A survey of parents reveals what some might regard as surprising priorities when it comes to the kind of values they instill in their children.

Hong Kong parents deem good wealth management skills as of equal, or greater, importance for children than fundamentals such as education, diet and good conduct.

A survey by China CITIC Bank International found that 90 per cent of parents believe an understanding of wealth management is top of the list of priorities for children - and has a role to play in cultivating self-discipline (67 per cent) and the virtue of being thrifty (64 per cent).

Some 79 per cent of the 300 parents the bank surveyed in Hong Kong in January have engaged their children in wealth management. The study found that 28 per cent of mothers and 18 per cent of fathers view opening a bank account as a means of bonding with their children.

The survey highlights how transfer of attitudes towards money and investing is crucial to successful wealth transfer in the longer term. In the industry, private banks sometimes hold “bootcamps” or training events for the offspring of high net worth clients to encourage financial literacy – and hopefully client loyalty – into new generations.

“The survey findings indicated that parents take very seriously their children’s wealth management habits. However, they lack the resources for the education when compared to other child matters and they face more difficulties owing to the prevailing spending patterns of their children. By and large, they want to take a hands-on approach to helping their children establish a wealth concept,” Rebecca Chan, executive general manager, assets and liabilities, Personal and Business Banking Group, CNCBI, said.

The bank conducted the survey to mark the launch of its My Dear Account, which aims to facilitate parent-child wealth management experiences, it said in a statement.

The survey found an increased propensity amongst high earning parents or those with a higher education to open a bank account – at 72 per cent, compared to the survey’s average of 40 per cent. The bank also said that parents are most challenged by the current spending model – for example, prepaid cards - which 52 per cent consider encourages overspending.