A recent poll reveals that while American parents provide extensive financial advice to their children each year, they often find that their guidance is not fully embraced. According to the survey conducted by Talker Research on behalf of the international money app Wise, parents believe their children only heed their financial advice about half the time.

The survey, which included 5,000 parents aged over 30 from all 50 states, found that children request financial advice multiple times each month. However, parents typically offer unsolicited financial guidance around five times a month, leading to over 100 pieces of advice shared annually.

Confidence levels among parents vary significantly. When asked about their financial knowledge, 36% of respondents reported feeling “very” confident in their advice, while 34% said they felt “somewhat” confident. Notably, parents expressed the most uncertainty regarding specific financial areas, including currency conversion (11% confidence), taking out or refinancing loans (13%), and sending money abroad (14%).

In contrast, parents showed greater confidence in advising their children on budgeting (55%), managing savings options (52%), and navigating credit cards (41%). Additionally, 32% of parents felt knowledgeable about understanding debt and credit scores.

“Parents have to manage countless complex conversations as they prepare a child for adulthood,” stated Ankita D’Mello, Manager at Wise. “Finances are certainly top of the list, and international finance is one area where more education is essential.”

D’Mello emphasized the growing importance of international financial literacy as children increasingly study abroad or send money overseas. Approximately 40% of parents expressed concerns that their children may “outgrow” the financial advice they can offer, which is why a substantial 72% of those surveyed indicated a desire to enhance their financial knowledge.

The survey also highlights that nearly three-quarters (74%) of parents believe that financial management has become more complex since their childhood. Respondents identified the overwhelming amount of financial information available online as both a benefit and a challenge, with 48% noting that while it’s easy to search for information, discerning trustworthy sources is difficult.

In light of these challenges, a significant 79% of parents expressed openness to new tools and resources to bolster their financial understanding, and nearly a quarter (22%) actively seek out new services.

“With more financial information available now than ever before, it’s essential to work with providers that are established, affordable, convenient, and transparent, especially when looking to move money internationally,” D’Mello added.

How Confident Are Parents Helping Their Children in 14 Financial Areas?

• Budgeting: 55%
• Savings options: 52%
• Credit cards: 41%
• Managing debt: 32%
• Managing credit score: 32%
• Insurance: 29%
• Financing a car: 29%
• Investments: 21%
• Mortgages: 16%
• Retirement planning (Roth vs. traditional IRAs, etc.): 16%
• High-yield savings accounts: 15%
• Sending money abroad: 14%
• Taking out/refinancing loans: 13%
• Currency conversions: 11%

As parents navigate the complexities of modern finance, the need for continuous education and reliable resources remains paramount.