Bank polls the masses for money behaviors
A recent TD Bank survey revealed a disconnect between the sexes in matters of money.
Comedy fans will claim to have known all along.
The TD data offer a crow’s-nest peek into the way economics function for the family unit and are revealing in ways that make both marketers and sociologists take note. A bank such as TD ”“ among the 10 largest in the U.S. with total assets of some $169 billion and deposits of $136 million ”“ might find deposits grow if word gets to the man cave that a household budget is a thing of beauty; because right now, according to the survey, the man cave needs a reminder.
Gender disagreement was profound in the need for a household budget, with 35 percent of surveyed fathers saying they did not need a household budget; only 22 percent of surveyed mothers agreed.
The survey was conducted from Florida to Maine Jan. 5-12 by the Canada-based Angus Reid Public Opinion, which interviewed 1,637 respondents on personal financial matters at the behest of TD Bank. Some 700 respondents were from the mid-Atlantic region encompassing New York state, where TD operates 201 branches from Long Island to Plattsburgh, with a notable knot of four in Poughkeepsie alone.
The survey discovered a mommy/daddy dichotomy in how parents teach children about money. Fathers tend to focus on goal-setting for savings and allowances.
Mothers focus on home economics while shopping, imparting knowledge while youngsters tag along; and teaching early math beginning with counting. Mothers by a wide margin ”“ 70 percent ”“ continue to promote the timeless piggy bank as a model of thrift.
Despite the daunting complexities of today”™s financial world, 34 percent of respondents said they were “good” with money. But it is the men who remain tightlipped with their knowledge: two of three wish they talked more about money with their children. Both sexes agree age 12 is the right time to begin the discussions.
Whatever realities money conversations within a family may focus upon ”“ from cold hard cash to derivatives ”“ the recession has made those conversations more frequent. More than half of respondents ”“ 55 percent ”“ said the recession had spawned more financial talk between themselves and their children.
“The survey shows that each parent contributes different money-related lessons when it comes to a child”™s financial education,” said Suzanne Poole, TD”™s executive vice president. “This indicates that it”™s important for moms and dads to combine efforts to ensure that their children learn all aspects of financial literacy from monthly budgets to everyday spending. Being that April is National Financial Literacy Month, now is the perfect time to begin having these conversations with our kids.”