A recent poll conducted by Skipton Building Society reveals that a staggering 85% of parents worry about giving their children poor financial advice. The survey highlights a significant lack of confidence among parents when it comes to discussing essential financial topics, with 29% feeling unqualified to advise on investing, 25% on budgeting, and 23% on credit scores. Additionally, 21% of parents find it challenging to talk about saving for university. Despite the desire to provide their children with a solid financial foundation, 51% of parents feel ill-equipped to do so, fearing that conversations about money might induce anxiety. The research also indicates that 76% of parents wish they had received more financial education as children, with many advocating for financial literacy to be taught in schools. Two-thirds of parents believe budgeting is the most critical topic for children, followed by understanding scams and investing.
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