Key reason why teenagers think their parents avoid talking to them about money

Seven in 10 (70%) parents avoid talking to teenagers about money, with some not wanting to worry their children, a survey indicates.More than a quarter (28%) said they avoid money conversations because they do not want to worry their children, while 22% believe teenagers already have enough to focus on, according to the research commissioned by savings and investment firm M&G.A fifth (20%) of parents feel financial conversations are not yet relevant, with nearly a third (31%) discussing money with their teenagers less than once a month.The research surveyed parents of 16 to 18-year-olds and the teenagers themselves.More than a third (35%) of teenagers said they believe their parents avoid financial discussions because they feel anxious about finances themselves.Seven in 10 (70%) teenagers said they want to feel better prepared for their financial future, while only 21% believe they are too young to start learning about money.More than seven in 10 (71%) said they would also like stronger financial education, particularly around investing and long-term planning.The research also indicated that money conversations tended to focus on day-to-day spending rather than long-term financial planning, with parents being most comfortable discussing food shopping (47%) and holidays (36%).Matthew Ings, a chartered financial planner at M&G said: “Teenagers are telling us they want to better understand money and feel confident about their future, yet many parents are holding back, often because they just don’t feel confident enough to have these conversations.“That’s completely understandable, but it highlights the need to reframe how we think about money so we don’t accidentally leave young people underprepared.”M&G said it believes that pension “health checks” could help to give people personalised guidance at key life stages, such as starting a new job, improving understanding of retirement savings and boosting confidence to engage with their finances and discuss them with family members.It commissioned Opinium to survey 1,000 parents of 16 to 18-year-olds and 1,000 16 to 18-year-olds across the UK in April.