Mom the Biggest Financial Influence? Depends Who You Ask
Millennials Most Likely to Be Influenced by Mom
AUSTIN, Texas, May 6, 2015 /PRNewswire/ -- Millennials say their mothers influenced their finances more than any other family member, but Mom ranked fourth among people who are 50 and older, according to a new CreditCards.com report. Mom also rated poorly among college graduates, the highest-income households and Republicans.
Nearly one-third of 18-29 year olds – 31% – said Mom was their biggest financial influence. Mom was the most popular answer in that age group.
Still, most Americans aren't on Team Mom. The most popular familial financial influence among all Americans was one's self. Twenty-eight percent of respondents said they were their own biggest financial influence, compared to just 16% who said Mom, 14% who said their spouse and 14% who said Dad.
In several categories, Mom was just the fourth-most popular answer behind yourself, your spouse and your Dad.
- College graduates: Just 14% said Mom was their biggest influence.
- Wealthy Americans: Just 14% of people with annual household income of $75,000 or greater picked Mom.
- Republicans: Just 10% of those identifying themselves as Republicans were on Team Mom. That compares with 20% of both Democrats and Independents.
The older you are, the more likely you were to say you were your own biggest financial influence. Twenty percent of Americans aged 30 to 49 said their biggest familial financial influence was one's self, but the tendency was greatest among those who are 50 and older: 36% said themselves, almost twice as many as the second-place answer (19% said their spouse).
"A self-reliant spirit is as American as Mom's apple pie," said Matt Schulz, CreditCards.com's senior industry analyst. "When people say they are their biggest financial influence, I think they're referring to their years of paying the bills, learning from mistakes and soaking up expert advice. It's clear that marriage is a major tipping point as well."
CreditCards.com also asked which family member people are most likely to speak with regarding daily spending matters and big-ticket purchases. In both cases, millennials expressed a strong preference for Mom and people over age 30 overwhelmingly said their spouse.
The survey was conducted by Princeton Survey Research Associates International (PSRAI) and can be seen in its entirety here:
http://www.creditcards.com/credit-card-news/financial-influence-poll.php
PSRAI obtained telephone interviews with a nationally representative sample of 1,000 adults living in the continental United States. Interviews were conducted by landline (500) and cell phone (500, including 284 without a landline phone) in English and Spanish by Princeton Data Source from April 16-19, 2015. Statistical results are weighted to correct known demographic discrepancies. The margin of sampling error for the complete set of weighted data is plus or minus 3.7 percentage points.
About CreditCards.com:
CreditCards.com, named a "Best Site for Managing Your Credit" by MSN Money, is a leading online credit card marketplace, bringing consumers and credit card issuers together. At its free website, consumers can compare hundreds of credit card offers from America's leading issuers and banks and apply securely, online. CreditCards.com is also a destination site for consumers wanting to learn more about credit cards. Offering advice, news, features, statistics and tools, CreditCards.com helps consumers make smart choices about credit cards. In 2014, over 22 million unique visitors used CreditCards.com to find the right credit card to suit their needs.
For More Information:
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SOURCE CreditCards.com
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