T. Rowe Price’s tenth annual Parents, Kids & Money Survey revealed that “adulting” is harder for young adults who did not receive any financial education. Those who did not receive any financial education are less likely to have a budget, an emergency fund, and retirement savings. Most young adults (64%) are surprised at how little they knew about managing money once they had to start dealing with real-world finances. Learn more in this deck.
5. 5
41%
10%
33%
24%
None of the above
I had financial education in an after-
school/weekend program/course
Financial education was taught at school as part
of the curriculum in one of my regular classes
I had a specific class/course dedicated to
financial education
Financial Education
Q7. Which of the following types of financial education did you receive when you were younger?
(check all that apply)
T. Rowe Price 2018 Parents, Kids & Money Survey – 18-24 Year Old Survey
N=1,000 (total respondents)
N=590
Types of
Fin. Ed.
%
One 88%
Two 10%
Three 2%
6. 6
14%
15%
31%
33%
38%
40%
51%
59%
60%
60%
71%
Diversification
Asset allocation
Inflation
Retirement savings
Paying for college
Insurance
Investing
Basic life budget skills
Interest
Credit and financing
Banking
2%
37%
39%
28%
16%
10%
7%
3%
2%
Don't recall
In college
12th grade
11th grade
10th grade
9th grade
8th grade
7th grade
6th grade or earlier
Courses Dedicated to Financial Education
Q8. In what grade(s) did you have a specific
class/course dedicated to financial education?
(check all that apply)
T. Rowe Price 2018 Parents, Kids & Money Survey – 18-24 Year Old Survey
N=242 (had specific course dedicated to financial education)
Q9. What types of things did you learn
about in your financial education classes?
(check all that apply)
# of Courses %
One 74%
Two 16%
Three+ 10%
7. 7
12%
12%
27%
28%
30%
37%
47%
48%
57%
62%
66%
Diversification
Asset allocation
Inflation
Retirement savings
Insurance
Paying for college
Investing
Interest
Credit and financing
Basic life budget skills
Banking
4%
21%
36%
34%
26%
20%
8%
7%
5%
4%
3%
2%
Don't recall
In college
12th grade
11th grade
10th grade
9th grade
8th grade
7th grade
6th grade
5th grade
4th grade
3rd grade
Financial Education as Part of Another Course
Q10. In what grade(s) were you when
you had financial education as part of the
curriculum in of your regular classes?
(check all that apply)
T. Rowe Price 2018 Parents, Kids & Money Survey – 18-24 Year Old Survey
N=334 (had financial education as part of a regular class)
Q13. What types of things did you learn
about in the financial education that was
provided in a broader course?
(check all that apply)
# of Courses %
One 65%
Two 20%
Three+ 15%
8. 8
6%
38%
19%
23%
11%
4%
Don't recall
More than a month
3-4 weeks
1-2 weeks
More than one lesson, but
less than a week
One lesson
12%
11%
15%
18%
26%
37%
46%
Other
Media
Science
Technology
Social studies
Family and consumer sciences
Math
Financial Education as Part of Another Course
Q11. Which regular classes included financial
education as part of the curriculum?
(check all that apply)
T. Rowe Price 2018 Parents, Kids & Money Survey – 18-24 Year Old Survey
N=334 (had financial education as part of a regular class)
Q12. For how long did the financial education you
received within a broader course last?
9. 9
12%
12%
13%
30%
36%
36%
44%
45%
52%
52%
55%
Asset allocation
Inflation
Diversification
Retirement savings
Insurance
Interest
Basic life budget skills
Investing
Paying for college
Credit and financing
Banking
6%
26%
37%
28%
18%
12%
8%
7%
7%
3%
6%
3%
Don't recall
In college
12th grade
11th grade
10th grade
9th grade
8th grade
7th grade
6th grade
5th grade
4th grade
3rd grade
After-School/Weekend Financial Education
Q14. In what grade(s) were you when
you had financial education in an
after-school/weekend course?
(check all that apply)
T. Rowe Price 2018 Parents, Kids & Money Survey – 18-24 Year Old Survey
N=97 (had financial education in an after-school/weekend course)
Q16. What types of things did you learn
about in the financial education that was
provided in an after-school/weekend course?
(check all that apply)
# of Courses %
One 66%
Two 21%
Three+ 13%
10. 10
3%
32%
23%
16%
9%
16%
Don't recall
More than a month
3-4 weeks
1-2 weeks
More than one class, but less than a week
One class
After-School/Weekend Financial Education
Q15. For how long did the financial education you received in an after-school/weekend course last?
T. Rowe Price 2018 Parents, Kids & Money Survey – 18-24 Year Old Survey
N=97 (had financial education in an after-school/weekend course)
11. 11
13%
13%
28%
30%
36%
41%
50%
52%
60%
62%
69%
Asset allocation
Diversification
Inflation
Retirement savings
Insurance
Paying for college
Investing
Interest
Credit and financing
Basic life budget skills
Banking
44%
34%
33%
22%
16%
8%
5%
4%
3%
2%
2%
In college
12th grade
11th grade
10th grade
9th grade
8th grade
7th grade
6th grade
5th grade
4th grade
3rd grade
Grades & Topics Across All Types of Fin Ed
Q8, Q10, Q14. In what grade(s) were you when
you had financial education?
(Check all that apply)
Q9, Q13, Q16. What types of things did you learn
about in the financial education?
