SYS-CON MEDIA Authors: Pat Romanski, Elizabeth White, Yeshim Deniz, Nikita Ivanov, Sean Houghton

News Feed Item

T. Rowe Price: Boys And Girls Not Equally Prepared For Financial Future

Parents, Kids & Money Survey Finds That More Boys Than Girls Say Their Parents Talk to Them About Setting Financial Goals

BALTIMORE, Aug. 18, 2014 /PRNewswire/ --

News
Additional findings from T. Rowe Price's 2014 Parents, Kids & Money Survey revealed that boys and girls are not equally prepared when it comes to learning about money matters at home. Additionally, the survey of 8- to 14-year-old kids and their parents found a correlation between talking to kids of either gender about financial concepts and kids developing positive financial behaviors, such as identifying themselves as a saver rather than a spender, feeling more confident about money, and saving for their own college education. T. Rowe Price encourages parents to invest in their kids' future by talking to them about money matters weekly.

To view the multimedia assets associated with this release, please click http://www.multivu.com/players/English/65887-money-confident-kids-presented-by-t-rowe-price/

Boys and Girls Not Equally Prepared for Financial Future

To help parents have money conversations with their sons and daughters, the firm created online resources. MoneyConfidentKids.com provides free online games for kids, lessons for educators, and tips for parents to help families save for college and discuss the key financial concepts of goal-setting, spending versus saving, inflation, asset allocation, and diversification.

Boys vs. Girls Findings:

  • Boys report having more money conversations: 58% of boys say their parents talk about setting financial goals at least occasionally compared with just 50% of girls.
  • So it is no surprise more boys say they are smart about money: 45% of boys say they are very or extremely smart about money, while only 38% of girls say the same.
  • And the parents think boys understand more: Of the parents with one child, 80% of parents with a boy think their child understands the value of a dollar compared with only 69% of parents with a girl.
  • Boys have more access to credit cards: Twice as many boys have credit cards (12% versus 6% of girls).
  • Saving for college: More boys say that their parents are saving for their education (53% versus only 42% of girls).

Findings on the Impact of Having Money Conversations:

  • Kids save for college when parents discuss it with them: 58% of kids whose parents frequently talk to them about saving for college say they are saving for college on their own, as opposed to 23% of kids whose parents do not frequently discuss college savings.
  • And investment-savvy kids are even more likely to save for college: 81% of kids whose parents frequently talk to them about investment vehicles like stocks and bonds say they are saving for college on their own, as opposed to just 25% of kids whose parents do not frequently talk about investment vehicles.
  • Kids feel smarter about money: 66% of kids whose parents frequently talk about family finances say they feel smart about money, as opposed to 37% of kids whose parents don't frequently talk about family finances. Additionally, 60% of kids whose parents frequently talk to them about budgeting feel they are smart about money, as opposed to just 34% of kids whose parents do not frequently talk with them about budgeting.
  • Kids identify themselves as "savers": 60% of kids whose parents frequently talk to them about setting financial goals identify themselves as "savers" versus "spenders," as opposed to 46% of kids whose parents do not frequently talk to them about setting financial goals.

Quote
Judith Ward, CFP®, senior financial planner at T. Rowe Price and mother of two

"Boys and girls should have the same opportunities to learn about money matters at home so they can grow into financially savvy adults. If you want to invest in your kids' futures, start by talking to them about money matters weekly. The correlation between the frequency of conversations about money and kids' smart financial decision-making is undeniable.

"Data from the U.S. Census Bureau show that more women are enrolled in college than men. However, fewer girls say their parents are saving for their college education. By talking to both girls and boys about planning for education expenses, parents can help kids get involved in college savings and excited about their future."

About T. Rowe Price
Founded in 1937, Baltimore-based T. Rowe Price Group, Inc. (NASDAQ-GS: TROW) is a global investment management organization with $738.4 billion in assets under management as of June 30, 2014. The organization provides a broad array of mutual funds, subadvisory services, and separate account management for individual and institutional investors, retirement plans, and financial intermediaries. The company also offers sophisticated investment planning and guidance tools. T. Rowe Price's disciplined, risk-aware investment approach focuses on diversification, style consistency, and fundamental research. For more information, visit troweprice.com, Twitter (twitter.com/troweprice), YouTube (youtube.com/trowepricegroup), LinkedIn (linkedin.com/company/t.-rowe-price), or Facebook (fb.com/troweprice).

About the Survey
The sixth annual T. Rowe Price Parents, Kids & Money Survey, conducted by MarketTools, Inc., aimed to understand the basic financial knowledge, attitudes, and behaviors of both parents of kids ages eight to 14 and their kids ages eight to 14. The survey was fielded from January 29, 2014 through January 31, 2014, with a sample size of 1,000 parents and 924 kids ages eight to 14. The margin of error is +/- 3.0 percentage points. Parents of multiple children were asked to consider only one child between the ages eight and 14 when responding to questions about their children. All statistical testing done among subgroups (e.g., boys versus girls) is conducted at the 95% confidence level. Reporting includes only findings that are statistically significant at this level.

