Thursday, September 10, 2009

Half of parents confident about youth's financial skills

WASHINGTON (9/9/09)--About half of parents say their children will leave home knowing how to manage money, according to the results of a Consumer Federation of America (CFA) survey.

During a press briefing Tuesday, CFA presented results of a survey it conducted Aug. 27-31 of 553 representative parents, or guardians, with children under age 18 living at home.

About 53% of parents said they were "very confident" their children would leave home with personal financial skills. Nearly all parents surveyed--98%--said they felt "very" or "somewhat" responsible for teaching their children how to manage money and credit. Roughly 86% said they felt "very" responsible.

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