The Importance of the Money Talk
Disclaimer: This is a compensated campaign in collaboration with Chase and #WeAllGrow Latina Network, however, all opinions are my own.
While I hate to admit this, in my family we generally don’t like to talk about money. I was never taught the importance of the money talk. Growing up, I remember the golden rule in the house was – no religion, no politics, and no money. When I became an adult, however, I started to realize how incredibly valuable it was to actually talk about money and finances – otherwise you could make some serious mistakes that could effect your life for years to come. Because of that, I was especially interested in joining Chase in their efforts to spread the word around the importance of the “money talk.”
Chase understands the importance of learning more about each generation’s financial habits, which aids them in providing even more sound financial advice. I agree 100% with Chase that it is never too early to talk to your children about money: saving, being financially savvy with your purchases, and planning for the future. The “Money Talk” boost financial confidence and preparedness – which is invaluable as you grow and have more and more riding on your finances.
Beyond just “telling” us why the Money Talk is important, Chase went as far to conduct a major study (together with the Center for Research on Consumer Financial Decision Making at the University of Colorado), where they discovered that Boomers put more value in having the “money talk” with their kids than “the talk” about “the birds and the bees”.
Check out some of the stats below, in this infographic:
Some additional facts that I found really interesting and encouraging:
- Hispanics are especially open with their kids about money
- 56% Hispanics said their parents were open about money with them growing up, versus 45% of the general population.
- 67% of Hispanics regularly discussed finances with parents growing up, versus 55% of the general population.
- 49% of Hispanics said their parents told them how much money they made, versus 36% of the general population.
- Hispanics started saving for retirement at age 27 vs. age 31 for the general population.
- Hispanics are more likely to spend on ‘things’ over ‘experiences’, while Americans would equally spend on the two (60% vs. 50% general population).
- Hispanics especially rely on their family network for financial advice, and are more likely to go to a parent, friend, or sibling for financial advice than the general population.
How do you feel that you and your familia are doing with it comes to having the Money Talk? Hopefully this information encourages you to start the conversation, if you haven’t already! If you need more information or tips no how to get the Money Talk going, visit Chase.com/LaCharla.This is a sponsored conversation written by me on behalf of Chase and #WeAllGrow Latina Network. The opinions and text are all mine.