To view the multimedia assets associated with this release, please click http://www.multivu.com/players/English/65887-money-confident-kids-presented-by-t-rowe-price/

SOURCE T. Rowe Price

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
DevOps Summit 2015 New York, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that it is now accepting Keynote Proposals. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development cycles that produce software that is obsolete...
There's Big Data, then there's really Big Data from the Internet of Things. IoT is evolving to include many data possibilities like new types of event, log and network data. The volumes are enormous, generating tens of billions of logs per day, which raise data challenges. Early IoT deployments are relying heavily on both the cloud and managed service providers to navigate these challenges. In her session at Big Data Expo®, Hannah Smalltree, Director at Treasure Data, discussed how IoT, Big D...
SYS-CON Events announced today that Gridstore™, the leader in hyper-converged infrastructure purpose-built to optimize Microsoft workloads, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Gridstore™ is the leader in hyper-converged infrastructure purpose-built for Microsoft workloads and designed to accelerate applications in virtualized environments. Gridstore’s hyper-converged infrastructure is the ...
The 4th International DevOps Summit, co-located with16th International Cloud Expo – being held June 9-11, 2015, at the Javits Center in New York City, NY – announces that its Call for Papers is now open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's large...
The Internet of Things promises to transform businesses (and lives), but navigating the business and technical path to success can be difficult to understand. In his session at @ThingsExpo, Sean Lorenz, Technical Product Manager for Xively at LogMeIn, demonstrated how to approach creating broadly successful connected customer solutions using real world business transformation studies including New England BioLabs and more.
WebRTC defines no default signaling protocol, causing fragmentation between WebRTC silos. SIP and XMPP provide possibilities, but come with considerable complexity and are not designed for use in a web environment. In his session at @ThingsExpo, Matthew Hodgson, technical co-founder of the Matrix.org, discussed how Matrix is a new non-profit Open Source Project that defines both a new HTTP-based standard for VoIP & IM signaling and provides reference implementations.
DevOps Summit 2015 New York, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that it is now accepting Keynote Proposals. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development cycles that produce software that is obsolete...
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at Internet of @ThingsExpo, James Kirkland, Chief Ar...
Connected devices and the Internet of Things are getting significant momentum in 2014. In his session at Internet of @ThingsExpo, Jim Hunter, Chief Scientist & Technology Evangelist at Greenwave Systems, examined three key elements that together will drive mass adoption of the IoT before the end of 2015. The first element is the recent advent of robust open source protocols (like AllJoyn and WebRTC) that facilitate M2M communication. The second is broad availability of flexible, cost-effective ...
Scott Jenson leads a project called The Physical Web within the Chrome team at Google. Project members are working to take the scalability and openness of the web and use it to talk to the exponentially exploding range of smart devices. Nearly every company today working on the IoT comes up with the same basic solution: use my server and you'll be fine. But if we really believe there will be trillions of these devices, that just can't scale. We need a system that is open a scalable and by using ...
The Internet of Things is tied together with a thin strand that is known as time. Coincidentally, at the core of nearly all data analytics is a timestamp. When working with time series data there are a few core principles that everyone should consider, especially across datasets where time is the common boundary. In his session at Internet of @ThingsExpo, Jim Scott, Director of Enterprise Strategy & Architecture at MapR Technologies, discussed single-value, geo-spatial, and log time series dat...
"SAP had made a big transition into the cloud as we believe it has significant value for our customers, drives innovation and is easy to consume. When you look at the SAP portfolio, SAP HANA is the underlying platform and it powers all of our platforms and all of our analytics," explained Thorsten Leiduck, VP ISVs & Digital Commerce at SAP, in this SYS-CON.tv interview at 15th Cloud Expo, held Nov 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
SAP is delivering break-through innovation combined with fantastic user experience powered by the market-leading in-memory technology, SAP HANA. In his General Session at 15th Cloud Expo, Thorsten Leiduck, VP ISVs & Digital Commerce, SAP, discussed how SAP and partners provide cloud and hybrid cloud solutions as well as real-time Big Data offerings that help companies of all sizes and industries run better. SAP launched an application challenge to award the most innovative SAP HANA and SAP HANA...
Fundamentally, SDN is still mostly about network plumbing. While plumbing may be useful to tinker with, what you can do with your plumbing is far more intriguing. A rigid interpretation of SDN confines it to Layers 2 and 3, and that's reasonable. But SDN opens opportunities for novel constructions in Layers 4 to 7 that solve real operational problems in data centers. "Data center," in fact, might become anachronistic - data is everywhere, constantly on the move, seemingly always overflowing. Net...
What do a firewall and a fortress have in common? They are no longer strong enough to protect the valuables housed inside. Like the walls of an old fortress, the cracks in the firewall are allowing the bad guys to slip in - unannounced and unnoticed. By the time these thieves get in, the damage is already done and the network is already compromised. Intellectual property is easily slipped out the back door leaving no trace of forced entry. If we want to reign in on these cybercriminals, it's hig...