(Check all that apply)
T. Rowe Price 2018 Parents, Kids & Money Survey – 18-24 Year Old Survey
N=590 (Had financial education classes)
12. 12
25%
63%
12%
Frequently
Occasionally
Never
2%
40%
58%
Below average
Average
Above average
Financial Education Performance and
Utility
Q18. What grades did you usually get
in your financial literacy courses?
T. Rowe Price 2018 Parents, Kids & Money Survey – 18-24 Year Old Survey
N=590 (had financial education classes)
Q17. Currently, how often do you rely on information
you learned in your financial literacy classes?
13. 13
53%
64%
72%
73%
76%
78%
84%
Despite taking a financial literacy course, I don’t feel prepared for the
financial responsibility that comes with adulthood
Having financial literacy courses when I was younger impacted my
decisions about college
Having financial literacy classes sparked me to want to learn more
about money and finances
I wish my financial literacy course covered more than it did
My financial literacy courses helped me to develop good financial
behaviors/habits
Having financial literacy classes made me much more aware of
money and how finances work
I’m very glad that I had financial literacy courses when I was younger
Attitudes About Financial Education
Q19. How much do you agree or disagree with each of the following statements?
(displaying percent who agree)
T. Rowe Price 2018 Parents, Kids & Money Survey – 18-24 Year Old Survey
N=590 (had financial education classes)
14. 14
8%
12%
27%
20%
34%
What I learned in financial literacy courses had a lot more influence
What I learned in financial literacy courses had a little more influence
They had equal influence
What I learned from my parents had a little more influence
What I learned from my parents had a lot more influence
Influence of Financial Education
Q20. Which had a stronger influence on your financial habits and behaviors,
what you learned from your parents or what you learned in financial literacy courses?
T. Rowe Price 2018 Parents, Kids & Money Survey – 18-24 Year Old Survey
N=590 (had financial education classes)
17. 17
29%
18%
7%
18%
12%
9%
7%
Eleven or older
Ten
Nine
Eight
Seven
Six
Five or younger
39%
53%
8%
No
Yes, but had to earn it
Yes, no requirements
Allowance
Q24. Did you get an allowance when you were a kid?
Q25. How old were you when
you started getting allowance?
T. Rowe Price 2018 Parents, Kids & Money Survey – 18-24 Year Old Survey
N=1,000 (total respondents)
N=609
18. 18
30%
9%
11%
10%
6%
14%
3%
6%
4%
2%
4%
Fifteen or older
Fourteen
Thirteen
Twelve
Eleven
Ten
Nine
Eight
Seven
Six
Five or younger
5%
12%
9%
27%
33%
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
Financial Discussions With Parents
Q26. How often did your parents discuss
financial topics with you when you were younger?
Q27. How old were you when your parents
started discussing financial topics with you?
T. Rowe Price 2018 Parents, Kids & Money Survey – 18-24 Year Old Survey
N=1,000 (Total respondents)
N=857
21. 21
44%
31%
16%
9%
No, I do not receive any financial support
from my family
Yes, my family covers some of my expenses
Yes, my family covers most of my expenses
Yes, my family covers all of my expenses
Family Financial Support
Q32. Are you currently receiving any kind of financial support from your parents or other family members?
T. Rowe Price 2018 Parents, Kids & Money Survey – 18-24 Year Old Survey
N=1,000 (total respondents)
22. 22
46%
54%
I budget for expenses
only
I include savings as a
line item in my budget
23%
77%
No
Yes
Budgeting
Q33. Do you have a budget?
Q34. Which of the following best
describes how you approach your budget?
T. Rowe Price 2018 Parents, Kids & Money Survey – 18-24 Year Old Survey
N=1,000 (total respondents)
N=772
23. 23
8%
19%
28%
46%
Not sure
Both were spenders
Both were savers
One was a saver and
one was a spender
12%
40%
35%
14%
Definitely a saver
More of a saver than a spender
More of a spender than a saver
Definitely a spender
Saving vs. Spending
Q35. Would you consider yourself
more of a saver or a spender?
Q36. Would you consider your
parents/guardians to be savers or spenders?
T. Rowe Price 2018 Parents, Kids & Money Survey – 18-24 Year Old Survey
N=1,000 (total respondents)
24. 24
46%
54%
No
Yes
Financial Goals
Q37. Are you currently working
toward any financial/savings goals?
Open-end responses: type of goal
T. Rowe Price 2018 Parents, Kids & Money Survey – 18-24 Year Old Survey
N=1,000 (total respondents)
N=539
2%
2%
3%
4%
4%
5%
11%
11%
12%
12%
16%
16%
Emergency fund
Invest
Retirement
Move
Purchase
Vacation
Specific dollar amount
College
Car
Pay off debt
House
General saving
26. 26
4%
56%
40%
I have no interest in
owning a car
I own a car
I would like to own a car
when the time is right
8%
15%
78%
I have no interest in owning a
home
I am a homeowner
I would like to own a home when
the time is right
Owning a Car and Home
Q39. What is your attitude toward owning a home? Q40. What is your attitude toward owning a car?
