U.S. parents express concern over children's financial preparedness

A survey of 1,000 parents and grandparents in the United States reveals widespread concern regarding the financial preparedness of younger generations. According to research from Wealth Enhancement, 53% of respondents believe children today are less prepared to manage money as adults than previous generations were at the same age, while only 29% believe they are better prepared.

Generational differences were noted in these perceptions, with grandparents and Baby Boomers being the most likely (61%) to express concern. Despite these worries, 53% of those surveyed have never opened an investment account for their children.

Regarding practical financial training, 63% of participants provide an allowance, suggesting $18 per week as a fair starting amount. The study also found that 56% of respondents consider teaching children to avoid impulse purchases and overspending to be the most difficult financial lesson.