 13% 14% 15% 17% 18% 20% Nothing Other To cover expenses while unemployed To pay taxes Car purchase or repair Health care costs Home repair/renovation Wedding Down payment on a home Childcare/daycare Kids' college education Caring for aging parent or relative Kids' primary education Holiday spending Vacation Pay off debt Using the Emergency Fund Q31. What types of things have you used emergency fund money for in the past two years? (Check all that apply) Emergencies Non-emergencies T. Rowe Price 2019 Parents, Kids & Money Survey – Parent Survey N=545 (Have an emergency fund)
- 32. 32 3% 27% 29% 31% 36% 39% 50% 79% Other Taxable investment account Annuity or life insurance policy Certificate of deposit (CD) Roth IRA Traditional IRA Regular savings account 401(k) plan Retirement Accounts Q32. What types of accounts do you have for your retirement savings? (Check all that apply) T. Rowe Price 2019 Parents, Kids & Money Survey – Parent Survey N=622 (Have retirement savings)
- 33. 33 8% 18% 17% 57% Five times or more Two to four times Once Never Q33. How many times have you taken money out of your retirement savings in the past two years? (Check all that apply) Using Money From Retirement Accounts T. Rowe Price 2019 Parents, Kids & Money Survey – Parent Survey N=622 (Have retirement savings) (N=265) Q34. What retirement accounts have you taken money out of in the past two years? ** (Check all that apply) 46% 50% 52% 60% 64% 66% 70% Annuity or life insurance policy (N=97) Taxable investment account (N=90) Roth IRA (N=86) Traditional IRA (N=111) Certificate of deposit (N=121) Regular savings account (N=135) 401(k) plan (N=198) ** Note: Rebased so percentages are calculated based on the number of people who have each type of account
- 34. 34 2% 15% 19% 21% 24% 26% 27% 11% 15% 17% 17% 21% 23% 23% 24% 28% 36% Other To cover expenses while unemployed Caring for an aging parent/relative Car purchase or repair To pay taxes Home repair/renovation Health care costs Wedding Replenish emergency fund Down payment on a home Day-to-day expenses Child care/day care Kids' primary education Holiday spending Kids' college education Vacation Pay off debt Using Money From Retirement Accounts Q35. Which of the following things have you paid for with money taken from retirement savings in the past two years? (Check all that apply) Emergencies Non-emergencies T. Rowe Price 2019 Parents, Kids & Money Survey – Parent Survey N=265 (Have taken money out of retirement savings)
- 36. 36 4% 15% 15% 30% 28% 8% Once a day or more A few times a week Once a week A few times a month Once a month or less Never Frequency of Financial Discussions Q57. Overall, how often do you discuss money or financial topics with your kid? T. Rowe Price 2019 Parents, Kids & Money Survey – Parent Survey N=1,005 (Total respondents)
- 37. 37 16% 20% 20% 26% 25% 26% 34% 44% 44% 25% 36% 38% 37% 42% 42% 51% 45% 45% Market volatility The value of long-term investing Planning for long term goals like college Cybersecurity threats Maintaining a budget Setting financial goals How to earn money Spending wisely The importance of saving money Frequently Occasionally Frequency of Specific Financial Discussions Q58. How often do you discuss each of the following topics with your kid? (Four-point scale – displaying frequently or occasionally) T. Rowe Price 2019 Parents, Kids & Money Survey – Parent Survey N=1,005 (Total respondents)
- 38. 38 11% 14% 25% 20% 31% Extremely reluctant Very reluctant Somewhat reluctant Not very reluctant Not at all reluctant Reluctance to Discuss Financial Matters Q45. How reluctant are you to discuss money or financial topics with your kids? T. Rowe Price 2019 Parents, Kids & Money Survey – Parent Survey N=1,005 (Total respondents)
