Click here to close now.




















Welcome!

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
SYS-CON Events announced today that HPM Networks will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. For 20 years, HPM Networks has been integrating technology solutions that solve complex business challenges. HPM Networks has designed solutions for both SMB and enterprise customers throughout the San Francisco Bay Area.
Learn how you can use the CoSN SEND II Decision Tree for Education Technology to make sure that your K–12 technology initiatives create a more engaging learning experience that empowers students, teachers, and administrators alike.
In a recent research, analyst firm IDC found that the average cost of a critical application failure is $500,000 to $1 million per hour and the average total cost of unplanned application downtime is $1.25 billion to $2.5 billion per year for Fortune 1000 companies. In addition to the findings on the cost of the downtime, the research also highlighted best practices for development, testing, application support, infrastructure, and operations teams.
Container technology is sending shock waves through the world of cloud computing. Heralded as the 'next big thing,' containers provide software owners a consistent way to package their software and dependencies while infrastructure operators benefit from a standard way to deploy and run them. Containers present new challenges for tracking usage due to their dynamic nature. They can also be deployed to bare metal, virtual machines and various cloud platforms. How do software owners track the usag...
As Marc Andreessen says software is eating the world. Everything is rapidly moving toward being software-defined – from our phones and cars through our washing machines to the datacenter. However, there are larger challenges when implementing software defined on a larger scale - when building software defined infrastructure. In his session at 16th Cloud Expo, Boyan Ivanov, CEO of StorPool, provided some practical insights on what, how and why when implementing "software-defined" in the datacent...
Mobile, social, Big Data, and cloud have fundamentally changed the way we live. “Anytime, anywhere” access to data and information is no longer a luxury; it’s a requirement, in both our personal and professional lives. For IT organizations, this means pressure has never been greater to deliver meaningful services to the business and customers.
As organizations shift towards IT-as-a-service models, the need for managing and protecting data residing across physical, virtual, and now cloud environments grows with it. CommVault can ensure protection and E-Discovery of your data – whether in a private cloud, a Service Provider delivered public cloud, or a hybrid cloud environment – across the heterogeneous enterprise. In his session at 17th Cloud Expo, Randy De Meno, Chief Technologist - Windows Products and Microsoft Partnerships at Com...
SYS-CON Events announced today that VividCortex, the monitoring solution for the modern data system, will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. The database is the heart of most applications, but it’s also the part that’s hardest to scale, monitor, and optimize even as it’s growing 50% year over year. VividCortex is the first unified suite of database monitoring tools specifically desi...
The Software Defined Data Center (SDDC), which enables organizations to seamlessly run in a hybrid cloud model (public + private cloud), is here to stay. IDC estimates that the software-defined networking market will be valued at $3.7 billion by 2016. Security is a key component and benefit of the SDDC, and offers an opportunity to build security 'from the ground up' and weave it into the environment from day one. In his session at 16th Cloud Expo, Reuven Harrison, CTO and Co-Founder of Tufin,...
In their session at 17th Cloud Expo, Hal Schwartz, CEO of Secure Infrastructure & Services (SIAS), and Chuck Paolillo, CTO of Secure Infrastructure & Services (SIAS), provide a study of cloud adoption trends and the power and flexibility of IBM Power and Pureflex cloud solutions. In his role as CEO of Secure Infrastructure & Services (SIAS), Hal Schwartz provides leadership and direction for the company.
SYS-CON Events announced today that MobiDev, a software development company, will exhibit at the 17th International Cloud Expo®, which will take place November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. MobiDev is a software development company with representative offices in Atlanta (US), Sheffield (UK) and Würzburg (Germany); and development centers in Ukraine. Since 2009 it has grown from a small group of passionate engineers and business managers to a full-scale mobi...
There are many considerations when moving applications from on-premise to cloud. It is critical to understand the benefits and also challenges of this migration. A successful migration will result in lower Total Cost of Ownership, yet offer the same or higher level of robustness. In his session at 15th Cloud Expo, Michael Meiner, an Engineering Director at Oracle, Corporation, analyzed a range of cloud offerings (IaaS, PaaS, SaaS) and discussed the benefits/challenges of migrating to each offe...
"We've just seen a huge influx of new partners coming into our ecosystem, and partners building unique offerings on top of our API set," explained Seth Bostock, Chief Executive Officer at IndependenceIT, in this SYS-CON.tv interview at 16th Cloud Expo, held June 9-11, 2015, at the Javits Center in New York City.
Digital Transformation is the ultimate goal of cloud computing and related initiatives. The phrase is certainly not a precise one, and as subject to hand-waving and distortion as any high-falutin' terminology in the world of information technology. Yet it is an excellent choice of words to describe what enterprise IT—and by extension, organizations in general—should be working to achieve. Digital Transformation means: handling all the data types being found and created in the organizat...
Chuck Piluso presented a study of cloud adoption trends and the power and flexibility of IBM Power and Pureflex cloud solutions. Prior to Secure Infrastructure and Services, Mr. Piluso founded North American Telecommunication Corporation, a facilities-based Competitive Local Exchange Carrier licensed by the Public Service Commission in 10 states, serving as the company's chairman and president from 1997 to 2000. Between 1990 and 1997, Mr. Piluso served as chairman & founder of International Te...