Answer (courtesy of T. Rowe Price survey of parents of 8-14 year olds)

Questions:

1. Which of these accounts did you have when you were 14 years old? 
2. For #1, list the timing of when you got each account. 
3. How do you think that kids so young are able to have a credit card? Do you think it's a good idea for someone so young to have a credit card? Explain. 

Click here for the ready-to-go slides for this Question of the Day that you can use in your classroom.

Behind the numbers: (T. Rowe Price Survey)

T. Rowe Price’s 2019 Parents, Kids & Money Survey, which sampled 1,005 parents of 8- to 14-year-olds and their kids, found that more than one-third of parents are uncomfortable discussing saving for college with their kids and few of them are having frequent conversations about saving for college. The lack of communication may help explain why there is a disconnect between kids’ and parents’ expectations about who foots the bill for college.

--------------------

Check out our recent podcast with 403bWise.org's Dan Otter and Scott Dauenhauer as they discuss navigating the shoals of the 403(b) world

About the Authors

Tim Ranzetta

Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.