Parents are more likely to talk about ‘the birds and the bees’ than debt and investments, a new survey has found.
Research commissioned by fund supermarket Hargreaves Lansdown found that just 10 per cent of adults said their parents had talked to them about investments and 16 per cent said they’d spoken about debt.
This compares to 19 per cent of adults surveyed who said they were taught about the ‘the birds and the bees’ from the parents.
Around a third (35 per cent) were spoken to about savings and 27 per cent about homeownership.
However, younger generations appear to be more prepared to discuss finances with their children. 29 per cent of 18 to 34-year olds reported hearing about spending decisions from their parents, compared to 15 per cent of people aged 55 and over.
“Our parents are more likely to have sat us down for an excruciating in-depth discussion about the ‘birds and the bees’ than have had even the most fleeting chat about debt,” said Sarah Coles, personal finance analyst at Hargreaves Lansdown.
“Most of us left home knowing very little about money, aside from what we’d picked up as we went along. One in three say we taught ourselves everything we know.
“Nowadays, children learn more about money in school, but the curriculum is packed and it’s still vital they get practical lessons at home too – so they understand what it’s really like to handle their own finances.
“We don’t need to be financial geniuses to help our kids learn vital money lessons. We can share our own experiences of savings, spending, borrowing and pensions.
“We can introduce basic concepts like interest on savings and loans, and encourage our children to take an interest. We can also talk through financial decisions, so they can see money management in action.
“Ideally our children will learn every day from our good example – but nobody is perfect, so fortunately, they can learn from our mistakes too.”