Disclosure: This is a sponsored post on behalf of Chase and #WeAllGrow Latina Network. All thoughts and opinions expressed are my own.
Talking about money is so important for our kids’ future. Without a good understanding of how money works and how to make it work for them, our kids will have a hard time staying comfortable financially. Part of a successful future is having a future where money isn’t a constant source of worry, and talking about money now will ensure their financial stability later.
Talking About Money has Become the New “The Talk”
There was a time when “The Talk” was that awkward one about the birds and the bees. These days, most parents have figured out how to successfully talk about the birds and the bees with their kids. It’s a simple matter for most parents, in fact. However, there’s a new subject in town when it comes to talks that should be had but aren’t – “The Money Talk”.
Chase conducted a study in partnership with Center for Research on Consumer Financial Decision Making at the University of Colorado, and what they discovered was very interesting. They found that Baby Boomers find talking about money to be even more important for their kids than talking about sex.
A Money Study with Chase and the University of Colorado
Hispanics were found to be especially reliant on their family networks for financial advice, being more likely to seek advice from a parent, friend, or sibling than any other group studied. Hispanics also start saving for the future sooner, beginning at age 27 vs 31 for the rest of the population. We’re also more likely to spend money on things over experiences. I guess this study explains why I’m so excited about deal seeking. We Latinos have good financial heads on our shoulders!
In addition to being open with our adult family members, Hispanic moms and dads are also more open with our children about finances, teaching them how to use money. The study found some interesting numbers.
- 56% of Hispanics said their parents were open with them about money versus 45% of the rest of those polled.
- 67% of Hispanics said that they regularly discussed finances with their parents while growing up versus 55% of the rest of those polled
- 49% of Hispanics said that their parents told them how much money they made versus 36% of the rest of those polled
It’s never too early to start talking about money with your children. I began discussing money and how to make it work for us when our daughter was very young, to the point that she earned a full scholarship to college! She believes, education should be free, so she did her homework and accomplished her goal: FREE Education up to her PhD. As a deal seeker, I’m especially aware of how money can be stretched and made to work for us more efficiently. Having the money talk with our kids boosts their ability to confidently use and control their money in the future, and TODAY I see the results of “The Money Talk” with the familia!
Chase agrees with me. Their recent study findings reinforce how important talking about money with our kids is. They understand the importance of money and how to maximize its effectiveness. That’s why they work hard to learn about every generation’s financial habits and uses that knowledge to help them provide better financial advice to everyone. Advice that works for their needs.
For more information about the Chase study and to follow the Generational Money Talks Series, visit Chase.com/LaCharla. And visit Chase News & Stories for additional information about generational money talks and to check out the infographic.
Have YOU had that money talk with your kids?
This is a sponsored conversation written by me on behalf of Chase and #WeAllGrow Latina Network. The opinions and text are all mine.