Study Reveals Need for Tools to Help Parents Teach Kids About Savings

| Monday, February 27th, 2012


Parents overwhelmingly feel it is their responsibility to teach kids about money matters

PRINCETON, NJ — February 17, 2012 — In conjunction with America Saves Week (February
19 – 26), DoughMain, a free financial education and family organization website, conducted a
national survey of 2,000 parents to determine how kids are interacting with money in their
everyday lives. The study revealed that an overwhelming 81 percent of parents feel it is their
responsibility to teach their kids about money and savings, yet only 63 percent of parents stated
their children had a savings account, and only 27 percent actually indicated that they take their
children into a physical bank to make an account transaction at least once a month.

“We want to see 100 percent of American children saving wisely, and from this survey, we can
see that’s clearly not happening,” said Ken Damato, president and chief executive officer of
DoughMain. “This research exposes that while parents want to be the primary finance teachers to
their children, they’re just not doing it to the degree that’s going to make a real difference for the
next generation.” Damato continued, “Things as basic as opening a savings account or how to
read a bank statement are just not being taught in the classroom, leaving parents to be the
primary educators about finances, and they need solid, credible, simple resources upon which to
rely.”

DoughMain’s study revealed that:

  • 63% of kids 18 and under have savings accounts, and 73% of those savings accounts
    were started before the age of three
  • 43% of parents review bank statements with their kids monthly
  • 51% of parents give their children allowance, but only 4% require them to deposit that
    money into a bank account
  • Only 28% of children have used online banking to view their savings account balance
  • For children without savings accounts, their money is most frequently saved in a Piggy
    Bank, bonds/CDs or checking accounts Only 38% of parents are matching their children’s savings
  • Only 30% of children give some of their savings regularly to charity

Damato emphasized that parents should actively teach financial education on a daily basis at
home by creating ‘teachable moments’ to avoid a future generation of financially illiterate adults.
As a teaching resource, DoughMain offers the following tips for parents to help teach kids about
savings:

  • Open a savings account for your child
  • Take them to the bank to see how deposits work
  • Help them set savings goals and/or create family savings plans
  • Start a family match program
  • Use allowance as a learning tool

DoughMain’s survey was conducted by Touchstone Research between February 6 – 13, 2012.
America Saves Week is coordinated by America Saves and the American Savings Education
Council. Started in 2007, the Week is an annual opportunity for organizations to promote good
savings behavior as most consumers are not saving adequately for retirement or unexpected
expenditures.

DoughMain’s innovative gaming websites and tools encourage learning about finances through
interactive play, making the process fun and engaging for both parents and children. DoughMain
offers a bank integration feature that enables users to import their real bank accounts and easily
view account balances — bringing the topic of savings to the forefront with kids by putting them in
closer proximity to their savings goals to help them watch their money grow. DoughMain’s unique
online chore chart tied to allowance/rewards program teaches kids about the fundamentals of
money management in a relevant, digital way for today’s generation. For more ideas and tools to
help teach kids about money matters through real-world experiences, visit DoughMain.com.

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About DoughMain
DoughMain is the first and only service to combine family coordination and financial education
into one simple and convenient platform. Helping families manage their lives while empowering
them to become better educated about money, DoughMain offers a suite of on- and off-line
services, including an integrated family calendar, chore tracker, allowance/rewards tool and three
age-relevant gaming websites: TheFunVault.com (ages 5 and up), SandDollarCity.com (ages 8-12) and IRuleMoney.com (ages 13-18). To learn more about DoughMain, please visit DoughMain.com.

Contact
Leanne Scott Brown
Vault Communications for DoughMain
610.455.2742
LBrown@VaultCommunications.com
Follow us on Twitter @DoughMainBuzz


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