Parents Look to Schools For Help
Parents definitely felt they could use some help in the money management education process and see the school system as the answer. The poll showed that about 43 percent of those asked would like schools to do more to educate children about money.
"Parents need to find partners in their schools," said Schug. "Traditionally, schools had undertaken the responsibility of educating kids about money, but now, subjects like math and social studies-where economic education usually resides-are on the edge of many curricula." Schug also noted that schools can and sometimes do provide education programs for parents, too, to strengthen the teaching partnership.
The Entitlement Syndrome
Another area of parental frustration emerged in the survey-the perception that children are spoiled. A full 70 percent of those polled viewed U.S. kids as feeling "entitled," expecting to have whatever it is they want whenever they want it. And most parents say that kids do not understand the value of money.
"Being aware of the uncertainties and frustrations uncovered in this research can help parents to better communicate about these issues with their children," Tillisch said. "We also know, from earlier research, that family, and not financial experts, is the greatest influence in shaping American's financial attitudes and behaviors."
Resources Are Available to Parents
Northwestern Mutual, in conjunction with the National Council on Economic Education, has created a clearinghouse of free materials on personal finance education at www.themint.org. Parents and educators will find practical tips, lesson plans, newsletters and interactive challenges to help teach kids of all ages about money.
Northwestern Mutual, the nation's largest direct provider of individual life insurance according to A.M. Best, has always received the highest possible ratings for financial strength from Standard & Poor's, Moody's, Fitch and A.M. Best. Fortune magazine has voted Northwestern Mutual "Most Admired" in its industry for 20 years, and ranked it one of the "100 Best Companies to Work For."
The company, its subsidiaries and affiliates provide annuities, mutual funds, long-term care insurance and disability income insurance. Among its affiliated companies are the Frank Russell Company, the investment management and advisory firm; Northwestern Mutual Investment Services, LLC (NMIS), the securities brokerage firm; and Northwestern Mutual Trust Company, a special purpose federal savings bank. Further information on Northwestern Mutual, based in Milwaukee, Wisconsin, can be found at www.nmfn.com.
Produced for Northwestern Mutual
Jean Towell, 800-323-7033