By coinnews 
00:00 Speaker A
According to an Amer Prize survey of 3,000 parents, some of their biggest financial concerns include inflation and the health of the US economy. For more on how parents are handling those concerns and how to raise financially literate kids is Dina Healey, who is the vice president of financial planning and advice at Amer Prize. So, we got to know, what is stressing out parents about finances right now?
00:30 Dina Healey
Thank you for having me today. We surveyed more than 3,000 American parents, and they did indicate that their top concern is how the financial decisions they’re making today will impact their financial futures. We know that the recent volatility and unknown long-term impacts of tariffs can add significant pressure to those trade-offs. As you mentioned, we saw that they said inflation and the US economy were their two top concerns. And then as they think about their long-term financial goals, they highlighted that retirement, college tuition, and managing day-to-day expenses were top of mind. If I think about what parents can do today to manage that feeling of uncertainty, first of all, avoid emotional decision making. When you feel out of control, focus on what you can control. Identify your key goals and concerns, and then put together a plan to help you manage your money accordingly.
02:04 Speaker A
So, what are parents discussing with their financial advisors?
02:10 Dina Healey
I think, as you might expect, there’s a feeling of uncertainty, and and and parents are looking to say, how can we address that? Certainly a lot remains to be seen. We know that if policies continue as as announced by the White House, we may well see an increase in inflation and a slowdown in the broader economy. So, they’re asking what can they do today to help better prepare for that period of uncertainty.
03:02 Speaker A
For parents and households who know that there needs to be more financial education at a younger age, what are some of the ways that you’re hearing from parents discussing with their kids about financial goals and being financially savvy?
03:21 Dina Healey
Absolutely. I think we know that parenthood can be hard financially and emotionally. The thing that I would recommend, and we heard from the people that we talked to, was that having honest, age-appropriate conversations with your children about money is really key. It helps give children the opportunity and the confidence to talk about money, and it helps them learn at an early age about financial trade-offs and prioritization. One of the items we surveyed was in fact parents are giving children uh uh allowances and opportunities to practice making financial decisions. We know that nearly all parents engage the tooth fairy. They enlist the tooth fairy’s support for helping fill their children’s piggy banks. On average, fun fact, the tooth fairy is giving out $5 per tooth these days. And while that seems like a fun uh fun statistic, and it is, we know that that gives children at a very early age an opportunity to say, “Hey, do I want to spend that $5 on a treat today, perhaps a candy bar, or do I want to save that along with my allowance for something longer term?” So, it helps that child start to understand that you can make trade-offs versus current spending or delayed future gratification. All of that, honest conversations, um practicing in a safe environment, um understanding what money means to the family, really helps set up children for success.
05:52 Speaker A
Dina, some very valuable advice for the whole household. Thanks so much for taking the time here with us.
06:00 Dina Healey
Thank you so much for having me today.