You are a Financially Intelligent Parent

Hello Gruhinis, Pat your back. You deserve kudos for the survey (Click here if you missed it)

According to Jon Gallo and Eileen Gallo, the creator of the survey, if you responded in negative to 8 of the 10 questions, you are what they call a “Financially Intelligent Parent”.  The survey results show that most Gruhinis had a negative response to 7 of 10 questions.

100% of the Gruhinis said they don’t use money to bribe kids or buy them stuff if they feel they are neglecting them. Only 33% said they had difficulty saying no when their kids asked for money.

Chart_Q6_131009 Chart_Q7_131009

But don’t let these results elude you. Let’s analyze results closely- 55% Gruhinis admitted to having unresolved money issues, but 89% are confident of having goals and plans in place to educate kids about money and passing values through their money behaviours.  That’s a decent target to have, but let’s first resolve our money habits too, isn’t it?

Chart_Q1_131009 (1) Chart_Q2_131009 (1)

Jon Gallo and Eileen Gallo also believe that we as parents need to understand our money beliefs first. “The financially intelligent parenting isn’t an inherent skill. Our own parents’ money issues combined with societal attitudes have shaped our money beliefs and behaviors, and they have not always shaped them in ways that benefit our children” says the couple who has been advising American families, financial advisors and parents on the issues of financial literacy. 

 So, Lets understand our money beliefs first before we set out to share it with our children !!!

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Rachna Monga Koppikar, is an AMFI Registered Mutual Fund Distributor and founder of this blog. She is on a mission to help Women create and preserve wealth through mutual fund investing.