PR Newswire
BALTIMORE, Nov. 16, 2017
BALTIMORE, Nov. 16, 2017 /PRNewswire/ -- T. Rowe Price's 2017 Parents Kids & Money Survey, which sampled parents of 8 to 14 year olds nationally and their kids, found that 72% of the parents surveyed set a specific budget for holiday spending, yet 58% of the parents surveyed agree that they spend more money during the holidays than they intended.
Parents who never stick to their budget are more likely to shop exclusively in stores (36% vs. 18%). And budget followers are more likely to shop mostly or exclusively online (39% vs. 23%). The majority of parents (83%) participate in at least one promotional shopping day, which includes Black Friday (52% online; 46% in stores), Cyber Monday (44%), and Small Business Saturday (21%).
"It's easy to overextend ourselves during the holidays and give in to impulse purchases," says Judith Ward, a senior financial planner at T. Rowe Price and mother of two. "There is some evidence that shopping online can provide an element of impulse control and help parents stick to their budgets. And, not surprisingly, most parents who never stick to their budget aim to get everything on their kids' wish lists, no matter the cost."
The study also found that parents who never stick to holiday budgets are more likely than budget-followers to use alternative sources for holiday spending, including emergency funds (21% vs. 11%), payday loans (16% vs. 6%), and retirement savings (12% vs. 6%).
On the positive side, Ms. Ward noted, "It's great to see that two-thirds of kids are shopping for others and using their own money. This is a safe way to provide money experiences for kids. We know that money conversations coupled with experience lead to money smart kids."
To help parents have money conversations with kids, T. Rowe Price created MoneyConfidentKids.com, which provides free online games for kids; tips for parents that are focused on financial concepts such as goal setting, spending versus saving, inflation, asset allocation, and investment diversification; and lessons for educators.
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HOW PARENTS ARE SHOPPING DURING THE HOLIDAY SEASON
PARENTS AND CHILDREN PRACTICE some GOOD FINANCIAL BEHAVIORS AROUND THE HOLIDAYS
PARENTS HAVE A TENDENCY TO GO OVERBOARD ON HOLIDAY SPENDING
MONEY CONFIDENT KIDS is a registered trademark of T. Rowe Price Group, Inc.
201711-301671
ABOUT THE SURVEY
The ninth annual T. Rowe Price Parents, Kids & Money Survey, conducted by Research Now, aimed to understand the basic financial knowledge, attitudes, and behaviors of both parents of kids ages 8 to 14 and their kids ages 8 to 14. The survey was fielded from January 18, 2017, through January 26, 2017, with a sample size of 1,014 parents and 1,014 kids ages 8 to 14. The margin of error is +/- 3.1 percentage points.
ABOUT T. ROWE PRICE
Founded in 1937, Baltimore-based T. Rowe Price Group, Inc. (troweprice.com) is a global investment management organization with $971 billion in assets under management as of October 31, 2017. The organization provides a broad array of mutual funds, subadvisory services, and separate account management for individual and institutional investors, retirement plans, and financial intermediaries. The company also offers a variety of sophisticated investment planning and guidance tools. T. Rowe Price's disciplined, risk-aware investment approach focuses on diversification, style consistency, and fundamental research. For more information, visit troweprice.com or our Twitter, YouTube, LinkedIn, and Facebook sites.
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SOURCE T. Rowe Price Group, Inc.
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