Mums Influence Financial Habits

Published on 1 January 1970 by Raffick Marday

Mothers have the biggest influence on their family’s financial habits, new research shows.

Brits are twice as likely to consult their mum on the way they handle their money, with 36 percent admitting their mothers have had the biggest influence over their finances.

According a recent study by M&S grandparents and siblings in comparison have little influence over financial habits, with only three percent and one percent respectively saying they do.

A further 24 percent admit their family has no influence over their financial habits, while women are more likely to say their mother has affected them this way the most, 39 percent. Compared to men who are more likely to say their father influences them, with 36 percent admitting this.

“Our fathers do still have a clear role in being first point of call for advice on bigger purchases,” said Colin Kersley, M&S Money chief executive.

“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.”

When the stakes are high and a large financial decision needs to be made such as buying a house or car, one in five turn to their father for advice compared to 11 percent who ask their mothers.

Day to Day Finance with a Prepaid Card

The study revealed the majority of people would turn to their mother about day to day finances such as shopping and budgeting.

If you are keen to gain better financial control over your spending, a good tool to prevent you from overspending is a prepaid card.

These cards, such as the Kalixa Prepaid Card, can be used to make large or small day to day purchases, and because you can only spend the amount you load onto the card, you cannot get into debt.

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