Note: This information is from 2015 but much has changed since then. Please be sure to discuss your unique financial situation with your McKinley Carter Advisor or another trusted professional.
Many parents are intentional about teaching prudent financial practices to their children. But children learn more from their parents by just being around them.
Having helped hundreds of people manage their financial situation, I have observed that most people’s financial practices (career, spending, saving, investments, estate planning, etc.) are hugely shaped by how their parents handled money matters.
Many parents are very intentional about teaching prudent financial practices to their children of all ages. But children learn even more from their parents, for better and for worse, by just being around them.
For instance, the article below cites rigorous research around the world showing that women whose mothers worked outside the home are more likely to have jobs themselves, are more likely to hold supervisory responsibilities on the job, and earn higher wages. The study also revealed benefits of a different sort for sons of working mothers relative to sons raised by stay-at-home moms.
Economics teaches us that, in a world of finite time and resources, there are always trade-offs. Most people are aware that work outside the home reduces time parents can spend with children or tending to household chores. These studies help people understand a different sort of trade-off with potentially even longer term financial impacts.