PHOENIX--(BUSINESS WIRE)--A recent study on parents, kids and money by T. Rowe Price has once again shined a bright light on the struggles American families are facing when it comes to financial matters. The results are especially troubling when the topic turns to what kids know or try to learn from parents when it comes to earning, saving, spending or investing, including:
- 71% of parents have some reluctance in discussing finances with their kids, even though over 80% believe it’s important for the kids to know about saving, earning, budgeting and setting goals.
- 63% of parents say they have at least two opportunities each day to discuss financial matters with their kids, yet 56% say they don’t take advantage of the teachable moment.
- 41% of parents have never discussed investing with their kids.
To help parents open a dialogue with their kids about investing and provide real hands-on experience with the world of stocks, BusyKid has decided to offer kids a FREE $10 stock in order to potentially spark an interest in investing. Working with its partner Stockpile, the extremely rare offer is for two children of any new BusyKid family and there are no investment fees associated.
“We’ve decided to put our money where our mouths are to demonstrate how important we believe investing is as part of a successful financial formula,” notes Certified Financial Planner and BusyKid CEO Gregg Murset. “Investing can be intimidating, especially if you don’t understand all the moving pieces. We hope that this demonstration of our commitment to the success of BusyKid families will be the start of a regular routine in their households that is beneficial to parents and kids alike.”
Investing money has always been viewed as the ultimate game of “Risk,” but experts agree an investor has a better chance if there is some understanding of how the game is played. There are many forms of investing, but the stock market has been performing very well, and in fact, growing by more than 20%* during the past nine months.
“Investing is a major component to financial success, yet this is never explained to kids until they get to college … if even then,” notes Murset. “Most schools fail to teach in-depth finance, and studies continue to show that parents feel inadequate filling the void. Our hope is that families will work together through BusyKid in order to learn how investing can help build a strong financial future.”
Stockpile, mentioned twice by Consumer Reports as a great way for kids to get started investing, is revolutionizing the investment world by making it easy and affordable for anyone to be able to buy, give, and own stock. Founded and headquartered in Palo Alto, Calif., Stockpile promotes financial inclusion, empowerment, and literacy by enabling access for all to the financial markets. Stockpile gift cards -- available at over 14,000 retailer locations and online -- can be redeemed for stock in most companies.
“We’re thrilled to be working with BusyKid to make the stock market more accessible, affordable and understandable for American families,” said Dan Schatt, CCO of Stockpile. “Stockpile custodial accounts allow kids and teens to track their stock and ETFs and take a much more hands-on approach to learning about their investments.”
BusyKid is the first online chore/allowance platform where kids can earn, save, share, spend and invest real money wisely. BusyKid is available on all mobile devices and operated by the same team that grew MyJobChart.com (MJC) to nearly 1 million members. Though it has the same overall objective as MJC, BusyKid is easier to use, is more robust, and allows kids to receive a real allowance from their parents each Friday. No more points or trying to convert imaginary money.
For more information about BusyKid and its partnership with Stockpile, visit www.busykid.com.
* - Used growth rate is by the Dow Jones from 11/4/2016 to 8/14/17.