Press release
T. Rowe Price: Black Families Prioritize Money Conversations With Kids More Than Other Racial Groups
Parents, Kids & Money Survey corroborates evidence of the racial wealth gap, prompting T. Rowe Price to expand commitments to its financial education program
About this update from T. Rowe Price Group, Inc.
[{"type":"text","content":"Parents, Kids & Money Survey corroborates evidence of the racial wealth gap, prompting T. Rowe Price to expand commitments to its financial education program\n\n\nBALTIMORE, Dec. 10, 2020 /PRNewswire/ --\n\n \n \n\n \nNEWSA new study from T. Rowe Price reveals that, compared with other racial/ethnic groups, Black families put more emphasis on having conversations about saving money, spending wisely, setting financial goals, and family finances.\nT. Rowe Price's 12th annual Parents, Kids & Money Survey, which sampled more than 2,000 parents of 8- to 14-year-olds and their kids, reveals insights on the ways that parents of different racial/ethnic groups discuss financial concepts with kids in light of the well-documented racial wealth gap.\n\"We're encouraged to see that many Black families are frequently having money conversations with their kids, as we've learned that these discussions can be powerful drivers for building financial capabilities in adulthood,\" says Renee Christoff, head of Global Associate Engagement + Corporate Responsibility at T. Rowe Price. \"However, we know that having financial capabilities does not automatically equate to having the ability to build wealth. The factors contributing to the racial wealth gap are complex, intertwined with history, and we believe there is an opportunity for our financial education programming to address aspects of it.\" \nHOW WE'RE TAKING ACTIONT. Rowe Price recognizes that financial institutions have historically played a significant role in the creation of the wealth gap, and the firm is dedicated to being part of the solution to counteract this legacy. \nAs a part of the firm's ongoing commitment to promoting racial equity, the results of this study mark a necessary step for T. Rowe Price to better understand the landscape and evaluate how its financial education program can promote wealth accumulation among Black families. \n\"Home ownership and retirement savings can serve as powerful generators of wealth creation,\" Ms. Christoff says. \"Helping Black children understand how to access these wealth-building investments will be integrated into our program going forward, as part of our ongoing and evolving commitment to advancing racial equity in our communities.\" \nLast summer, T. Rowe Price announced that it would be donating $2 million toward organizations that are wo...