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Swedbank: 44% of parents would entrust their family budget’s planning to their child

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUAs an experiment, 44% of adults with children aged 11 to 19 would be prepared to entrust their family’s budget planning to their child. At the same time, some of them are not confident about their child’s ability to plan finances, according to Swedbank’s Private Finances Institute’s study.

Additionally, 20% of parents are confident that such an experiment would help add positive changes to the family budget. 39% of parents believe such a task may be too hard for their child. 36% of parents believe their child would not handle such a task even if parents provide them with advice and support in decision-making.

Study results show that most Latvian children are taught to use money from an early age: 47% of five-year-olds and six-year-old, 79% of children at the age of 7-10 years, and approximately 90% of teenagers receive pocket money from their parents until they reach maturity. The older the children, the more pocket money they get.

53% of parents whose children are 11 to 15 years old have confidence in their child’s ability to use money responsibly.

Parents whose children are aged 16 to 19 years praise their children’s financial capabilities in 67% of cases.

«Parents are generally positive about their children’s ability to use finances responsibly. However, they are reluctant to entrust the family’s budget to their children,» concludes Reinis Jansons, head of Swedbank Institute of Finances.

He explains that study data shows – parents believe it is difficult for children to understand the value of money and their ability to spend money responsibly. At least half of adults raising teenagers admit this.

«This discernment does not encourage entrusting family budget to their teenagers. However, if a child is truly too young to properly manage the family’s budget, teenagers aged 17 to 18 are more or less adults who should be capable of handling such a task. The only way for a family to prepare their children for this task is timely involvement in budget planning,» Jansons recommends.

Swedbank’s study data shows that 10 years is the threshold when parents more often lean towards believing their children are able to act responsibly with money. Parents of youngsters aged 16-19 (51%) are more open to the experiment of entrusting their child with the family budget than parents of children aged 11-15 (42%).

Study data also shows that parents under the age of 39 years are generally not prepared to entrust the family’s budget to their children, which may be related to the fact that parents of this age generally have very young children.

«Generally, it should be said that parents who had faced difficulties with budget-planning in the past are also less confident in their children’s ability to plan the budget. For example, one-third of parents find it difficult to perform investments, and only less than one-third of them are confident in their children’s abilities. A quarter of parents are unable to responsibly borrow money and only a quarter of them would depend on their children in financial matters. 24% of parents find it difficult making ends meet. Only a quarter of them believe children would be able to handle this,» Jansons says.


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