How parents can use this quiz
For prior generations, becoming an adult meant achieving a series of life events in dependable order: Graduation, career, marriage, buying a home and having children. It was assumed that financial self-sufficiency was a fundamental step toward adulthood.
Today’s young people have unprecedented opportunities and challenges due to changes in media, technology and spending power. More young adults are choosing alternate pathways to education and the workplace, and are delaying starting families. They are taking on more debt and fewer of them are pursuing homeownership. While the timing and sequence of traditional adult milestones has changed, financial self-sufficiency remains a marker of adult status.
Helping young people discover their financial identity can help show them the ways that their attitudes, beliefs and behaviors relate to their financial practices and, ultimately, to their overall health and well-being. Such self-awareness can help these young adults set more realistic and productive short- and long-term goals to get them closer to financial self-sufficiency.
Research shows that parents are a crucial resource in helping form their children’s financial identity. There are three ways in which parents help teach their children: Direct teaching, modeling and setting clear expectations. After your child takes the quiz, here are some tips and resources to help you further communicate with your children on responsible money management techniques.