Surveyed parents say they could do more for their kids’ financial education

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Parents think they aren’t making the grade when it comes to discussing finances with their children, according to a recent study.

On average, moms and dads give themselves a B- on the money front, saying they often don’t understand basic financial concepts, according to investment management company T. Rowe Price.

So maybe it isn’t a surprise that 60% of parents said discussions about savings, inflation, diversification and other financial themes don’t happen enough with their children. Meanwhile, 57% said they were worried that they weren’t doing enough to help their kids become financially competent by age 18.

Most moms and dads said they did not always use financial transactions, such as giving an allowance or birthday money or going shopping, to educate their children. And after the allowance money runs out, more than 40% of parents said their children came back for more.

Although nearly half of parents said that the rotten economy has prompted them to have more money-minded chats with their children, more than half said their kids were so forgetful that they have to occasionally review the lessons.

But 85% of parents said they used piggy banks for their children as an example of saving.

The Kids & Money Survey of 504 parents was released in conjunction with promotional efforts for “The Great Piggy Bank Adventure,” which T. Rowe Price created with Disney Imagineering and Walt Disney Parks and Resorts Online.

Finance lessons in the form of an online board game are available at www.thegreatpiggybankadventure.com.

-- Tiffany Hsu