Your kids are growing up fast. Soon, it will be time to have … the talk.
No, not that one. We’re referring to the talk about responsible use of credit. If you don’t drive home the importance of good credit practices while your children are young, they’re more likely to learn about credit the hard way – by racking up more debt than they can pay off.
A new survey by Chase suggests that many parents are not giving their children sufficient understanding of credit and how to use it wisely. The Chase Slate Credit Outlook found that while 56% of parents have talked to their children about money, only 32% of parents explained credit scores to them.
A greater percentage of parents (38%) encouraged their kids to get their first credit cards – thus, at least 6% of parents directed their children toward credit cards without giving them a full understanding of how they work.
When should you start a credit discussion with your children? According to Rod …