T. Rowe Price 2018 Parents, Kids & Money Survey – 18-24 Year Old Survey
N=1,000 (total respondents)
27. 27
33%
41%
42%
48%
51%
53%
55%
57%
64%
67%
73%
78%
Talking about money was taboo in my family when I was growing up
My parents seemed reluctant to talk to me about money and finances
My parents generally bought me whatever I wanted
My parents fought about money a lot when I was growing up
The Great Recession caused my family to adapt our spending and
saving habits
I’m more conservative with money than my parents
I spend too much of my money going out and on things I don’t need
Seeing my parents deal with the Great Recession has made me more
conservative with my money
Once I had to start dealing with real-world finances, I was surprised at
how little I knew about managing money
My parents let me manage my own money when I was a kid
I’m good with money and finances
My parents often emphasized the importance of saving money
Attitudes About Finances
Q41. How much do you agree or disagree with each of the following statements?
(displaying percent who agree)
T. Rowe Price 2018 Parents, Kids & Money Survey – 18-24 Year Old Survey
N=1,000 (Total respondents)
28. 28
6%
5%
7%
8%
10%
11%
13%
16%
17%
71%
81%
None of the above
IRA
CD
College savings account for my kids
401(k) with previous employer
Savings bond
Investment account
College savings account for myself
401(k) with current employer
Savings account
Checking account
Financial Accounts
Q42. Which of the following types of accounts do you have?
(check all that apply)
T. Rowe Price 2018 Parents, Kids & Money Survey – 18-24 Year Old Survey
N=1,000 (total respondents)
Of the 412 respondents who are currently employed full time, 128 (31%) have a 401(k) account
with their current employer
29. 29
3%
15%
38%
45%
All of the money was contributed by
parents/family members
Most of the money was contributed by
parents/family members
Some of the money was contributed by
parents/family members
None of the money was contributed by
parents/family members
Family Contribution to Financial Accounts
Q43. With regard to your financial accounts, how much of the money
you have was contributed by your parents or other family members?
T. Rowe Price 2018 Parents, Kids & Money Survey – 18-24 Year Old Survey
N=940 (have financial accounts)
30. 30
59%
33%
8%
I've never had a retirement account
No
Yes
Withdrawing From Retirement Accounts
Q44. Have you ever taken money out of a retirement account?
T. Rowe Price 2018 Parents, Kids & Money Survey – 18-24 Year Old Survey
N=1,000 (total respondents)
31. 31
52%
48%
No
Yes
14%
46%
39%
I have no interest in saving for
retirement because it’s so far away
I would like to save for retirement but
I don’t have the money to do so
Saving for retirement is an important
priority so I’ll find a way to save
Emergency Fund and Retirement Savings
Q45. What statement best characterizes your
attitude toward saving for retirement?
Q46. Do you have an emergency fund?
T. Rowe Price 2018 Parents, Kids & Money Survey – 18-24 Year Old Survey
N=1,000 (total respondents)
32. 32
8%
3%
9%
11%
22%
18%
29%
30% or more
25% to 29%
20% to 24%
15% to 19%
10% to 14%
5% to 9%
Less than 5%
Contributions to Savings
Q47. Including retirement savings, what percent of your income do you put toward savings?
T. Rowe Price 2018 Parents, Kids & Money Survey – 18-24 Year Old Survey
N=1,000 (total respondents)
33. 33
6%
12%
17%
18%
15%
32%
I have carried credit card debt for as long
as I can remember
I have used credit cards regularly to
finance things I can’t immediately afford
I have used credit cards occasionally to
finance things I can’t immediately afford
I rarely carry a balance on my credit cards
I never carry a balance on my credit cards
I don’t have credit cards
Use of Credit Cards
Q48. Which statement best characterizes your use of credit card financing?
T. Rowe Price 2018 Parents, Kids & Money Survey – 18-24 Year Old Survey
N=1,000 (total respondents)
34. 34
34%
15%
21%
27%
12%
14%
8%
None of the above
Other
Car loan
Credit card debt
Friend/relative debt
Medical debt
Payday loan
51%
19%
30%
No
Yes, I will have student loan
debt
Yes, I currently have student
loan debt
Types of Debt
Q49. Do you (or will you) have student loan debt?
Q50. Which of the following
types of debt do you have?
(check all that apply)
T. Rowe Price 2018 Parents, Kids & Money Survey – 18-24 Year Old Survey
N=1,000 (total respondents)
35. 35
4%
6%
24%
66%
All of it
Most of it
Some of it
None of it
Family Contribution to Debt Payment
Q51. How much of your current debt is paid for by your parents or other family members?
T. Rowe Price 2018 Parents, Kids & Money Survey – 18-24 Year Old Survey
N=658 (currently have debt)
36. 36
25%
27%
38%
43%
64%
65%
68%
86%
Without credit cards, I would not be able to cover my monthly expenses
I’ve lost track of how much I spend monthly on subscriptions like Netflix,
Spotify, and other subscription services
I don’t make enough money to cover what I spend
My parents kept a pretty close eye on my money and what I did with it
My parents were often stressed about money
My parents were good role models when it came to money and finances
I wish I was more financially independent
I think financial literacy course should be required in all schools
Attitudes About Finances
Q52. How much do you agree or disagree with each of the following statements?
(displaying percent who agree)
T. Rowe Price 2018 Parents, Kids & Money Survey – 18-24 Year Old Survey
N=1,000 (total respondents)
38. 38
47%
57%
I include savings as a line
item in my budget
28%
72%
19%
81%
No
Yes
Had Financial Education Did Not Have Financial Education
Budgeting
Q33. Do you have a budget? Q34. Which of the following best
describes how you approach your budget?
