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(London.CityRegions.com, May 17, 2013 ) Manchester, UK -- It turns out that children and mothers are essentially pitted against one another to explain the financial woes of the average family. According to experts, the truth is that both are at fault.
There are over two-thirds of children that believe that their mother is someone intimidated by money, and views the management of finances as only a necessary evil. According to the findings from the National Foundation of Credit Counseling, the children believe the mother has never truly managed money. “Perhaps the ideal gift this Mother’s Day is a lesson in personal finance,” says Gail Cunningham, spokesperson for the foundation. The survey didn’t ask children about their fathers.
In the whole of consideration, the kids are not correct, and in fact mothers are equally critical of their children. Mothers say that only a third of children are financially prepared for the future, according to numbers gathered by McGraw Federal Credit Union. Nearly 45% of all mothers believe children will not be capable of handling finances in college. Just under 50% of all mothers claim their children are unprepared for handling the attainment of work.
A Rutgers study does go on to defined the kids a bit, by way of explaining that the starting salary for a grad is around $27,000, which is less than 10% from a half-decade ago.
“Adults should be put in financial time out,” Cunningham says. “They are in charge of providing sound financial advice to their children. I land on the side of personal responsibility.”
Nearly 33% of all people learn their skills from their parents, and the NFCC survey noted that half of all adults grad themselves below a B- when it comes to finance knowledge. Still, parents are not all to blame, as many go uneducated on the issue themselves, thanks to less than half having personal finances classes required in high school.
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