The most successful people have parents who do this
It’s no surprise that parents have a huge influence on their children’s career and money habits, but how much of an impact is startling. You can be up to 415 times more likely to take on the same career as your parents, depending on the career, according to analysis from the General Social Survey, which compiled data from 1994 to 2016.
The most common jobs children take on from their parents are steelworker, legislator, baker, lawyer or doctor. On the other hand, the survey found children are less likely to follow in their parents’ footsteps if they are middle managers or service workers.
Research has also found both daughters and sons can benefit more when both parents work. Daughters with working mothers are more likely to have successful careers. And the sons of working mothers tend to spend more time caring for family members.
For families, how you earn a living and what you do with your money can be tough topics to navigate as 44% of people in a recent Wells Fargo survey said they have a difficult time discussing money, more so than religion or political topics.
But the earlier you start the discussion, the better. Financial experts say you can start the conversation about money and careers as early as three years old—that’s when children are able to grasp onto basic money concepts. According to a study by the National Bureau of Economic Research, parents who are nervous about debt or have discomfort about money have children with similar views.
A study by T. Rowe Price found that 91% of children said their parents were positive financial role models when their parents allowed them to manage their own money. Children were also less likely to spend money as soon as they received it – 62% of those surveyed had their own bank account.
And while it may be uncomfortable to break the ice, the majority of young adults surveyed in the study wished their parents talked to them more about money topics like investing, paying for college, and basic budgeting. In that annual survey by T. Rowe Price, four in 10 young adults said their parents were reluctant to talk about money, and 30% said money was taboo in their home growing up.
April is Financial Literacy Month, and Yahoo Finance will be here to guide you through these challenging money topics. Have questions? Email us at moneyquestions@yahoo.com
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