T. Rowe Price 2018 Parents, Kids & Money Survey – 18-24 Year Old Survey
N=1,000 (total respondents)
N=772
= Statistically significant difference at alpha=.05
39. 39
67%
77%
I’m good with money
and finances
Had Financial Education Did Not Have Financial Education
Attitudes About Finances
Q41. How much do you agree or disagree with the following statement?
(displaying percent who agree)
T. Rowe Price 2018 Parents, Kids & Money Survey – 18-24 Year Old Survey
N=1,000 (total respondents) = Statistically significant difference at alpha=.05
40. 40
38%
55%
Yes
35%
42%
Saving for retirement is an important
priority so I’ll find a way to save
Had Financial Education Had No Financial Education
Emergency Fund andRetirement Savings
Q45. What statement best characterizes your
attitude toward saving for retirement?
Q46. Do you have an emergency fund?
T. Rowe Price 2018 Parents, Kids & Money Survey – 18-24 Year Old Survey
N=1,000 (total respondents) = Statistically significant difference at alpha=.05
41. 41
70%
27%
52%
37%
I've never had a retirement account
No
Had Financial Education Had No Financial Education
Withdrawing From Retirement Accounts
Q44. Have you ever taken money out of a retirement account?
T. Rowe Price 2018 Parents, Kids & Money Survey – 18-24 Year Old Survey
N=1,000 (total respondents) = Statistically significant difference at alpha=.05
48% of young adults who had financial education have retirement savings, compared with 30%
of those who did not have financial education.
42. 42
10%
4%
3%
8%
8%
67%
84%
2%
9%
11%
16%
21%
73%
79%
None of the above
CD
College savings account for my kids
Investment account
College savings account for myself
Savings account
Checking account
Had Financial Education
Had No Financial Education
Financial Accounts
Q42. Which of the following types of accounts do you have?
(check all that apply)
T. Rowe Price 2018 Parents, Kids & Money Survey – 18-24 Year Old Survey
N=1,000 (total respondents) = Statistically significant difference at alpha=.05
43. 43
59%
39%
Less than 10%
Had Financial Education Had No Financial Education
Contributions to Savings
Q47. Including retirement savings, what percent of your income do you put toward savings?
T. Rowe Price 2018 Parents, Kids & Money Survey – 18-24 Year Old Survey
N=1,000 (total respondents) = Statistically significant difference at alpha=.05
45. 45
41%
47%
47%
49%
33%
35%
40%
40%
Insurance
Basic life budget skills
Investing
Credit and financing
Had Financial Education Did Not Have Financial Education
Desired Discussions With Parents
Q29. Now that you’re older, what do you wish your parents had discussed more with you?
(check all that apply)
T. Rowe Price 2018 Parents, Kids & Money Survey – 18-24 Year Old Survey
N=1,000 (total respondents) = Statistically significant difference at alpha=.05
47. 47
51%
59%
I include savings as a line
item in my budget
73%
88%
Yes
Yes No
Budgeting
Q33. Do you have a budget? Q34. Which of the following best
describes how you approach your budget?
T. Rowe Price 2018 Parents, Kids & Money Survey – 18-24 Year Old Survey
N=1,000 (total respondents)
N=772
= Statistically significant difference at alpha=.05
Parents Discussed Financial Topics
48. 48
43%
60%
Yes
37%
45%
Saving for retirement is an important
priority so I’ll find a way to save
Yes No
Emergency Fund and Retirement Savings
Q45. What statement best characterizes your
attitude toward saving for retirement?
Q46. Do you have an emergency fund?
T. Rowe Price 2018 Parents, Kids & Money Survey – 18-24 Year Old Survey
N=1,000 (total respondents) = Statistically significant difference at alpha=.05
Parents Discussed Financial Topics
49. 49
64%
29%
44%
42%
I've never had a retirement account
No
Yes No
Withdrawing From Retirement Accounts
Q44. Have you ever taken money out of a retirement account?
T. Rowe Price 2018 Parents, Kids & Money Survey – 18-24 Year Old Survey
N=1,000 (total respondents) = Statistically significant difference at alpha=.05
Parents Discussed Financial Topics
50. 50
7%
6%
12%
83%
2%
14%
25%
76%
None of the above
College savings account for my kids
College savings account for myself
Checking account
Yes No
Financial Accounts
Q42. Which of the following types of accounts do you have?
(check all that apply)
T. Rowe Price 2018 Parents, Kids & Money Survey – 18-24 Year Old Survey
N=1,000 (total respondents) = Statistically significant difference at alpha=.05
Parents Discussed Financial Topics
51. 51
52%
34%
Less than 10%
Yes No
Contributions to Savings
Q47. Including retirement savings, what percent of your income do you put toward savings?
T. Rowe Price 2018 Parents, Kids & Money Survey – 18-24 Year Old Survey
N=1,000 (total respondents) = Statistically significant difference at alpha=.05
Parents Discussed Financial Topics
53. 53
41%
44%
46%
48%
22%
29%
33%
32%
Insurance
Basic life budget skills
Investing
Credit and financing
Yes No
Desired Discussions With Parents
Q29. Now that you’re older, what do you wish your parents had discussed more with you?
