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THE FINANCIAL JOURNEY OF MODERN PARENTING

Parenting is a rewarding lifetime commitment that takes us on a complex and challenging financial journey. Preparing early on can make all the difference later.

90% of parents were surprised by how much more money they spent after becoming a parent1

Explore how you can better prepare for your financial future as a family.

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Are parents financially overproviding?

79% of parents with adult children provide some financial support for their living expenses both large and small, from weddings to phone bills. How do these expectations affect everyone’s financial well-being?

60% of parents help pay for their child’s wedding and 54% pay for all of some of their adult child’s phone expenses. 60% of parents help pay for their child’s wedding and 54% pay for all of some of their adult child’s phone expenses.

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Explore how fostering financial education now can help prevent over-providing down the road.

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Are parents too self-sacrificing?

A majority of parents feel they’ve made trade-offs between their own financial security and their child.4 Financial tools and advisors can help prepare parents for the unexpected.

Almost 3 out of 4 parents put their child’s interests ahead of their retirement needs. Almost 3 out of 4 parents put their child’s interests ahead of their retirement needs.

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Explore how to better care for your future self by regularly contributing to your retirement account.

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How much guidance is enough?

A majority of parents say they’ve taught their kids important financial lessons.6 But it’s more important to serve as a financial role model for your children.

72% of parents wish they had someone to educate their children about investing. 72% of parents wish they had someone to educate their children about investing.

As your family’s needs change, consider working with a financial professional to create a personalized wealth plan centered on your short- and long-term goals. When you’re ready, we’re here to help you take the first step.

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Explore how planning for your children’s education can teach them financial independence.

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We have the insights and expertise to help you prepare for your financial future.

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MEDIA CONTACT

Julia Ehrenfeld

Bank of America

646.855.3267

julia.ehrenfeld@bankofamerica.com

1) Base: Total parents of children of any age.

2) Base: Parents with oldest child 18+.

3) Base: Parents to any child age 18-34.

4) 63% Base: Total parents of children any page.

5) Base: Total parents of children any age.

6) Base: Parents of children 13-17.

7) Base: Parents with oldest child 7-17 .

Age Wave and Merrill, The Financial Journey of Modern Parenting: Joy, Complexity and Sacrifice, 2018

Age Wave is not affiliated with Bank of America Corporation.

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Due to COVID-19 and its impact on the current environment, the United States Postal Service is unable to deliver mail to certain foreign countries1. As a result, Merrill will be delaying mailings to impacted clients. Click here for additional details.

 

1 As of July 27, 2020, the United States Postal Service is unable to deliver mail to the following twenty-three (23) countries: Bermuda, Bolivia, Botswana, Brunei, Cayman Islands, Costa Rica, Cuba, Dominican Republic, Ecuador, Fiji, French Polynesia, Guatemala, Haiti, Honduras, Iraq, Libya, Mauritius, Nepal, Panama, Papua New Guinea, South Africa, Venezuela and Yemen.

 

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