Parents’ Manage Money Better When Having Kids

Published on 1 January 1970 by Raffick Marday

Nearly half of parents admit having children has made them manage their money better, according to a new survey.

Two out of three British parents have followed their principles since having kids to ensure they are good role models, research from ethical bank Triodos revealed.

A further 29 percent of parents claim they have been forced to mind their language since taking on the responsibility of parenthood.

Recycling is another area where parents feel they should improve their ways, with 27 percent doing so after having children, 26 percent say they do not waste food, and 15 percent try and save the amount of electricity and gas they use.

“Having kids is the biggest prompt many people have to put their principles into action,” said Huw Davies, Triodos Bank’s head of personal banking.

“Naturally parents are keen to pass on the values they believe in to their children, combining more modern priorities such as recycling and greener living with the timeless principles of sound money sense and good manners.”

Having good money management skills is a priority for 79 percent of parents who hope to pass on these values to their offspring. Having good manners came in as the second most important principle with 76 percent changing their ways, followed by going green and recycling which 67 percent have adopted.

Saving for the Future

Parents are also keen to ensure their children get into the habit of saving with 33 percent hoping they put savings and investments to good use.

Research by Coventry Building Society revealed however that many British parents are under prepared for the amount they will dish out to their children when they grow up.

Funding weddings, university fees and rent for example are predicted by most parents to cost £29,060 in total, whereas the amount parents with older children admit they have spent stands at £43,189.85.

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