This post was created in partnership with Chase. The opinions (and childhood memories) are my own.
One of my fondest memories as a kid was coming home from school and walking in the house to the smell of cupcakes with my favorite strawberry icing. When I was in elementary school, my mom stayed at home to take care of me, my older sister and my younger brother. My father is a baby boomer and he was the breadwinner. I remember my dad took care of the household bills and my mom made sure we had what we needed for school.
The Traditional CFO Role
At that time, the “CFO” of the household was my dad. He made the money, he budgeted it out, and if we needed something, we had to ask him for the funds. As I got older, I decided that I wanted to be in control of my own financial decisions, and I made the choice to pursue a career that would support me even if I didn’t get married.
When discussing the topic of finances with my friends, I find that many of them made similar decisions. Even my mom found a job after my brother went off to elementary school. But I find that because I’ve been managing money longer, I am more comfortable making financial decisions.
The Chase Generational Money Talks Study shows similar findings.
Seventy-eight percent of Millennial women agree they’re able to able to make good financial decisions that are new to them, compared to 71% of Gen X and 67% of Boomer women.
Learning Money Skills from My Parents
Looking back, I recall having many conversations with my dad about money. I remember when my sister and I wanted an allowance, we went to our parents. Naturally, we had to pitch this idea to our dad. He suggested we start a business instead. He gave us an allowance and then took us to the local food warehouse to buy candy in bulk. He explained profits and made sure that we took out 10% of what we made for tithing.
My sister and I learned how to make sales and how to set aside some of our revenue to reinvest into our business. We were about 8 and 10 years old at the time, but the lessons stuck with us. We learned how to evaluate our business.
That education stuck with me and I find that I’m more confident when evaluating my own business and personal financial decisions.
In the Chase Generational Money Talk Study, 71% of Millennial women agree they’re able to recognize a good financial investment, compared to 59% of Gen X and 55% of Boomer women.
Everything I learned has influenced how I approach my own finances in my two-income household. I’m able to share in the financial decisions, and as a business owner, I can make sound investments and decisions for my business.
What were your earliest memories about money? Do you remember who held the CFO role in your home? Who makes the financial decisions in your household?
Comment below and then check out Chase.com/TheTalk to see what others had to say.