(check all that apply)
T. Rowe Price 2018 Parents, Kids & Money Survey – 18-24 Year Old Survey
N=1,000 (total respondents) = Statistically significant difference at alpha=.05
Parents Discussed Financial Topics
55. 55
47%
50%
3%
Male Female Not Male or Female
Respondent Profile
38%
24%
19%
19%
South
Midwest
West
Northeast
Q2. RegionQ1. Age
Q3. Gender
10%
13%
13%
14%
15%
15%
19%
18
19
20
21
22
23
24
70%
13%
16%
5%
3%
White/Caucasian
Hispanic/Latino
Black/African
American
Asian
Native American
Q4. Race/Ethnicity
(check all that apply)
T. Rowe Price 2018 Parents, Kids & Money Survey – 18-24 Year Old Survey
N=1,000 (total respondents)
56. 56
5%
8%
14%
7%
6%
8%
14%
11%
10%
9%
9%
$100,000 or more
$75,000 to less than $100,000
$50,000 to less than $75,000
$40,000 to less than $50,000
$35,000 to less than $40,000
$30,000 to less than $35,000
$25,000 to less than $30,000
$15,000 to less than $20,000
$10,000 to less than $15,000
$5,000 to less than $10,000
Less than $5,000
25%
34%
41%
Not currently employed
Employed part-time
Employed full-time
Employment Status and Income
Q5. What is your current employment status?
T. Rowe Price 2018 Parents, Kids & Money Survey – 18-24 Year Old Survey
N=1,000 (total respondents)
Q6. What is your annual personal income?
N=749
57. 57
2%
11%
12%
23%
10%
5%
5%
32%
Other
Own my own home
Rent – live alone
Rent – live with others
Live in college housing
Live with other family members
Was on my own, but now back living with parents
Still live with parents
Current Living Arrangements
Q55. What are your current living arrangements?
T. Rowe Price 2018 Parents, Kids & Money Survey – 18-24 Year Old Survey
N=1,000 (total respondents)
58. 58
23%
3%
30%
32%
66%
None of the above
Other
Rent
Utilities
Food
Paying for Expenses
Q56. Which of the following expenses do you contribute to on a regular basis?
(check all that apply)
T. Rowe Price 2018 Parents, Kids & Money Survey – 18-24 Year Old Survey
N=420 (live with parents or other family)
59. 59
4%
4%
21%
34%
33%
4%
Graduate degree
Currently in graduate school
College degree
Currently in college
High school diploma
Currently in high school
Education
Q54. What is the highest level of education you’ve completed?
T. Rowe Price 2018 Parents, Kids & Money Survey – 18-24 Year Old Survey
N=1,000 (total respondents)
63. 63
31%
69%
No
Yes
Household Budget
Q20. Do you have a household budget?
53%
47%
I budget for expenses only
I include savings as a line item
in my budget
Q21. Which of the following best describes
how you approach your budget?
T. Rowe Price 2018 Parents, Kids & Money Survey – Parent Survey
N=1,013 (total respondents)
N=702
64. 64
20%
27%
33%
48%
Lack of financial knowledge
Tax reforms
Political environment
Health care costs
Concern About Financial Security
Q22. How much do each of the following cause you to worry about your financial security?
(five-point scale – displaying very much or extremely)
T. Rowe Price 2018 Parents, Kids & Money Survey – Parent Survey
N=1,013 (total respondents)
65. 65
20%
24%
26%
26%
36%
40%
45%
65%
70%
74%
78%
86%
I’ve lost track of how much I spend monthly on subscriptions like Netflix, Spotify, and
other subscription services
I hide purchases from my spouse so he/she doesn’t know how much I spend
Without credit cards I would not be able to cover my monthly expenses
I have a household budget, but I rarely look at it
My spouse and I don’t agree on how to budget for the household
I don’t make enough money to cover what I spend
When managing my finances, I always make sure that I pay myself first by including
savings in the budget
I rarely carry cash anymore
I wish that I received more financial education in school
Following a budget has helped my financial situation
I have taken measures to cut back spending in the last year
I love hunting for bargains, promo codes and clipping coupons
Attitudes and Behaviors
Q23. How much do you agree or disagree with the following statements?
(displaying percent who agree)
T. Rowe Price 2018 Parents, Kids & Money Survey – Parent Survey
N=1,013 (total respondents)
66. 66
5%
16%
20%
59%
Strongly agree
Somewhat agree
Somewhat disagree
Strongly disagree
Keeping Financial Secrets
Q65. How much do you agree or disagree with the following statements?
I keep financial secrets from my spouse/partner.
21% Agree
T. Rowe Price 2018 Parents, Kids & Money Survey – Parent Survey
N=775 (married)
68. 68
14%
14%
22%
15%
18%
17%
I have carried credit card debt for as long as I can
remember
I have used credit cards regularly to finance things I can’t
immediately afford
I have used credit cards occasionally to finance things I
can’t immediately afford
I rarely carry a balance on my credit cards
I never carry a balance on my credit cards
I don't have credit cards
Use of Credit Cards
Q12. Which statement best characterizes your use of credit card financing?
T. Rowe Price 2018 Parents, Kids & Money Survey – Parent Survey
N=1,013 (total respondents)
69. 69
68%
18%
14%
No, I've never
considered it
No, but I've considered it
Yes
Bankruptcy
Q14. Have you ever declared personal bankruptcy?
56%
44%
No
Yes
Q15. Do your kid(s) know that you once declared
bankruptcy?
T. Rowe Price 2018 Parents, Kids & Money Survey – Parent Survey
N=1,013 (total respondents)
N=140
70. 70
10%
3%
4%
7%
8%
22%
24%
45%
49%
53%
I don't have any debt
Other
Student loan (from kid's education)
Payday loan
Friend/relative debt
Medical debt
Student loan (from parent's education)
Car loan
Mortgage
Credit card debt
Types of Debt
Q14. Which of following types of debt do you have?