- 39. 39 31% 32% 33% 33% 33% 34% 35% 36% 37% 38% 38% Politics Climate change Death Saving for retirement Debt Mental health Bullying Saving for college Drugs Sex School safety Uncomfortable Discussions Q60. How uncomfortable are you discussing each of the following with your kid? (Five-point scale – displaying very or extremely) T. Rowe Price 2019 Parents, Kids & Money Survey – Parent Survey N=1,005 (Total respondents)
- 40. 40 48% 19% 33% No difference Girls Boys Kids Asking Questions Q46. Based on your experience, who asks about money more? T. Rowe Price 2019 Parents, Kids & Money Survey – Parent Survey N=505 (Have both boys and girls)
- 41. 41 54% 16% 30% No difference Girls Boys Talking to Boys and Girls Q47. Do you find that you spend more time talking about money with your boy(s) or girl(s)? T. Rowe Price 2019 Parents, Kids & Money Survey – Parent Survey N=505 (Have both boys and girls)
- 42. 42 Talking to Boys and Girls Q48. Why do you talk more with your [boy(s) or girl(s)]? (Check all that apply) 34% 33% 46% 56% 58% 22% 34% 45% 46% 60% They play on financial games or apps more They need more help with money They are older They seem more interested They ask more questions Girls Boys Talk more to: = Statistically significant - .05 level T. Rowe Price 2019 Parents, Kids & Money Survey – Parent Survey N=233 (Talk more to boys or girls)
- 43. 43 5% 13% 17% 20% 31% 14% Once a day or more A few times a week Once a week A few times a month Once a month or less Never Kids Asking for Money Q66. How often does your kid ask for money? T. Rowe Price 2019 Parents, Kids & Money Survey – Parent Survey N=1,005 (Total respondents)
- 44. 44 12% 35% 50% 3% Every time Most of the time Some of the time Never Giving Kids Money Q67. How often do you give your kid money when he/she asks for it? T. Rowe Price 2019 Parents, Kids & Money Survey – Parent Survey N=868 (Kid asks for money)
- 45. TEACHING KIDS ABOUT MONEY
- 46. 46 47% 78% 85% I often miss opportunities to talk to my kids about money and finances I teach my kids all that they need to know about money I would be interested in enrolling my kids in a course about money and finances Parental Attitudes and Behaviors Q50. How much do you agree or disagree with the following statements? (Displaying percent that agree) T. Rowe Price 2019 Parents, Kids & Money Survey – Parent Survey N=1,005 (Total respondents)
- 47. 47 10% 5% 42% 43% 47% 48% 60% None of the above Other Discussing the cost of college Figuring out the amount of sales tax you pay Going into a physical bank Figuring out how much tip to leave at a restaurant Figuring out how much you get off on sales Teaching Moments Q61. Which of the following have you used as an opportunity to teach your kid about money? (Check all that apply) T. Rowe Price 2019 Parents, Kids & Money Survey – Parent Survey N=1,005 (Total respondents)
- 48. 48 7% 10% 13% 17% 19% 31% 52% 54% None of the above Investment account Peer to peer account Credit card Checking account Online/gaming account Piggy bank Savings account Kids’ Finances Q64. Which of the following does your kid have? (Check all that apply) T. Rowe Price 2019 Parents, Kids & Money Survey – Parent Survey N=1,005 (Total respondents)
- 49. 49 41% 59% My kid does I do Paying Kids’ Credit Card Bill Q65. Who pays your kid’s credit card bill? T. Rowe Price 2019 Parents, Kids & Money Survey – Parent Survey N=185 (Kid has credit card)
- 50. 50 42% 58% Spender Saver Perception of Kid’s Saving/Spending Q68. How would you describe your kid? T. Rowe Price 2019 Parents, Kids & Money Survey – Parent Survey N=1,005 (Total respondents)
- 51. 51 16% 10% 21% 37% 16% No mobile phone More than 6 4-6 1-3 Less than 1 Perception of Kid’s Activities Approximately how many hours per day does your kid spend: T. Rowe Price 2019 Parents, Kids & Money Survey – Parent Survey N=1,005 (Total respondents) Q71. On their mobile phone? 2% 6% 19% 53% 20% None More than 6 4-6 1-3 Less than 1 Q72. Watching TV? 6% 6% 17% 44% 27% None More than 6 4-6 1-3 Less than 1 Q73. Playing video games?
