In general, the sooner you start having money conversations with your kids, the better. And the good news is, the majority of American parents are having those talks: Over half, or 56 percent, according to Chase Slate’s 2018 credit outlook survey.
But most parents are skipping over a key money term, the survey finds: Only 32 percent of parents have explained what a credit score is.
Your credit score, which is represented as a number between 300 and 850, is a crucial component of your financial health. The better your score, the more likely you are to get a good deal on a home, car or other loan.
As part of a six-question money quiz, personal finance site GOBankingRates stumped more than half of its 2,000 respondents with this question about credit: “True of false: Income does not impact your credit score.”
The answer is “True,” since your income does not directly affect your credit score. Only 40 percent of respondents got it right.