Mum’s the word when it comes to money

Mums have the most positive influence on how we manage our money, reveals a new survey.

The research, conducted by Scottish Widows, found that 38% of us say our parents have the most positive influence on the way we handle our money, and one in five of us look to our mum as a financial role model - ahead of dads, siblings, friends, bank managers and financial advisors.

The young are most easily influenced in money matters: 84% of under 24 year olds follow the positive example set by family, friends and colleagues, in contrast to a third of the over 55 age group who claim that nobody influences their financial behaviour at all.

This news could bode well for the future if the younger generation plan to follow in their parents’ footsteps. Research shows that older really is wiser when it comes to financial planning. Sixty-one per cent of over 55 year olds believe they are financially prepared, in contrast to 73% of 18-24 year olds who fear for their financial future.

Mike Hoban, Customer & Brand Marketing Director of Scottish Widows, says: “It seems that when it comes to money, mum really is the word. We all need positive role models in life so it’s great that our mums are the people we look up to financially – but of course this shouldn’t replace professional advice! Getting a proper grip on our finances is crucial - not just to be able to fund day to day living, but also to prepare for our future financial dreams and ambitions.”