SAN FRANCISCO--(BUSINESS WIRE)--Mom is always a great go-to source when you’re in need of some advice and with Mother’s Day just around the corner, Schwab’s most recent quarterly retirement survey found that the most popular pearl of financial wisdom doled out by mothers is “Money doesn’t grow on trees,” as 42 percent of respondents recall hearing that phrase from Mom as a child.
“Teaching children about finance early in life will pay off for everyone in the long run. In order to raise financially fit children, moms and dads need to make sure to incorporate money conversations into everyday life,” says Carrie Schwab-Pomerantz, senior vice president, Charles Schwab & Co., Inc.
Other financial advice shared by mothers included “A penny saved is a penny earned” (23%), “Give generously to those in need” (15%), “Wait for it to go on sale” (9%) and “Spend like there’s no tomorrow” (3%). The study also identified significant generational differences. The motherly advice of “A penny saved is a penny earned” was most commonly heard among Americans aged 65 and older, while 18-34 year olds reported hearing “Give generously to those in need” from Mom more often than those older than them.
Schwab-Pomerantz offers these simple tactics as ways moms everywhere can go beyond the cliché, “Money doesn’t grow on trees” and really get involved in teaching their kids about finance:
Visit SchwabMoneyWise.com for fun activities for parents and kids to bring money concepts to life and help you make the most of your money. And, if you need some financial help and guidance that’s more advanced that what Mom can provide, visit Schwab.com or one of our branches and talk to a Schwab Financial Consultant about your investment needs.
About the Survey
The Charles Schwab Retirement Survey was conducted by Koski Research between May 3 and 7, 2012, using Random Digit Dialing of listed and unlisted numbers, with 20 percent of the sample reached by cellular/mobile phones. Quotas are set to ensure reliable and accurate representation of the entire U.S. population ages 18 and over. Results of any sample are subject to sampling variation. The magnitude of the variation is measurable and is affected by the number of interviews and the level of the percentages expressing the results. The study’s margin of error is +/- 3.1 percent.
About Charles Schwab
The Charles Schwab Corporation (NYSE:SCHW) is a leading provider of financial services, with more than 300 offices and 8.6 million active brokerage accounts, 1.52 million corporate retirement plan participants, 801,000 banking accounts, and $1.83 trillion in client assets as of March 31, 2012. Through its operating subsidiaries, the company provides a full range of securities brokerage, banking, money management and financial advisory services to individual investors and independent investment advisors. Its broker-dealer subsidiary, Charles Schwab & Co., Inc. (member SIPC, www.sipc.org), and affiliates offer a complete range of investment services and products including an extensive selection of mutual funds; financial planning and investment advice; retirement plan and equity compensation plan services; referrals to independent fee-based investment advisors; and custodial, operational and trading support for independent, fee-based investment advisors through its Advisor Services division. Its banking subsidiary, Charles Schwab Bank (member FDIC and an Equal Housing Lender), provides trust and custody services, banking and mortgage services and products. Investment products offered by Charles Schwab & Co., Inc. are not insured by the FDIC, are not deposits or obligations of Charles Schwab Bank, and are subject to investment risk, including the possible loss of principal invested. More information is available at www.schwab.com and www.aboutschwab.com. (0512-3276)
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