Bank of America Coronavirus Resource Center See details

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.

Get the full report

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.

Share: Facebook Image LinkedIn Image Twitter Image

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

Get the full report

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.

Share: Facebook Image LinkedIn Image Twitter Image

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

Get the full report

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.

Share: Facebook Image LinkedIn Image Twitter Image

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

Get the full report

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

Get the full report Find a financial advisor Want to explore more? Back to top

RELATED CONTENT

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.

Information for:

Corporations & Institutions Job Seekers Media & Journalists Shareholders

Get in touch:

Contact Us

Connect with us:

SEC Share Class Selection Disclosure Initiative

 

Investing involves risk. There is always the potential of losing money when you invest in securities.

Asset allocation, diversification and rebalancing do not ensure a profit or protect against loss in declining markets.

Merrill, its affiliates, and financial advisors do not provide legal, tax, or accounting advice. You should consult your legal and/or tax advisors before making any financial decisions.

This material is not intended as a recommendation, offer or solicitation for the purchase or sale of any security or investment strategy. Merrill offers a broad range of brokerage, investment advisory (including financial planning) and other services. Additional information is available in our Client Relationship Summary.  

Merrill Lynch, Pierce, Fenner & Smith Incorporated (also referred to as “MLPF&S” or “Merrill”) makes available certain investment products sponsored, managed, distributed or provided by companies that are affiliates of Bank of America Corporation (“BofA Corp.”). MLPF&S is a registered broker-dealer, registered investment adviser, Member SIPC and a wholly owned subsidiary of BofA Corp.

Insurance and annuity products are offered through Merrill Lynch Life Agency Inc., a licensed insurance agency and wholly owned subsidiary of Bank of America Corporation.

Trust and fiduciary services are provided by Bank of America Private Bank, a division of Bank of America, N.A., Member FDIC, or U.S. Trust Company of Delaware. Both are wholly-owned subsidiaries of Bank of America Corporation.

Banking products are provided by Bank of America, N.A. and affiliated banks, Members FDIC and wholly owned subsidiaries of Bank of America Corporation.

Investment, insurance and annuity products:

Are Not FDIC Insured Are Not Bank Guaranteed May Lose Value
Are Not Deposits Are Not Insured by Any Federal Government Agency Are Not a Condition to Any Banking Service or Activity
© Bank of America Corporation. All rights reserved.
3135199-EXP-2021-06-23
X

You need to answer some questions first

Then we can provide you with relevant answers.

Get started