| August 19, 2016

Research of the Week: Mom, Dad, Kids, Money

What parents teach their children doesn’t go “beyond the piggy bank”

Do your financial lessons go beyond the piggy bank?

Each week, Consolidated Credit searches for financial research that can help you deal with your debt and budget. This week…

The interesting study

What parents are teaching their children about dollars might not make a lot of sense. A new study from U.S. bank says children learn some valuable money lessons at home, but not the biggest ones. They’re just not “comfortable teaching them about important topics such as credit and saving for the future.”

The big result

While 77 percent of parents told U.S. Bank pollsters they’re comfortable teaching about saving in general” and 66 percent also taught their children about budgeting their money, that’s as far as the financial education goes.

“Everything kids know about money, they learn from their parents,” says Robyn Gilson, U.S. Bank’s coach for student financial education. “The problem is, many parents are not confident teaching beyond piggy bank saving and basic budgeting – missing important topics like credit and saving for the future.”

The depressing details

Gilson surmises one reason parents don’t teach about the pros and cons of credit is that they simply don’t understand the topic – even though it will affect their children deeply as adults, from student loans to mortgages. The poll reported…

Many of the parents surveyed who are talking about credit may be misinformed themselves. More than half of the parents incorrectly believe their bank balance affects their credit score (51 percent) and that using checks/debit cards can help build credit (52 percent).

What parents can do

Thankfully, learning about credit and debt doesn’t’ require a college course. Consolidated Credit offers a simple No-Hassle Credit Card Debt Elimination Guide, as well as a special report called Do You Need Credit Help? and another for Saving Money & Long-Term Saving Strategies. However, knowledge isn’t enough, says Consolidated Credit president Gary Herman.

“If your family is struggling with credit card debt, the best lesson you can impart is to get rid of it and live debt-free,” Herman says. “You’ll not only teach your children a valuable lesson by showing instead of telling, you’ll also have extra money to spend on their well-being, because you won’t be paying high interest rates and fees.”

If your children are growing up in a family with crushing debt, achieve financial freedom before they leave the house. Herman suggests you call Consolidated Credit at for a free debt analysis from a certified credit counselor. You can get a financial plan that will help you now – and your children for the rest of their lives.

"We are really proud to recommend Consolidated Credit" Kathleen Cannon, President & CEO of United Way of Broward County. Consolidated Credit Counseling Services, Inc. is pleased to announce our partnership with the United Way as a United Way Chairman’s Circle Organization.

"We are really proud to recommend Consolidated Credit" Kathleen Cannon, President & CEO of United Way of Broward County. Consolidated Credit Counseling Services, Inc. is pleased to announce our partnership with the United Way as a United Way Chairman’s Circle Organization.

All Consolidated Credit counselors are certified personal financial counselors (CFC) We've helped 5 million people get out of debt! Call us today and see what we can do for you.

Consolidated Credit is honored to receive the 2012 Excellence in Financial Literacy Education (EIFLE) Nonprofit Organization of the Year award. The EIFLE awards acknowledge innovation, dedication and the commitment of organizations that support financial literacy education worldwide. See what Consolidated Credit can do for you.

Consolidated Credit is honored to receive the 2012 Excellence in Financial Literacy Education (EIFLE) Nonprofit Organization of the Year award. The EIFLE awards acknowledge innovation, dedication and the commitment of organizations that support financial literacy education worldwide. See what Consolidated Credit can do for you.

The National Industry Standards for Homeownership Education and Counseling are a set of guidelines for quality homeownership and counseling services. Industry professionals who adopt these standards can be trusted to provide consistent, high quality advice.
Click here to learn more.

Consolidated Credit Consulting Services, Inc. has been verified as the owner or operator of the Web site located at www.consolidatedcredit.org. Official records confirm Consolidated Credit Consulting Services, Inc. as a valid business. Call us today and see what we can do for you.

Consolidated Credit is a Certified ISO 9001 company, as verified through Bureau Veritas Certification.

Time tested and customer trusted. Consolidated Credit Counseling Services has been a BBB Accredited Business since 1998 and has a current A+ rating. Call us today and see what we can do for you.

View the Consolidatedcredit.org review status

Time tested and customer trusted. Consolidated Credit Counseling Services has been a BBB Accredited Business since 1998 and has a current A+ rating. Call us today and see what we can do for you.

View the Consolidatedcredit.org review status

Consolidated Credit is proud to be an ANAB accredited member. Accreditation by a recognized and respected body such as ANAB ensures the impartiality and competence of our company. To see what we can do for you, give us a call.

U.S. Department of Housing and Urban Development - HUD's mission is to create strong, sustainable, inclusive communities and quality affordable homes for all. Consolidated Credit is proud to be a member of HUD and also part of the Hope Now Alliance.

You can save!

With this amount of debt, you'd pay around $xx.xx on a DMP.

FREE Debt Consultation