Parents’ fight over money affects kids
Parents’ fight over money may increase kids’ credit-card debt
A new study has found that children whose parents argue about finances rack up more credit-card debt in their college years than kids of parents who don't fight over money.
The East Carolina University researchers said the findings point to the need for parents to help their children learn good financial skills.
The researchers surveyed 413 undergraduates from seven U.S. universities, asking them about their credit card debt, the number of cards owned, their financial knowledge and their interactions with their parents regarding money when the students were younger.
They found that two-thirds of students have credit cards; nearly a third have multiple cards. Juniors and seniors in college were nearly four times as likely as freshman and sophomores to have multiple cards.
Women were twice as likely as men to have two or more cards. And students who said their parents argued about money were twice as likely as students who said their parents didn't argue over money to have more than one card.
Extra cards brought extra debt. Students with two or more cards were three times as likely to have credit card debt exceeding 500 dollars as students with just one. Parental money arguments were also linked with the likelihood of carrying a 500-dollar or greater debt load for students.
The finding was reported online in the Journal of Family and Economic Issues.
The East Carolina University researchers said the findings point to the need for parents to help their children learn good financial skills.
The researchers surveyed 413 undergraduates from seven U.S. universities, asking them about their credit card debt, the number of cards owned, their financial knowledge and their interactions with their parents regarding money when the students were younger.
They found that two-thirds of students have credit cards; nearly a third have multiple cards. Juniors and seniors in college were nearly four times as likely as freshman and sophomores to have multiple cards.
Women were twice as likely as men to have two or more cards. And students who said their parents argued about money were twice as likely as students who said their parents didn't argue over money to have more than one card.
Extra cards brought extra debt. Students with two or more cards were three times as likely to have credit card debt exceeding 500 dollars as students with just one. Parental money arguments were also linked with the likelihood of carrying a 500-dollar or greater debt load for students.
The finding was reported online in the Journal of Family and Economic Issues.
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