Father’s Day is an opportunity for families to show appreciation for the special men in their lives. While you’re thanking Dad for all his love and support, be sure to express some gratitude for the money lessons, too.
A new Policygenius survey found 64% of dads have discussed at least one important money topic, including debt, taxes and charity, with their kids.
Budgeting was the most commonly discussed financial concept with 38% of dads broaching the subject with their offspring, followed by debt (30%) The least discussed financial topics among dads and kids were credit scores (15%) and insurance (16%).
In honor of Father’s Day, here’s a snapshot of how dads do money.
SPONSORED: Find a Qualified Financial Advisor
1. Finding a qualified financial advisor doesn't have to be hard. SmartAsset's free tool matches you with up to 3 fiduciary financial advisors in your area in 5 minutes.
2. Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests. If you're ready to be matched with local advisors that can help you achieve your financial goals get started now.
- Nearly 1 in 2 dads give their kids an allowance
- 38% of dads have discussed budgeting with their kids
- 37% of dads have a private life insurance policy
- 27% of dads have opened a savings account for their kid
- 25% of dads will spend $50 or more to avoid a tantrum
Results are based on responses from a nationally representative group of 1,500 parents with children under 18. It was conducted on Google Surveys from June 3 through June 6, 2019.
Family money conversations provide an important foundation for financial wellness and financial literacy.
“My dad helped me open my first checking account but he also opened a credit card for me,” Patrick Hanzel, certified financial planner and advanced planning specialist for Policygenius, says. “I’m appreciative of that because it helped build my credit. I only used it for expenses like gas, emergencies, etc. and he paid it off every month then I would reimburse him whatever I could.”
You can help your child learn important money concepts by giving them a small-dollar allowance, opening basic banking accounts in their name, drafting a budget or hosting a yard sale.
Looking for more ways to share financial wisdom with your family? Check out this full list of 50 fun ways to teach your kids about money.
This article originally appeared on Policygenius and was syndicated by MediaFeed.org.
Featured Image Credit: Liderina / iStock.