Young adults significantly more likely to talk about money with their parents than past generations
- Three in four 18-24-year-olds spoke to their parents about money matters when they were growing up.
- This compares to just 43% of those 65 or over, 52% of 55-64-year-olds and 58% of 45-54-year-olds.
- Lower income households are least likely to have talked about money with their parents.
UK families are opening up when it comes to conversations about money with their children, research by mutual insurer Royal London reveals.
Younger adults are significantly more likely to have talked about money matters with their parents when growing up compared to the generations that went before them.
Three in four (76%) 18-24-year-olds spoke to their parents about money matters when they were growing up. This compares to just 43% of those 65 or over, 52% of 55-64-year-olds and 58% of 45-54-year-olds.
Parents who talk to their children about money could make them more likely to be aware of considerations around day-to-day spending, as well as the need for longer-term savings habits.
The research also reveals that those in lower income households are least likely to have talked about money with their parents when growing up.
Just over half (54%) of those in households with an annual income of less than £20,000 talked about money with their parents as a child. This compares to 62% of people in households which earn between £40,000 to £59,000.
Those who now have an annual household income of over £100,000 a year are most likely to have spoken with their parents about money as a child (68%).
Cultural nuances also exist in UK households, with White British people being the least likely group to have talked to their parents about money as a child (56%). People of Indian heritage are most likely to have spoken with their parents about money as a child (80%).
Sarah Pennells, consumer finance specialist at Royal London, said:
“As a nation we have historically seen money as an uncomfortable conversation, but we are seeing that change. Talking about money matters openly when growing up can help children and young adults prepare themselves for dealing with finances once they leave home or start work. It’s great to see that younger generations don’t see talking about money as no-go area.”
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Notes to Editor
Royal London commissioned research agency Cicero/amo to undertake a nationally representative survey (by age, gender, and region) of 3,042 adults in the UK. Fieldwork was conducted between 13th – 24th May 2022
About Royal London
Royal London is the largest mutual life, pensions and investment company in the UK, with assets under management of £147 billion, 8.7 million policies in force and 4,232 employees. Figures quoted are as at 31 December 2022.
Learn more at royallondon.com
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