Parents of adult children who regularly did household chores while growing up are more likely to describe their kids as “very financially responsible” than parents whose kids did fewer or no chores. That’s one of the findings from a new Charles Schwab & Company survey. Parents whose kids did no household chores also described themselves as poorer financial role models. Carrie Schwab-Pomerantz, president of the Charles Schwab Foundation, explained, “More than just sharing our financial knowledge as parents, fostering a spirit of personal accountability can inspire the right financial behaviors in our kids.”
Who knew that having our kids take out the trash today may help them avoid trashing their finances down the road?
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One of my core philosophical beliefs: there’s no substitute for personal responsibility. (And the parenting corollary: there’s no substitute for parental responsibility.) And, it seems, personal responsibility (or lack thereof) “bleeds over” between chores and finances.