While almost 90% of parents think they are a very important resource for their children when it comes to learning about money, less than 40% regulary talk to their children about basic money management, according to a new survey.
In conjunction with the release of the survey results, Chicago-based BMO Harris Bank today announced it is launching "Helpful Steps for Parents," a Web site that provides parents instructional tools to teach their children constructive money management habits.
"Parents want their children to become adults who can achieve their own financial goals," said Mark Furlong, BMO Harris Bank president and CEO. "'Helpful Steps for Parents' can help them start that process now. Parents can access the experts and ready-to-use online content to teach their kids about money."
The national survey, conducted by Ipsos America, Inc., found that, on average, parents believe their children are not ready to learn about basic money management until the age of 10. The most common challenge cited by parents in terms of teaching their children about basic money management is that it's difficult to find the information they need.
The Web site is organized by age and offers expert tips, games, videos and age-specific lessons that parents can use to integrate financial education into their families' day-to-day lives, according to BMO Haris Bank.