Money Confident Kids: Summer Twitter Party for Parents

How can you use summer vacation to talk to your kids about money?
Jun 01, 2016
Money Confident Kids: Summer Twitter Party for Parents

Jun 01, 2016
Sponsored by T. Rowe Price
Grades 5–8
 
Summer vacation is a great opportunity for parents to reinforce financial lessons with their children and model smart spending habits. Find out how by joining us for the Money Confident Kids Twitter Party with the hashtag #TRPKids and discuss how you can help your kids manage their money and expectations. Plus, learn some tricks for planning and saving for a summer splurge!

Five participants will be randomly selected to receive a Money Confident Kids bank as well as a $50 gift card. See Official Rules for details.

When: June 16, 8:30 p.m. EST

How: Use #TRPKids to follow and join the conversation

Participants: Along with financial expert Mark Robinson from T. Rowe Price, T. Rowe Price is sponsoring the participation of mom travel blogger Carol Cain, author of  Girl Gone Traveland five of the country’s top parenting bloggers who will also be weighing in:

Here are some of the key questions we’ll be answering:

  • How should you budget for a vacation so that it doesn’t dip into your long-term priorities and goals?
  • How can you get the whole family involved in saving for an annual trip? We’ll include tips and activities for kids and parents.
  • Impulse-spending avoidance tips! How do you teach kids to rein in the incessant “Can we get this?”
  • Is your child ready for their “on-vacation” budget? How to prepare kids so they’re not hitting up Mom and Dad every time they want ice cream or a souvenir.
  • What are some age-appropriate jobs and chores and some ideas for a summer allowance?

And that’s only the beginning!

Plus! We’ll be addressing some of the statistics from the 2016 Parent, Kids & Money Survey findings. Check out some of the surprising results below:

  • 71% of parents have at least some reluctance discussing financial matters with their kids.
  • Nearly as many parents are uncomfortable discussing family finances (58%) as they are discussing death (59%).
  • 46% of parents have gone into debt for something their kids wanted.
  • 57% agree with the statement  “I spend too much money on my kids for things they don’t really need.”
  • And 57% of kids agree with the statement “I expect my parents to buy me what I want.”
  • When asked, 
  • "When asked, “What is the longest you’ve ever saved for something you wanted to buy?” only 27% of kids said one to two months (the length of the average summer vacation).” 

Looking for more tips and tools to help you talk to your child about setting financial goals? Go to scholastic.com/mck/parents.

 

MONEY CONFIDENT KIDS is a registered trademark of T. Rowe Price Group, Inc., 2015-US-6695