The investment firm T. Rowe Price surveyed a sample group of parents on their children’s money-management practices. That’s a scientific-sounding way of saying they asked a bunch of mothers and fathers (504, to be exact) how many of their kids have piggy banks. The answer: most (85%, to be exact). A clear majority also said the decision to withdraw money from the time-honored savings receptacle should be a “shared responsibility.” Commenting on the survey at MainStreet.com, writer Brian O’Connell said: “Teaching kids to save money with a piggy bank is a win-win-win. Kids get a great lesson on the value of money. Parents instill good personal finance habits for their kids at a young age. And banks get a ready-made audience of future customers who already understand the importance of saving money and the value of passive income (interest earned on bank deposit accounts).” Spoken like a true convert to Phil Lenahan’s steward-of-Providence way of thinking.
Kevin Bedan illustration