- 52. ALLOWANCE
- 53. 53 32% 17% 51% I don’t give allowance I give allowance without any requirements I give allowance, but kids have to earn it Allowance Approach Q52. Which of the following best describes your approach to allowance? T. Rowe Price 2019 Parents, Kids & Money Survey – Parent Survey N=1,005 (Total respondents)
- 54. 54 22% 11% 15% 52% $51 or more $21 to $50 $11 to $20 $10 or less Amount of Allowance Q53. Regardless of how often you give allowance, on average, how much do you give per week? T. Rowe Price 2019 Parents, Kids & Money Survey – Parent Survey N=686 (Give an allowance)
- 55. 55 12% 14% 10% 18% 16% 15% 15% 11 or older 10 9 8 7 6 5 or younger Age Allowance Begins Q54. How old were your kids when you started giving allowance? T. Rowe Price 2019 Parents, Kids & Money Survey – Parent Survey N=686 (Give an allowance)
- 56. 56 35% 56% 74% I have no idea what my kids do with their allowance My kids usually spend most of their allowance money right away I often give my kids additional money outside their allowance Allowance Behaviors Q55. How much do you agree or disagree with the following statements? (Displaying percent that agree) T. Rowe Price 2019 Parents, Kids & Money Survey – Parent Survey N=686 (Give an allowance)
- 57. 57 Allowance Trending PERCENT OF PARENTS WHO GIVE ALLOWANCE 68% 58% 55% 79% 70% 47%48% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 2019201820172016201520132011 AVERAGE ALLOWANCE PER WEEK 52% 15% 11% 22% 60% 22% 12% 6% 55% 17% 18% 11% 61% 18% 16% 4% 50% 23% 18% 9% $10 or less $11–$20 $21–$50 $51 or more 2019 2018 2017 2016 2015 T. Rowe Price Parents, Kids & Money Survey 2019 N=1,005 (Total respondents) 2018 N=1,013 (Total respondents) 2017 N=1,104 (Total respondents) 2016 N=1,086 (Total respondents) 2015 N=1,000 (Total respondents) 2013 N=1,014 (Total respondents) 2011 N=1,008 (Total respondents) 2019 N=686 (Give an allowance) 2018 N=591 (Give an allowance) 2017 N=669 (Give an allowance) 2016 N=855 (Give an allowance) 2015 N=703 (Give an allowance) 2013 N=472 (Give an allowance)
- 58. 58 31% 15% 54% I don’t give allowance I give allowance without any requirements I give allowance, but kids have to earn it Allowance Approach Q69. We already asked some questions about allowance in general, but for your kid taking the survey, what is your approach to allowance? T. Rowe Price 2019 Parents, Kids & Money Survey – Parent Survey N=1,005 (Total respondents)
- 59. 59 21% 12% 14% 53% $51 or more $21 to $50 $11 to $20 $10 or less Amount of Allowance Q70. Regardless of how often you give your kid allowance, on average, how much do you give your kid per week? T. Rowe Price 2019 Parents, Kids & Money Survey – Parent Survey N=697 (Give an allowance)
- 60. KID RESPONSES
- 61. 61 3% 29% 32% 36% I'm not sure Both mom and dad My mom My dad Who Manages Household Finances QK1. Who is primarily responsible for managing the day-to-day finances for the household? T. Rowe Price 2019 Parents, Kids & Money Survey – Kid Survey N=866 (Parents are married)
- 62. 62 30% 9% 61% I don’t get allowance Yes, and I don't have to earn it Yes, but I have to earn it Allowance QK2. Do you get an allowance? T. Rowe Price 2019 Parents, Kids & Money Survey – Kid Survey N=1,005 (Total respondents)
- 63. 63 5% 9% 52% 18% 16% I'm not sure More than once a week Once a week Twice a month Once a month Frequency and Amount of Allowance QK3. How often do you get your allowance? T. Rowe Price 2019 Parents, Kids & Money Survey – Kid Survey N=707 (Get an allowance) 24% 15% 17% 45% $51 or more $21 to $50 $11 to $20 $10 or less QK4. How much do you get for allowance each time you get it?
