When parents and kids interact there is seldom any meaningful discussion about money. There may be discussions about an allowance with a young child, but as children get older there is a reticence about financial discussions with children. Which may be the reason for the following three statistics from the current tissue of the Journal of Financial Planning.
- 14% – percentage of parents surveyed who discourage their kids from talking about money.
- 21% – percentage of kids who believe the most likely way to obtain $1 million is to invest in stocks and bonds.
- 24% – percentage of kids who believe the most likely way to obtain $1 million is to become famous.
That’s just sad.