Women Leading the Charge in Teaching Kids about Money
But go to Dad for a bigger allowance
MILWAUKEE (Business Wire EON) April 9, 2008 --
According to a recent online poll conducted by www.TheMint.org,
men are three times more likely than women to raise their children
without an allowance, and when asked how much they would give a
10-year-old, men are four times more likely than women to say ‘zilch.'
Ironically, men that do choose to give allowances
are more generous than women. In response to the question about how much
is appropriate to give to a 10-year-old per week, 12% of men responded
with the maximum option - more than $15.00 per week - versus only 8% of
women who would pay this much.
“Family is the greatest influence in shaping
young Americans' financial attitudes and behaviors, and allowances
are an excellent way for parents to start teaching their kids to manage
money,” said Meridee Maynard, Senior Vice
President, Northwestern Mutual. “A small
weekly allowance can help parents teach the concepts of saving,
spending, giving and investing.”
From January through March 2008, visitors to the financial
literacy Web site www.TheMint.org
were invited to answer two questions related to allowances. Nearly 2,000
people from across the country weighed in about how much and what age is
appropriate for children receiving an allowance. The results were then
analyzed based on several demographic factors, including the age, gender
and location of respondents.
Best Places for Earning an Allowance
Parents in the Midwest have the tightest purse strings, with half of
respondents giving less than $5.00 a week to a 10-year-old, while many
parents in the South and Northeast would give up to three times that
amount.
Nationally, more than 70% of respondents agree that a 10-year-old should
receive between $1.00 and $10.00 a week as an allowance. Thirty-eight
percent think $1.00 - $5.00 is most appropriate, which was followed by
34% citing $6.00 - $10.00.
What Age is Appropriate?
Most respondents (65%) agree that the appropriate age for children to
start receiving an allowance is between six and 11 years. One third
believe between ages six and eight is the most appropriate time and in a
close second, 32% of respondents feel it should be between ages nine and
11.
In an interesting twist, kids who responded are stricter than the adults:
Thirty-seven percent of those age 17 or younger believe children should
begin receiving an allowance between ages nine and 11, and an additional
24% think children should be older than 12.
Thirty-four percent of respondents age 60 or older selected the youngest
age range of five years or earlier.
About TheMint.org
Launched in 1997, TheMint.org is a collaboration between the
Northwestern Mutual Foundation, the charitable arm of Northwestern
Mutual, and the National Council on Economic Education (NCEE). The site
provides tools to help parents as well as educators teach children to
manage money wisely and develop good financial habits: the building
blocks for a secure future.
This poll marks the first of a planned series of quarterly polls by
TheMint.org, with the aim of continued awareness of financial
literacy issues. Poll results are archived on the site and can be
viewed at www.themint.org/polls/.
About Northwestern Mutual
The Northwestern Mutual Life Insurance Company, Milwaukee, WI
(Northwestern Mutual) has been helping policyowners and clients achieve
financial security for more than 150 years. The company is an industry
leader, with over $1 trillion of life insurance protection in force, and
maintains the highest available ratings for insurance financial strength
from all four major rating agencies: Standard & Poor's, Fitch Ratings,
A. M. Best and Moody's.
For 25 years, a FORTUNE magazine survey has named Northwestern Mutual “America's
Most Admired” company in the life/health
insurance industry. Further information on Northwestern Mutual, its
subsidiaries and affiliates can be found at: www.nmfn.com.
MULTIMEDIA GALLERY http://www.businesswire.com/cgi-bin/mmg.cgi?eid=5653237
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