- 64. 64 Amount of Allowance Per Week T. Rowe Price 2019 Parents, Kids & Money Survey – Kid Survey N=707 (Get an allowance) 20% 14% 14% 52% $51 or more $21 to $50 $11 to $20 $10 or less Amount of allowance received per week: (QK4 by QK3)
- 65. 65 35% 65% Spender Saver Savers or Spenders QK5. How would you describe yourself? T. Rowe Price 2019 Parents, Kids & Money Survey – Kid Survey N=1,005 (Total respondents) 20% 80% Spender Saver QK6. How would you describe your parent?
- 66. 66 4% 13% 15% 29% 30% 9% Once a day or more A few times a week Once a week A few times a month Once a month or less Never Frequency of Financial Discussions QK8. Overall, how often do you discuss money or financial topics with your parent? T. Rowe Price 2019 Parents, Kids & Money Survey – Kid Survey N=1,005 (Total respondents)
- 67. 67 15% 19% 19% 22% 21% 24% 33% 42% 46% 23% 30% 36% 36% 38% 38% 47% 44% 41% Market volatility The value of long-term investing Planning for long term goals like college Cybersecurity threats Setting financial goals Maintaining a budget How to earn money The importance of saving money Spending wisely Frequently Occasionally Frequency of Specific Financial Discussions QK10. How often does your parent discuss each of the following topics with you? (Four-point scale – displaying frequently or occasionally) T. Rowe Price 2019 Parents, Kids & Money Survey – Kid Survey N=1,005 (Total respondents)
- 68. 68 $261 $281 $318 $341 $362 $401 Non-athletic extracurricular activities (N=530) Birthday presents and parties (N=835) Therapy (N=195) Tutoring (N=242) Athletics (N=594) Medical care (N=567) Spending on Kids QK13. How much do you think your parents spent on you in the past year for each of the following? (Reporting mean amount spent) T. Rowe Price 2019 Parents, Kids & Money Survey – Parent Survey N=Varies by category
- 69. 69 5% 13% 17% 27% 26% 13% Once a day or more A few times a week Once a week A few times a month Once a month or less Never Asking For Money QK14. How often do you ask your parent(s) for money? T. Rowe Price 2019 Parents, Kids & Money Survey – Kid Survey N=1,005 (Total respondents)
- 70. 70 16% 33% 48% 3% Every time Most of the time Some of the time Never Giving Kids Money QK15. How often do your parent(s) give you money when you ask for it? T. Rowe Price 2019 Parents, Kids & Money Survey – Kid Survey N=875 (Kids ask for money)
- 71. 71 7% 10% 13% 17% 19% 31% 52% 54% None of the above Investment account Peer to peer account Credit card Checking account Online/gaming account Piggy bank Savings account Kids’ Finances QK16. Which of the following do you have? (Check all that apply) T. Rowe Price 2019 Parents, Kids & Money Survey – Kid Survey N=1,005 (Total respondents)
- 72. 72 33% 8% 9% 12% 13% 14% 15% 16% 20% 20% 21% 23% I have not heard my parents talking about any of these things Gambling losses Money lost on poor investments Dipping into a savings Unexpected charge on credit card Kids costing too much money Worry about losing a job or not finding a job Not sticking to a budget/overspending Taxes too high Spoiling the kids Amount of debt owed Paying for college Parents Arguing About Finances QK17. In the past six months, have you heard your parent(s) talking about any of these topics, when they thought you were not listening? (Check all that apply) T. Rowe Price 2019 Parents, Kids & Money Survey – Kid Survey N=1,005 (Total respondents)
