Whether they intended to or not, Mom and Dad gave you your first lesson in personal finance. Hopefully, one or both of them took an active role in teaching you about money. And let's go one further and hope that the experience was a positive one that you chose to model later in life.
According to a recent survey of children by the National Foundation for Credit Counseling, only 35 percent said their mother is "pretty savvy about managing money and enjoys it." The other 65 percent said Mom avoids financial matters, doesn't enjoy managing money, or has never managed money.
Parents get the blame for not teaching their kids about finances in the fifth annual Parents, Kids & Money Survey by T. Rowe Price. In that survey, 73 percent of parents said they have "regular conversations with their kids about money." However, they report that they are discussing short-term financial matters such as back-to-school shopping. Fifty-nine percent of the kids surveyed say they go to their moms with money questions. When moms were asked if they were good financial role models, 36 percent gave themselves a C or below.
We asked a few well-known personal finance experts to tell us what they learned about money from their moms.