Kids look to their parents for financial guidance, but many adults aren t up to the task.
Although a majority of parents think they re good with money, their actions often contradict this perception, making them poor financial role models for their kids, concludes a recent national survey. 55 percent roll over credit-card debt each month, routinely paying interest on that balance each month. More than one out of three parents cited low-yielding certificates of deposit, savings accounts or savings bonds. A 1999 survey on youth and money by the same group found that 94 percent of students turn to their parents for financial education. Many parents might not have the time or knowledge to explain money basics to their kids, Linen says.