(check all that apply)
T. Rowe Price 2018 Parents, Kids & Money Survey – Parent Survey
N=1,013 (total respondents)
71. 71
25%
21%
28%
26%
More than 5 years
3-5 years
1-2 years
Less than a year
Carrying a Credit Card Balance
Q17. How long have you been carrying a balance on credit cards?
T. Rowe Price 2018 Parents, Kids & Money Survey – Parent Survey
N=534 (have credit card debt)
72. 72
6%
8%
14%
20%
32%
19%
$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
Amount of Credit Card Debt
Q18. What is the approximate balance (i.e., the amount you still owe) on all your credit cards now?
T. Rowe Price 2018 Parents, Kids & Money Survey – Parent Survey
N=534 (have credit card debt)
74. 74
27%
34%
35%
47%
50%
None of the above
Money saved for kids’ college
education
Money saved for other goals
An emergency fund to cover
unexpected expenses
Money saved for retirement
Savings Accounts
24. Which of following do you have?
(check all that apply)
T. Rowe Price 2018 Parents, Kids & Money Survey – Parent Survey
N=1,013 (total respondents)
75. 75
8%
7%
9%
3%
7%
18%
20%
27%
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
Q27. For how many months would your
emergency fund cover your family’s expenses?
T. Rowe Price 2018 Parents, Kids & Money Survey – Parent Survey
N=471 (have an emergency fund)
12%
23%
19%
29%
16%
$40,000 or more
$10,000 to $39,999
$4,000 to $9,999
$1,000 to $3,999
Less than $1,000
Q26. Approximately how much money do you
currently have in your emergency fund?
76. 76
36%
64%
No, I do not maintain a separate
account for my emergency fund
Yes, I maintain a separate
account for my emergency fund
Separate Emergency Fund Account
Q28. Do you maintain a separate account for your
emergency fund, or is it kept in an account with other funds?
T. Rowe Price 2018 Parents, Kids & Money Survey – Parent Survey
N=471 (have an emergency fund)
77. 77
30%
3%
9%
10%
18%
23%
31%
1%
3%
3%
4%
6%
14%
16%
16%
18%
Nothing
Other
To cover expenses while unemployed
To pay taxes
Health care costs
Home repair/renovation
Car purchase or repair
Wedding
Childcare/daycare
Kid's college education
Down payment on a home
Kids' primary education
Day-to-day expenses
Pay off debt
Vacation
Holiday spending
Using the Emergency Fund
Q29. 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 2018 Parents, Kids & Money Survey – Parent Survey
N=471 (have an emergency fund)
79. 79
3%
12%
12%
16%
27%
31%
33%
78%
Other
Taxable investment account
Certificate of deposit (CD)
Annuity or life insurance policy
Roth IRA
Regular savings account
Traditional IRA
401(k) plan
Retirement Accounts
Q31. What types of accounts do you have for your retirement savings?
(check all that apply)
T. Rowe Price 2018 Parents, Kids & Money Survey – Parent Survey
N=502 (have retirement savings)
80. 80
Amount of Retirement Savings
14%
15%
15%
14%
23%
19%
$400,000 or more
$200,000 to $399,999
$100,000 to $199,999
$50,000 to $99,999
$11,000 to $49,999
Less than $10,000
Q30. Approximately how much money do you currently have in your retirement savings?
T. Rowe Price 2018 Parents, Kids & Money Survey – Parent Survey
N=502 (have retirement savings)
81. 81
41%
59%
No
Yes
Mixed Retirement Accounts
T. Rowe Price 2018 Parents, Kids & Money Survey – Parent Survey
N=175 (have regular savings or taxable investment accounts for retirement savings)
Q32. Do the regular savings or taxable investment accounts you use for
retirement savings also have money that is not going to be used for retirement?
82. 82
1%
7%
16%
76%
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?
Using Money From Retirement Accounts
T. Rowe Price 2018 Parents, Kids & Money Survey – Parent Survey
N=486 (have retirement savings and not retired)
83. 83
3%
15%
15%
16%
16%
19%
7%
8%
8%
9%
10%
12%
14%
16%
18%
31%
Other
To pay taxes
Health care costs
To cover expenses while unemployed
Car purchase or repair
Home repair/renovation
Childcare/daycare
Wedding
Kids' college education
Kids' primary education
Holiday spending
Vacation
Replenish emergency fund
Down payment on a home
Day-to-day expenses
Pay off debt
Using Money From Retirement Accounts
Q34. 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 2018 Parents, Kids & Money Survey – Parent Survey
N=118 (have taken money out of retirement savings)
84. 84
20%
36%
27%
17%
Strongly agree
Somewhat agree
Somewhat disagree
Strongly disagree
Anxiety About Saving for Retirement
Q44. How much do you agree or disagree with the following statement?
Conversations about saving for retirement usually fill me with a lot of anxiety.
56% Agree
T. Rowe Price 2018 Parents, Kids & Money Survey – Parent Survey
N=1,013 (total respondents)
86. 86
58%
28%
19%
None of the above
Financial education was taught at school as part of the
curriculum in one of my regular classes
A specific class/course dedicated to financial education
Financial Education
Q59. Which of the following types of financial education did you receive in school?
