We've teamed up with financial planners from Financial Symmetry to provide additional resources and information for each week of the Money Matters initiative. 

Frequently Asked Questions and Answers

1. How many hours a week do you expect your kids to work for an allowance? Many experts say allowances should not be tied to chores.

2. What is the best age to open a savings account for your children? Starting around age 3 or 4 can spark excitement and conversations. Blog:  3 ways to Cultivate Money Savvy Kids.

3. What percentage of American families are saving for college? About 7 %  Blog:  What’s Spookier than College Savings?

4. What are best ways to save for college? Blogs: Thinking Outside the 529 Box & College Planning

5. With millions of children exposed to ID theft during the recent Anthem security breach, what is the best way to protect them?  Watch out for collection calls in your child’s name or an influx of credit card applications. Blog:  Protecting your Identity

6. Are your at risk for identity theft? A test from ITRC.

7. Where do American teens rank in financial literacy compared to the rest of the world? 8th, according to international study of 29,000 students last year. Blog: A 3 question test Most 20-Somethings Can’t Answer

8. What’s the average age of children when parents begin saving for college? 6, according to this Sallie Mae Study

9. What percentage of kids age 8-14 have rarely or never stepped in to a bank? About 75%, according to this  T. Rowe Price Study

10. What are best steps to establish good credit history?  8 steps from the Consumer Financial Protection Bureau.

11. What’s the biggest financial regret that could have been prevented if taught as a kid? Habitual Overspending

 

Statistics

  • 61% of parents pay an allowance to their children. (Source)
  • Average allowance totals $65 a month or $780 a year. (Source)
  • Average savings for higher education per family is $15,346 (Sallie Mae Study).
  • Average cost of one year (in-state tuition, room and board and fees) is $18,383. (Source).
  • 7 in 10 seniors left school with an average $28,400 in student loan debt cited by (Source).
  • 86% of college graduates feel their higher-education experience was worth the investment. (Source)
 
Helpful Links

What a Ski Vacation and Investing Have in Common – Blog story about teachable moments for kids on a ski slope.

FatCat account with NC SECU for young savers:  Child receives a goody bag – with a passbook to keep record of transactions, member card with photo, t-shirt, stickers, and a card on birthday.

NC State Study on Importance of Parents Talking to Kids About Money