Survey finds positive parental influences on financial issues stay with children

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2nd February 2016 10:30 - Financial Services

Recent market research by Experian has revealed that millennials (or those aged 18 to 34), who experienced a positive parental influence on financial issues, have double the amount of savings and half the amount of debt as those who did not have a positive parental influence.

Entitled Me & My Money, the survey revealed that 67 per cent of the millenials in the survey said that their parents or guardians have had a positive impact on their financial management habits. On the other hand, 17 per cent said that their parents or guardians have had a negative impact.

The researchers spoke to 4,075 adults, around half of whom were millennials and the other half were aged between 35 and 55.

The millennials whose parents had a positive influence on their money management skills were found to have approximately double the amount of savings as those whose parents had a negative influence, with savings of £9,842 and £5,282 respectively. As well as this, those whose parents have had a positive influence on their money management habits had half the outstanding debts to pay, amounting to £2,322, whereas those who had a negative parental influence had £5,139 worth of debt (excluding student loans and mortgages).

The market research also discovered that 32 per cent of those who had positive parental influences on their finances saved their disposable income every month, as opposed to those with negative parental influences, whereby just 14 per cent saved their disposable cash each month. As well as this, they were also found be less likely to run out of money before pay day at a rate of 21 per cent versus 44 per cent. They were also found to be less likely to miss a credit agreement 7 per cent versus 17 per cent.

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