Survey commissioned by Stockpile finds 64% of teens rely on parents for financial education, but only 20% of parents have regular conversations at home
SAN FRANCISCO, Sept. 22, 2022 /PRNewswire-PRWeb/ -- Teens learn about investing from their parents, social media, friends, and school, but in a recent survey of over 1,000 parents and teens, 64% of teens said their parents are the biggest influence in how they think about money. The survey, conducted by Stockpile, the investment app that helps families invest together, revealed the importance of financial education and the barriers to having regular conversations about personal finance at home.
Parents understand that investing and financial education are key in supporting their childrens' long-term financial future, but Stockpile's survey found only 1 in 5 parents surveyed have regular conversations with their teens about financial topics. Understanding how to manage finances and investments can help young people across all walks of life secure financial independence.
"We were surprised to see that for teens, parents really are their biggest influence, at least when it comes to money," said Stockpile CEO Victor Wang. "As a parent of two teens myself, I'm heartened by this news and hope it inspires and empowers parents to connect with their kids and learn about finance together."
Financial education comes in many forms—from well-researched articles to thoughtful blogs and videos, and many other forms of content in between, but the best way to learn is often hands-on experience. With custodial accounts, its intuitive investing platform, and fractional investing, Stockpile makes it easy for parents and teens to learn by doing, with as little as $1.
Kids Choose. Parents Approve.™
The first investment platform built for families, Stockpile's unique custodial accounts empower kids and teens to be in control of their own financial futures while encouraging parental advice and engagement. Custodial account holders (aka kids and teens) are able to easily search and discover what they want to invest in and initiate a trade, which is then sent to a parent or guardian for approval. This creates an opportunity for the parent to initiate a conversation about the trade and the larger implications it could have on the custodial portfolio.
"Many parents feel excluded from their children's lives, especially once they become teenagers," said Wang. "But we know through our research that teens want to learn about finances from their parents. Conversations about money can actually be an opportunity to get closer and build financial confidence, together."
Facts & Figures
- 68% of teens surveyed said they would be more likely to start investing with the help of a parent or guardian.
- Over 68% of teens surveyed said they have interest in investing, but do not know how to start.
- 77% of parents surveyed said they'd invest with their kids if there was an easy way to do it.
- Teens learn about investing from their parents, social media, and school, but 64% of teens said their parents are the biggest influence in how they think about money.
- Only 1 in 5 parents surveyed have regular conversations with their teens about financial topics.
Stockpile's platform is simple, intuitive, and full of helpful resources to help parents and teens understand investing and personal finance through hands-on learning with real money and real stocks. Stockpile's new app includes a new Explore feature, full of helpful information that strips away intimidating jargon and makes it easy for parents and teens to learn by doing, together.
For more information, visit Stockpile.com.
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About Stockpile
Founded in 2010 and headquartered in San Francisco, California, Stockpile, Inc. makes it easier to start investing in the stock market and cryptocurrencies. With the vision for creating equitable and equal access for all, Stockpile is changing the way investments are made with zero fee trading, custodial accounts, gift cards, and fractional investing, and allowing users to own blue-chip stocks without the price tag associated with these stable investments. Stockpile has been featured in Consumer Reports, Forbes, The Wall Street Journal, and many other publications. Its app has been downloaded over a million times and has earned a 4.7 rating on the app store.
Media Contact
Rachel Morrison, Stockpile, Inc., 1 503.680.8781, [email protected]
SOURCE Stockpile, Inc.
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