(check all that apply)
T. Rowe Price 2018 Parents, Kids & Money Survey – Parent Survey
N=1,013 (total respondents)
87. 87
10%
41%
31%
28%
23%
19%
12%
8%
6%
5%
3%
3%
Don't recall
In college
12th grade
11th grade
10th grade
9th grade
8th grade
7th grade
6th grade
5th grade
4th grade
3rd grade
Courses Dedicated to Financial Education
Q60. When did you receive any type of financial education at school?
(check all that apply)
T. Rowe Price 2018 Parents, Kids & Money Survey – Parent Survey
N=1,013 (total respondents)
89. 89
19%
3%
8%
8%
16%
24%
29%
30%
33%
43%
None of the above
Roboadvisor
Books or other materials by celebrity spokespeople
Social media
Financial news channels
Traditional financial advisor
Financial websites or apps
Friends
Parents
Google/my own research
Financial Resources
Q58. When it comes to financial matters, which of the following do you consult?
(check all that apply)
T. Rowe Price 2018 Parents, Kids & Money Survey – Parent Survey
N=1,013 (total respondents)
90. 90
18%
9%
8%
10%
25%
27%
37%
53%
None of the above
Told my kids we have more money than we really do
Used money my kids have received as gifts to buy something for myself
Showed financial statements to my kids
Told my kids we have less money than we really do
Told my kids we can’t afford things when we really can
Been short with my kids because I am stressed about money
Used money as incentive for good grades or good behavior
Parental Behaviors
Q51. Which of the following things have you done?
(check all that apply)
T. Rowe Price 2018 Parents, Kids & Money Survey – Parent Survey
N=1,013 (total respondents)
91. 91
21%
35%
52%
56%
56%
I have borrowed from my kids’ “piggy
bank” without paying them back
I have gone into debt to pay for
something my kids wanted
I sometimes feel ashamed that I’m not
providing enough for my kids
I spend too much money on my kids for
things they don’t really need
I worry that I spoil my kids
Parental Attitudes and Behaviors
Q63. How much do you agree or disagree with the following statements?
(displaying percent who agree)
T. Rowe Price 2018 Parents, Kids & Money Survey – Parent Survey
N=1,013 (total respondents)
92. 92
Parents’ Knowledge of Saving and
Investing
25%
31%
42%
43%
62%
Stocks are generally less risky investments than bonds
A 50 year old shouldn’t put any of their retirement money in
stocks because stocks can lose money
Having an emergency fund to cover one or two months' living
expenses is sufficient
If I save 6% of my income toward retirement each year, I’ll
have enough money to comfortably retire at age 65
What investments you choose (e.g., what stock, bond, or
mutual fund) matters more than how much money you invest
Q45. Please indicate whether each of the following statements is true or false
(displaying percent saying true)
T. Rowe Price 2018 Parents, Kids & Money Survey – Parent Survey
N=1,013 (total respondents)
94. 94
2%
7%
6%
27%
36%
22%
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
Q46. Overall, how often do you discuss any financial topics (e.g., the importance of
saving and spending wisely, setting financial goals, budgeting, etc.) with your kids?
T. Rowe Price 2018 Parents, Kids & Money Survey – Parent Survey
N=1,013 (total respondents)
95. 95
8%
16%
75%
I set aside time to specifically discuss financial topics
The kids usually come to me with a question
I bring things up as they occur
Types of Financial Discussions
Q47. Which of the following best describes how you discuss financial topics with your kids?
T. Rowe Price 2018 Parents, Kids & Money Survey – Parent Survey
N=786 (have financial discussions with kids)
96. 96
7%
7%
28%
24%
34%
Extremely reluctant
Very reluctant
Somewhat reluctant
Not very reluctant
Not at all reluctant
Reluctance to Discuss Financial Matters
Q48. How reluctant are you to discuss financial matters with your kids?
T. Rowe Price 2018 Parents, Kids & Money Survey – Parent Survey
N=1,013 (total respondents)
97. 97
4%
7%
14%
19%
18%
23%
26%
40%
46%
16%
20%
31%
29%
42%
45%
42%
46%
41%
Market volatility
Digital payment methods like PayPal and Venmo
The value of long-term investing
Not talking about money in public
Giving to charity
Setting financial goals
Maintaining a budget
How to earn money
The importance of saving
Frequently
Occasionally
Importance of Financial Discussions
Q49. How often do you discuss each of the following with your kids?
(four-point scale – displaying frequently or occasionally)
T. Rowe Price 2018 Parents, Kids & Money Survey – Parent Survey
N=1,013 (total respondents)
99. 99
45%
30%
25%
No difference
Girls
Boys
Kids Asking Questions
Q53. Based on your experience, who asks about money more?
T. Rowe Price 2018 Parents, Kids & Money Survey – Parent Survey
N=446 (have both boys and girls)
100. 100
52%
25%
23%
No difference
Girls
Boys
Talking to Boys and Girls
Q54. Do you find that you spend more time talking about money with your boy(s) or girl(s)?
T. Rowe Price 2018 Parents, Kids & Money Survey – Parent Survey
N=446 (have both boys and girls)
101. 101
Talking to Boys and Girls
Q55. Why do you talk more with your [boy(s) or girl(s)]?
(check all that apply)
10%
6%
23%
46%
38%
52%
6%
14%
20%
49%
51%
57%
They play on financial games or apps more
They are more likely to have more money to manage
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 2018 Parents, Kids & Money Survey – Parent Survey
N=214 (talk more to boys or girls)
102. 102
39%
48%
51%
79%
I often miss opportunities to talk to my kids
about money and finances
I don’t always know the best way to talk to
my kids about financial topics
Opportunities to talk to my kids about money
and finances come up almost every day
The conversations I have with my kids about
finances make a difference
Attitudes About Financial Discussions
Q56. How much do you agree or disagree with the following statements?
