As Millennials become parents, what are their financial lives like? Nickelodeon Kids & Family GPS found out in a recent study on Millennial and Gen X parents.
In the wake of the 2008 economic crisis, money emerged as a primary concern among global Millennials. Now that they’re having children, what are their financial lives like? How do their views on money affect their parenting? And how does the role finance plays in their family lives compare to Gen X parents?
A recent Nickelodeon Kids and Family GPS project, “Kids & Family Recalibration,” sought to uncover insights about the experiences of kids today, and to identify any contrasts in Millennial and Gen X parenting approaches.
This study consisted of online interviews of kids ages 8 to 14 and their parents, covering nearly 4,000 households in 19 countries: Australia, Brazil, Canada, China, France, Germany, Italy, Japan, Malaysia, Mexico, Netherlands, Philippines, Poland, Russia, Singapore, Spain, Sweden, UK and USA. (See here for an overview video.)
Here are key findings from this project on the subject of family finances:
In some countries, families report that their financial situations have improved year to year.
- Parents in Brazil, China, Malaysia, Philippines, and Singapore say that their financial conditions have changed for the better
- However, in some countries parents say they’ve had to cut back on unnecessary expenditures: Italy, Spain, Poland, Netherlands, Japan
Parents around the world encourage their kids to be financially responsible.
- Over half (53%) of global parents believe their kids understand the value of money—especially in the Philippines, Malaysia, Australia, Poland, Canada, and the UK
- 38% of global parents believe kids should have to buy certain things with their own money—especially in Germany, Mexico, Spain, Sweden, Australia, and China
- 22% of parents believe their kids get everything they want—most commonly in Italy, Russia, Brazil, UK, Malaysia, and Singapore
Millennial parents worry about money more than Gen X parents.
- Being able to pay the bills (91% Millennial parents, 81% of Gen X parents)
- Job security (83% Millennial parents, 76% Gen X parents)
- Losing home (75% Millennial parents, 61% Gen X parents)
Looking forward, it remains to be seen how financial concerns will color the lives of the next generation.
- The global economic crash had a huge impact
- However, families in many countries say their finances are now improving—this could mark a turning point
- Parents and kids alike remain concerned about job security
- Many parents find it hard to save, but still want their kids to be financially responsible
- Millennial and Gen X parents are similar in how they educate kids about money