Building Financial Futures: Parents’ Perspectives

Transcript:Building Financial Futures: Parents’ Perspectives:
Building Financial Futures: Parents’ Perspectives on Youth Financial Education Research from the SIFMA Foundation October 2024 About the survey Methodology The SIFMA Foundation’s Building Financial Futures Survey was conducted by Wakefield Research among 1,000 nationally representative U.S. parents of kids in grades K-12, between September 23rd and September 30th, 2024, using an email invitation and an online survey. Data has been weighted. Results of any sample are subject to sampling variation. The magnitude of the variation is measurable and is affected by the number of interviews and the level of the percentages expressing the results. For the interviews conducted in this particular study, the chances are 95 in 100 that a survey result does not vary, plus or minus, by more than 3.1 percentage points from the result that would be obtained if interviews had been conducted with all persons in the universe represented by the sample. The SIFMA Foundation is a leading non-profit focused on financial education and preparing underserved youth for wealth-building opportunities. We developed the “Building Financial Futures” survey to better understand and amplify the perspectives of parents of K-12 students regarding the importance of financial education in their children’s schools. We believe the insights they offered are critical to shaping our own financial education programs offered by the SIFMA Foundation, and may inspire educators and school administrators around the country to think about how they can incorporate financial education into their own classrooms. We invite you to review the results of this survey and hope you will join us on our mission closing the opportunity gap by fostering greater knowledge of the financial markets for young people of all backgrounds. 2 Nearly all K-12 parents (92%) agree it’s critical that their child learns to invest. Question: How strongly do you agree or disagree with the statement below? It’s critical that my child(ren) learn how to invest so they can prepare for their financial future. More than 9 in 10 parents (92%) believe it is critical that their children learn how to invest to prepare for their financial future, including 58% who agree strongly with this statement. 3 However, 78% of parents are not completely confident in their abilities to teach their children how to invest. Question: How confident are you in your ability to teach your child(ren) about investing basics at home? Nearly 4 in 5 parents (78%) aren’t completely confident in their ability to teach