Having the Money Talk

*This is a compensated campaign in collaboration with Chase and #WeAllGrow Latina Network

You know, it’s never too early to talk to your children about money: saving, being financially savvy with your purchases, and planning for the future. The “Money Talk” boost financial confidence and preparedness. In fact, the earlier the better as the seeds of good money habits should be planted early!

Chase understands the importance of learning more about each generation’s financial habits, which aids them in providing even more sound financial advice.

Everything from opening their first bank account to learning how to save are important stepping stones for children to become financially fit adults. Learning the value of money and how to manage it can be one of the most important life lessons for a child.

In fact, a major study conducted by Chase and Center for Research on Consumer Financial Decision Making at the University of Colorado discovered that Boomers put more value in having the “money talk” with their kids than “the talk” about “the birds and the bees”. Equally important for different reasons!

It is quite interesting that Hispanics are especially open with their kids about money, not making it taboo or a scary subject. Here are some surprising facts:

56% Hispanics said their parents were open about money with them growing up, versus 45% of the general population.
67% of Hispanics regularly discussed finances with parents growing up, versus 55% of the general population.
49% of Hispanics said their parents told them how much money they made, versus 36% of the general population.
Hispanics started saving for retirement at age 27 vs. age 31 for the general population.
Hispanics are more likely to spend on ‘things’ over ‘experiences’, while Americans would equally spend on the two (60% vs. 50% general population). Hispanics especially rely on their family network for financial advice, and are more likely to go to a parent, friend, or sibling for financial advice than the general population.

How did you learn about money, savings and general finances? Have you had “the talk” with your kids?

To learn more about the study and follow the Generational Money Talks series, please visit this website for additional information and to learn more about generational money talks.