Do Parents and Young Adults Ever See Eye to Eye?

Do parents and their young adult children always agree? Obviously not. Where is the fun in venturing out into the world of adulthood without a little disagreement or two regarding important life views? It is not a huge surprise that parents and children have opposing views regarding money matters.

A recent Wells Fargo study indicated some alarming results on how parents and children differ in their views toward personal finances. Apparently the majority of parents (about 95%) are confident their children will attain their financial goals as they enter adulthood. Unfortunately, only 5 percent of the young adults surveyed said they had such confidence about their personal finance goals.

Why such a huge difference in confidence levels? Parents should always want the best for their children. A desire for children to have the best in their lives is a common goal of most parents.

The Wells Fargo survey is one of many recent studies that show the financial knowledge and education regarding financial matters is lacking in our youth. As children graduate high school and enter their college years many lessons have yet to be learned regarding personal finances. For many, the school of hard knocks will be the primary educator. Studies like the Wells Fargo survey indicate a need to start the learning process as early as possible. Parents and educators must work hard to close the generational gap related to money management.

A copy of the Wells Fargo survey report is available at https://www.wellsfargo.com/press/2009/20090616_study.