- 73. 73 31% 33% 33% 36% 53% 54% 54% 56% 56% 69% 71% I can sometimes be a bully My teachers at school know more about money than my parents do My parents do not make enough time for me I have been bullied because I don't have the latest stuff or wear the coolest clothes I wish my parents taught me more about money It seems like my parents are always worried about money I don't need to worry about saving for something like college that is so far away I like to spend money as soon as I get it My friends all seem to have more money than me It is my parent's responsibility to pay for my college education My parents never fight about money Kid Attitudes and Behaviors QK18. How much do you agree or disagree with the following statements? (Displaying percent that agree) T. Rowe Price 2019 Parents, Kids & Money Survey – Parent Survey N=1,005 (Total respondents)
- 74. 74 16% 9% 22% 35% 18% No mobile phone More than 6 4-6 1-3 Less than 1 Kids’ Activities Approximately how many hours per day do you spend: T. Rowe Price 2019 Parents, Kids & Money Survey – Kid Survey N=1,005 (Total respondents) QK19. On your mobile phone? 2% 7% 18% 52% 21% None More than 6 4-6 1-3 Less than 1 QK20. Watching TV? 8% 9% 18% 42% 23% None More than 6 4-6 1-3 Less than 1 QK21. Playing video games?
- 76. 76 49%51% Respondent Profile - Parents 33% 21% 25% 20% South Midwest West Northeast Q2. RegionQ1. Age Q3. Gender Men Women Q5. Household Income 86% 7% 6% 1% Married Separated/Divorced Single Widow/Widower Q4. Marital Status 22% 43% 30% 5% <35 35–44 45-54 55+ 18% 45% 24% 13% <$50K $50K–$99,999 $100K-$149,999 $150K+ 82% 7% 7% 7% 1% White/Caucasian Hispanic/Latino Black/African American Asian Native American Q6. Race/Ethnicity (Check all that apply) T. Rowe Price 2019 Parents, Kids & Money Survey – Parent Survey N=1,005 (Total respondents)
- 77. 77 Respondent Profile - Parents Q7. Education Level 72% 12% 8% 4% 2% 3% 1% Employed full time Stay-at-home parent Employed part-time Self-employed Unemployed Retired Student Q8. Employment Status (Check all that apply) 1% 18% 15% 11% 35% 20% < HS graduate HS graduate Some college Assoc. degree Bachelor's degree Graduate degree 31% 50% 12% 6% 1 2 3 4 + Q11. # kids in Household T. Rowe Price 2019 Parents, Kids & Money Survey – Parent Survey N=1,005 (Total respondents)
- 78. 78 Respondent Profile - Kids 59% 41% Q13. Kid Gender BoysGirls Q13. Kid Age 10% 12% 16% 13% 16% 18% 15% 8 9 10 11 12 13 14 T. Rowe Price 2019 Parents, Kids & Money Survey – Parent Survey N=1,005 (Total respondents)
- 80. 80 Objective and Methodology Objective To understand the basic financial knowledge, attitudes, and behaviors of both parents of children ages 8-14 and their children ages 8-14. Methodology T. Rowe Price commissioned an online survey of parents of children ages 8-14 and their children ages 8-14. The survey was fielded from January 17, 2019, through January 23, 2019, with quotas of approximately 50% men and 50% women. A total of 1,005 parents of children ages 8-14 in the U.S. participated; the sampling error for samples of 1,005 is +/- 3.1% at the 95% confidence interval. The survey was fielded through Research Now. T. Rowe Price 2019 Parents, Kids & Money Survey © 2019 T. Rowe Price. All rights reserved. T. ROWE PRICE, INVEST WITH CONFIDENCE, and the Bighorn Sheep design are, collectively and/or apart, trademarks of T. Rowe Price Group, Inc. 201903-781935