Parents teach all of their kids to say please and thank you, to make the bed, and to do their homework. But, according to new research, parents don’t teach boys and girls the same things when it comes to one of life’s most important things: money.
According to a survey from investment firm T. Rowe Price of more than 1,000 parents, parents are more likely to talk to their boys about money than girls. The survey also concluded that parents found that girls are more likely to be interested and to ask questions about money.
It’s a pretty glaring mismatch and it’s no wonder that women don’t score as high on financial literacy tests as men. And this has a compounding affect, since research suggests that people with a lack of knowledge about money tend to do worst financially in life. Swallow this: Transamerica reports that women retire with a median of $42,000, whereas men retire with $123,000.
Parents, you should be shaking in your boots right about now. Pause what you are doing, and start thinking about ways to up your girls’ financial literacy immediately — say opening a savings account for them or taking them through how you budget your household bills. There is also growing movement to teach kids about money in school, which could potentially be another equalizer, as well as a great thing for both boys and girls.
And for those women (as in grown women) out there who are reading this, and want to up their own financial game before it’s too late (and it’s never too late) we highly suggest you read up on investing, building retirement savings, buying stocks, and everything else you need to do to start saving for the future like a boss. This is a great place to start. With some time and energy, trust us, you’ve got this.
Image: Adam Katz Sinding/Le 21ème