(displaying percent who agree)
T. Rowe Price 2018 Parents, Kids & Money Survey – Parent Survey
N=1,013 (total respondents)
103. 103
9%
2%
34%
36%
37%
37%
41%
51%
52%
None of the above
Other
Figuring out the amount of sales tax you pay
Going into a physical bank
Discussing why we can’t take a bigger vacation
Discussing the cost of college
Figuring out how much tip to leave at a restaurant
Figuring out how much you get off on sales
Back-to-school shopping on a budget
Teaching Moments
Q52. Which of the following have you used as an opportunity to teach your kids about money?
(check all that apply)
T. Rowe Price 2018 Parents, Kids & Money Survey – Parent Survey
N=1,013 (total respondents)
104. 104
52%
59%
I have a hard time making my kids understand the
value of a dollar
I’ve tried various ways to get my kids to save their
money instead of spending it all right away to no avail
Teaching Kids About Money
Q56. How much do you agree or disagree with the following statements?
(displaying percent who agree)
T. Rowe Price 2018 Parents, Kids & Money Survey – Parent Survey
N=1,013 (total respondents)
105. 105
10%
7%
10%
15%
25%
54%
62%
None of the above
Credit card
Investment account
Checking account
Online/gaming account
Savings account
Piggy bank
Kids’ Finances
Q61. Which of the following do your kids have?
(check all that apply)
T. Rowe Price 2018 Parents, Kids & Money Survey – Parent Survey
N=1,013 (total respondents)
106. 106
13%
31%
55%
Other
My kid does
I do
Paying Kids’ Credit Card Bill
Q62. Who pays your kid’s credit card bill?
T. Rowe Price 2018 Parents, Kids & Money Survey – Parent Survey
N=67 (kid has credit card)
107. 107
26%
29%
47%
66%
78%
The schools do a good job of teaching kids about money
When my kids receive money as a gift, I decide what to
do with the money
I let my kids make bad financial decisions so they can
learn from their mistakes
I let my kids manage their own money
I keep a pretty close eye on my kids’ money and what
they’re doing with it
Letting Kids Manage Their Own Money
Q63. How much do you agree or disagree with the following statements?
(displaying percent who agree)
T. Rowe Price 2018 Parents, Kids & Money Survey – Parent Survey
N=1,013 (total respondents)
108. 108
7%
18%
27%
67%
75%
None of the above
Manage their own accounts
Decide what charities to donate to
Decide what to save their money for
Decide what they spend their own money on
Allowing Kids to Manage Their Own Finances
Q64. Which of the following do you allow your kids to do on their own?
(check all that apply)
T. Rowe Price 2018 Parents, Kids & Money Survey – Parent Survey
N=1,013 (total respondents)
109. 109
40%
62%
81%
91%
I trust teachers to teach my kids
about money and finances
I would be interested in taking a
course that teaches financial basics
I would enroll my kids in a course
about money and finances for kids
Kids should be taught financial
literacy in school
Parental Attitudes and Behaviors
Q65. How much do you agree or disagree with the following statements?
(displaying percent who agree)
T. Rowe Price 2018 Parents, Kids & Money Survey – Parent Survey
N=1,013 (total respondents)
111. 111
42%
5%
53%
I don’t give allowance
I give allowance without any requirements
I give allowance, but kids have to earn it
Allowance Approach
Q75. Which of the following best describes your approach to allowance?
T. Rowe Price 2018 Parents, Kids & Money Survey – Parent Survey
N=1,013 (total respondents)
112. 112
6%
12%
22%
60%
$51 or more
$21 to $50
$11 to $20
$10 or less
Amount of Allowance
Q76. Regardless of how often you give allowance, on average, how much do you give per week?
T. Rowe Price 2018 Parents, Kids & Money Survey – Parent Survey
N=591 (give an allowance)
113. 113
8%
13%
9%
17%
16%
20%
17%
11 or older
10
9
8
7
6
5 or younger
Age Allowance Begins
Q77. How old were your kids when you started giving allowance?
T. Rowe Price 2018 Parents, Kids & Money Survey – Parent Survey
N=591 (give an allowance)
114. 114
47%
64%
My kids usually spend most of their
allowance money right away
I often give my kids additional money
outside their allowance
Allowance
Q78. How much do you agree or disagree with the following statements?
(displaying percent who agree)
T. Rowe Price 2018 Parents, Kids & Money Survey – Parent Survey
N=591 (Give an allowance)
119. 119
Objective and Methodology
Objective
To understand the basic financial knowledge, attitudes, and behaviors of parents of
children ages 8-14, and young adults between the ages of 18-24
Methodology
T. Rowe Price commissioned two online surveys, one of parents of children ages 8-14, and
one of young adults ages 18-24.
The surveys were fielded from January 16, 2018, through January 23, 2018, with quotas of
approximately 50% men and 50% women.
A total of 1,014 parents of children ages 8-14 and 1,000 young adults ages 18-24
participated; the sampling error for samples of 1,000 and 1,014 is +/- 3.1% at the 95%
confidence interval.
The survey was fielded through ResearchNow.
T. Rowe Price 2018 Parents, Kids & Money Survey – Parent Survey