Valley First

Parents lack resources, confidence to teach their kids about personal finances, survey says

August 23, 2016

Penticton, B.C.—As children head back to school, a First West Credit Union survey reveals less than 25 per cent of parents are extremely confident when it comes to teaching their kids about money.

The survey also finds eight out of 10 respondents believe parents have the primary responsibility to teach their children about finances. Combined, these stats present a significant opportunity to improve financial literacy across generations.

“It’s great to see such a high percentage of parents taking responsibility for their kids’ financial education,” says financial expert Ivy Wood, branch manager for Valley First, a division of First West Credit Union. “However, it’s also telling that such a small number of people have confidence when it comes to teaching their kids about money.”

The survey of 507 parents across B.C. showed that while 79 per cent of respondents believe they have the primary responsibility to teach their children about money, only 53 per cent say there are sufficient resources available to help them. Wood, who is also a mother of three children aged 21, 15 and 9, says financial literacy starts in the home.

“I encourage parents to involve their children in financial conversations as often as possible,” she says. “Like any skill, it’s best to start sound financial management practices early and involve kids in specific family savings goals. Instead of saying no to a child’s request for a new toy, use it as an opportunity to explain the concepts of earning, saving and buying.”

For more in-depth financial knowledge building for parents, Wood says that’s where the professionals can step in.

“The more we can help parents manage the complexity of today’s financial landscape, the better we can financially prepare future generations,” she says. “Our survey results show there’s a clear role for professionals when it comes to financial literacy. That’s why we have such a strong focus on building banking knowledge.”

Survey methodology
First West conducted a poll of 507 people in British Columbia from June 2 to 7, 2016, using Google Consumer Surveys. Google Consumer Surveys is an online tool that collects feedback from the general population, targeting visitors to desktop and mobile websites. The results of this survey are accurate at the 95 per cent confidence level +/- 4.3 per cent and statistically weighted according to age and gender to ensure a representative sample.

About Valley First

Valley First is a premier provider of banking, investment and insurance services for residents and businesses in the Okanagan, Similkameen and Thompson valleys. As a division of First West Credit Union, B.C.'s third-largest credit union with 54 branches and 38 insurance offices throughout the province, Valley First brings innovative products, an extensive branch network and local decision making to the banking experience. For more information on Valley First, visit www.valleyfirst.com.

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