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The quote “a penny saved is a penny earned” tells us that money we save is more valuable than money we spend right away. A majority of parents are falling short when it comes to teaching their children that important lesson
T. Rowe Price (TROW) found that not only are 71% parents are reluctant to have financial discussions with their kids; mom and dad are making big mistakes when it comes to saving. A majority of parents have insufficient emergency funds to cover at least three months’ worth of living expenses. Almost a quarter of parents have used retirement savings for nonessential expenses, such as vacations.
“Although parents may not want their kids to worry about money or think that they’re too young, our data supports the value of parents having money conversations with their kids,” says Judith Ward, Senior Financial Planner at T. Rowe Price.
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