Delivered January 31, 2020. Contributor: Teresa W.
To understand best practices concerning how millennial parents are raising their children.
Millennial parents are spending more time with their children. About 86% of millennial parents say that they spend their free time with their children. However, the way parents are spending time with their kids has changed. Instead of focusing on "kid-centric" activities, millennial parents look to find activities that the entire family can enjoy together. These parents are looking to find "new, interesting experiences to fulfill them personally but they’re bringing their kids along for the ride."
Millennial parents are more likely to start teaching their children about money, spending, and saving earlier than previous generations. This is driven by the fact that millennials themselves wish their parents had better prepared them in financial issues. The most important financial topic millennial parents discuss with their children is maintaining good credit, followed by preparing for retirement, investing, and budgeting.
Millennial dads are taking more active roles in their children's lives, and not just as the "fun parent." Millennial dads are taking on more household chores such as cooking, cleaning, and grocery shopping. In addition, 57% of millennial dads say fatherhood is "the central component of their identity" where their career has defined men in the past. Millennial dads spend about 7 hours per week on average caring for there children, compared to 2.5 hours per week in 1965. Though still relatively low percentage wise, more millinneal fathers are taking advantage of paternity leave compared to earlier generations.
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