Survey: Teens adopt parents' money habits

TORONTO, Oct. 31 (UPI) -- A survey of Canadian parents and their teenage children shows bad financial saving and budgeting practices are being passed on.

The survey of 814 equally divided parents and teens found 56 percent of parents have a set budget to which they try to adhere, while 25 percent of teens do, the survey for Credit Canada found.

With regard to maintaining a regular saving plan, 33 percent of parents said they did, while only 20 percent of teenagers said they had a plan.

"We are poised to have another generation unprepared to manage their money and save for their futures because nobody is taking the time to properly explain all the basics of money management to them," Credit Canada Executive Director Laurie Campbell said in a news release. "The next generation will be as ill-equipped to deal with their finances as their parents if we don't start taking the responsibility of teaching our children the basics about money more seriously."

The survey found only 14 percent of parents said they had taught their children about the importance of saving money, different saving vehicles and the benefits, the release said.

The poll's margin of error was 3.4 percent, the company said.