Creditcards.com did a study on who in our families is the most influential on developing our financial habits. Respondents of the study were asked, “Which family member has had the most influence on your financial habits and on what you know about managing money?” In 2011 they found that moms ranked No.1 and dads ranked No.2 as the two top influencers on financial habits. “Self” was the third most common answer. Creditcards.com conducted the same study this year (2015) with very different results. Most people now claim themselves as the most influential in their money management. Typically mothers have had the most influence creating financial habits for their kids. To gain more insight into these changing trends, creditcards.com consulted with distinguished financial planner Elaine King Fuentes.
In four short years there has been a 12% increase in the amount of people who consider themselves as the most influential person regarding their finances. As the article states, “Americans have become more self-reliant when it comes to financial education.”
Some argue that this can be explained by the advent of technology and change in information flows. “I think self-help has more to do with age than with education,” said King Fuentes. “You ask your family for help when you’re young and by the time you are in your 30s or 40s, you know quite a bit and can do more on your own.” Polling data supports this assertion. As people age they claim that they are more self reliant with age. “I think families that communicate early on about financial matters are the ones that thrive at the end,” King-Fuentes said
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