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 finds 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.
Policygenius' survey is 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.
Talking money with your kids
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.”
Happy Father’s Day!
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Graphics by Philip Blackowl
Image: Dream Lover