M&S Money Reveals Briton's Money Habits Influenced by Mother

LONDON, Feb. 1, 2011 /PRNewswire/ -- M&S Money has revealed that mothers are the biggest influences on people's financial habits.

M&S Money surveyed 1000 people to find out about how their family has influenced their finances. The research reveals that 36% say that their mothers have had the most influence on the way they handle their money, compared to 32% who say it is their fathers.

Grandparents (3%) and siblings (1%) have little influence while 24% say their family have no influence over their financial habits at all. It seems the people surveyed also follow their own gender as a role model; women are most likely to say it is their mother that has most affected their financial habits (39%) while men are most likely to say that it is their father (36%).

When it comes to their daily spending, more than twice the number of people would consult Mum for her point of view instead of Dad. 22% would ask their mother about their day to day finances, while just 8% would consult their father on matters such as shopping or saving. Indeed, 6 in 10 people say they are not like their fathers at all when it comes to their finances.

It is only when the stakes are high that we turn to our Dads for occasional advice. When making large financial decisions such as buying a house or a car, one in five (20%) would turn to their father for advice compared to 11% who would ask their mothers.

Despite more people saying their Mum has been the biggest influence on their money habits, more than half (55%) of people say their father took control of their household finances while they were growing up, while for 40% it was their mother.

Colin Kersley, chief executive of M&S Money, said: "While it may not always have been our mothers who controlled large financial decisions and the overall household budget when we were growing up, it seems they are now the ones who we are most likely to turn to for advice on day to day matters such as saving and spending.

"Our fathers do still have a clear role in being first point of call for advice on bigger purchases. 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 such as choosing the best home for our hard earned cash."

About M&S Money:

M&S Money (the trading name of Marks & Spencer Financial Services) was founded in 1985 as the financial services division of Marks and Spencer Group plc.

The company is a top-ten credit card provider and the second-largest travel money retailer in the UK.  M&S Money also offers a range of insurance cover, including home insurance, car insurance, travel insurance and pet insurance, as well as loans, savings and investment products.

In November 2004, Marks & Spencer sold M&S Money to HSBC. HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. The Group serves customers worldwide from around 8,000 offices in 87 countries and territories in Europe, the Asia-Pacific region, North America, Latin America and the Middle East. With assets of US$2,418 billion at 30 June 2010, HSBC is one of the world's largest banking and financial services organisations. HSBC is marketed worldwide as 'the world's local bank'.

M&S Money has an executive committee comprising an equal number of representatives from HSBC and Marks & Spencer.

Notes to Editors:

The Online Opinions survey was carried out between the 11th and 18th January for M&S Money and questioned 1000 UK adults over 18.

SOURCE M&S Money