This is a compilation of studies and surveys I’ve found on children and finances. You can click the title of the study/survey to see the complete work (Note: Some studies to require payment or subscription to view).
Title: Teaching Children About Money: Prospective Parenting Ideas From Undergraduate Students
Source: Ashely LeBaron, Christina Rosa-Holyoak, Ashley Bryce, Jeffrey Hill, Loren Marks
Abstract: Many Millennials (aged 18–30 in 2016) are struggling with financial capability and independence. As efforts unfold to address this issue by improving financial education, Millennials themselves can offer helpful family-centered ideas for children’s financial learning. As part of the Whats and Hows of Family Financial $ocialization project, this qualitative study explored the ideas of 126 undergraduate students enrolled in family finance classes at three institutions from three regions of the United States about how and what they intend to teach their future children about finances. Thematic content analysis and coding of interviews revealed four core themes: (a) “Communicating Family Finances,” (b) “Opportunities for Responsibility,” (c) “The Value of Hard Work,” and (d) “The Process of Saving.” These findings have implications for parents, future parents, financial counselors, financial planners, family life educators, financial educators, therapists, and researchers in improving parental financial education for future generations.
Title: Parents: To prepare kids financially, give them practice with money
Published: November 27, 2018
Source: University of Arizona
Summary: Providing children with hands-on experience with money is essential to preparing them for financial success, a new study suggests.
Title: Money Matters: Children’s Perceptions of Parent-Child Financial Disclosure
Published: April 25, 2014
Source: Lynsey Romo, PhD & Anita Vangelisti, PhD
Abstract: Children need financial acumen for their future well-being. Parents play a critical role in teaching young children about money. However, much of the research on parent–child communication has focused on parents or older children. Through interviews of 136 young children and a Communication Privacy Management (CPM) theory frame, this study uncovers the financial information children report their parents reveal and conceal (which can vary based on child sex) and children’s perceptions of the reasons behind parents’ (non)disclosure. The investigation paints a richer picture of financial disclosure, suggesting child confidants are aware of concealed and revealed information and potential privacy rules governing (non)disclosure, a possible extension of CPM.
Title: Parents, Kids, and Money Survey
Source: T. Rowe Price
Summary: Annual surveys published on kids, parents, and money habits. Many surveys get specific on topics like college and holiday spending, and there are also the broader surveys on kids and money in general.
Title: Practice Makes Perfect: Experiential Learning as a Method for Financial Socialization
Published: November 14, 2018
Source: Ashley LeBaron, Samuel Runyan, Bryce Jorgensen, Loren Marks, Xiaohui Li, Jeffrey Hill
Abstract: Most financial socialization research focuses on two methods of learning: modeling and discussion. The purpose of this study is to qualitatively explore experiential learning as a third potential method of financial socialization used by parents. Specifically, we explored what children learned about finances through experiential learning and why parents used experiential learning as a financial socialization method. We used a multigenerational sample of emerging adults (ages 18-30 years) and their parents and grandparents (N = 115). Analyses revealed three core what themes (Working Hard, Managing Money, and Spending Wisely) and three core why themes (Learning Financial Skills, Acquiring Financial Values, and Becoming Financially Independent) related to experiential learning. These findings have implications for parents, researchers, and educators. In sum, we propose that experiential learning should be regarded as a principal method of financial socialization and should be considered in theory building, research, and pedagogy.
Title: Childhood Financial Socialization and Young Adults’ Financial Management
Source: Jinhee Kim & Chatterjee, Swarn
Abstract: The current study investigates the association between childhood financial socialization and financial practices and asset choices of young adults, using a nationally representative dataset. Results revealed that childhood financial socialization experiences were positively associated with the beneficial financial practices and financial asset ownership of respondents in young adulthood. Financial outcomes were found to vary by types of parental socialization. Respondents who owned bank accounts and had their spending monitored by parents in childhood were more likely to own financial assets and had more positive attitudes toward personal finance as young adults.
Title: Teaching children to save: What is the best strategy for lifetime savings?
Published: December, 2014
Source: Alessandro Bucciol & Marcella Veronesi
Abstract: We study the effect of alternative parental teaching strategies on the propensity to save and the amount saved during adulthood. Using a panel dataset from the Dutch DNB Household Survey we find that parental teaching to save increases the likelihood that an adult will save by 16%, and the saving amount by about 30%. The best strategy involves a combination of different methods (giving pocket money, controlling money usage, and giving advice about saving and budgeting). The effect of parental financial socialization is persistent with age, but decays at elder age for the propensity to save.
Title: Survey: Generation Z Keen on Learning About Personal Finance and Credit
Published: September 6, 2019
Source: Stefan Stolba
Summary: It’s not shocking that some members of Generation Z—the youngest adult generation—aren’t completely comfortable with the concepts of debt and credit. In fact, according to a recent survey conducted by Experian, only 19% of Gen Z consumers reported feeling that they had a solid grasp on credit in general.
Title: The influence of the number of toys in the environment on toddlers’ play
Published: February, 2018
Source: Carly Dauch, Michelle Imwalle, BrookeOcasio, Alexia E.Metz
Abstract: We tested the hypothesis that an environment with fewer toys will lead to higher quality of play for toddlers. Each participant (n = 36) engaged in supervised, individual free play sessions under two conditions: Four Toy and Sixteen Toy. With fewer toys, participants had fewer incidences of toy play, longer durations of toy play, and played with toys in a greater variety of ways (Z = −4.448, p < 0.001, r = −0.524; Z = 2.828, p = 0.005, r = 0.333; and Z = 4.676, p < 0.001, r = 0.55, respectively). This suggests that when provided with fewer toys in the environment, toddlers engage in longer periods of play with a single toy, allowing better focus to explore and play more creatively. This can be offered as a recommendation in many natural environments to support children’s development and promote healthy play.