- 36% of Brits say that their mothers have had the most influence on the way they handle their money
- We are twice as likely to consult Mum than Dad on our daily spending
- More than half of people say their father took control of their household finances when they were growing up
Editor's note: the results of this survey are worth noting if we want to make sure that our kids grow up handling their money well!
Britons’ money habits are most influenced by their mothers
M&S Money surveyed 1000 people to find out about how their family has influenced their finances. The research reveals that 36% say that their mothers have had the most influence on the way they handle their money, compared to 32% who say it is their fathers.
Grandparents (3%) and siblings (1%) have little influence while 24% say their family have no influence over their financial habits at all. It seems we also follow our own gender as a role model; women are most likely to say it is their mother that has most affected their financial habits (39%) while men are most likely to say that it is their father (36%)
When it comes to their daily spending, more than twice the number of people would consult Mum for her point of view instead of Dad. 22% would ask their mother about their day to day finances, while just 8% would consult their father on matters such as shopping or saving. Indeed, 6 in 10 people say they are not like their fathers at all when it comes to their finances.<.div>
It is only when the stakes are high that we turn to our Dads for occasional advice. When making large financial decisions such as buying a house or a car, one in five (20%) would turn to their father for advice compared to 11% who would ask their mothers.
Despite more people saying their Mum has been the biggest influence on their money habits, more than half (55%) of people say their father took control of their household finances while they were growing up, while for 40% it was their mother.
Colin Kersley, Chief Executive of M&S Money, said:
“While it may not always have been our mothers who controlled large financial decisions and the overall household budget when we were growing up, it seems they are now the ones who we are most likely to turn to for advice on day to day matters such as saving and spending.
“Our fathers do still have a clear role in being first point of call for advice on bigger purchases. It is great that we see the value of both parents in helping us through the many different financial decisions we face on a daily basis such as choosing the best home for our hard earned cash.”