Survey – Mom Big Financial Influence Among Millennials
A new survey found when it comes to taking financial advice, almost one in three millennials said it's always Mother's Day, however, older generations are not on team mom.
The CreditCards.com survey found 31 percent of those between the ages of 18 to 29 look to their mothers for tips on money management.
The results reflect a women's increased role in household management, according to Matt Schultz, senior industry analyst at CreditCards.com. With many millennials still living at home, they get to experience their mother's financial role firsthand.
"I think that for millennials, and a lot of them may still be home because they are in college or the tough job market, those conversations about money with mom are still happening all of the time. They might have happened across the kitchen table last night. And that could be one big reason why our survey shows that that generation is different," Schultz said.
He added that analysis of the survey also reflects the increasing influence of female household members.
"I think it's reflecting a shift that we have seen in society where you have in two-parent households, where mom is handling more of the financial stuff, but also in single-parent households, with so many of them led by women, that has kind of forced mom to wear some different hats and play some different roles that she didn't necessarily in generations past," Schultz said.
When it comes to older adults, they are less likely to look to mom for financial advice. In fact, mom ranked fourth among people who are 50 and older. Mom also ranked poorly among those earning $75,000 or more and college graduates, with only one in six indicating they take money management tips from mom. Overall, the survey found that the older children get, the more mom's influence dwindles.
So if you aren't on team mom, what team are you on? Your own. In fact, the most popular familial financial influence among all Americans is one's self.
"The most popular answer that we found in our survey was that people said that they were their own best financial influence," Schultz said.
Twenty-eight percent of those polled said they were their own biggest financial influence, compared to 16 percent who said mom, 14 percent who said their spouse and 14 percent who said dad.
For those over 50, 36 percent indicated that they are their own best financial influence and 19 percent said their spouse.
When the same survey was conducted in 2011, less people indicated "self" as their biggest financial influence, and more people listed mom and dad.
When it comes to big ticket purchases, such as a car or a pricey leisure toy, the survey found people over age 30 overwhelmingly said their spouse gets to weigh in heavily on the buying decision. "Otherwise it can lead to some uncomfortable conversations," Schultz said.