I recently came across an article that argued – quite convincingly – that parents are poor financial role models for their kids. Here is a quote from the article:
“Most parents (77%) say they are not always honest with their kids about money; 15% lie weekly. Half are willing to discuss saving and spending issues but almost no one talks about tougher concepts like inflation (19%), investing (16%), diversification (11%), and asset allocation (8%). A third avoid talking about the family’s finances altogether.“
Lets break that down, piece by piece.