Brits inherit ‘spending gene'

New research claims that millions of Britons have inherited a so-called ‘spending gene', which governs whether they become spenders or savers.

They say their spending patterns are very similar to those of their parents, ranging from their everyday purchases to indulgent luxuries. More than four in ten adults say they splash out similar amounts of cash as their parents have done or spend on luxuries similar to their mothers, fathers and grandparents.

It seems that mothers are the biggest influence when it comes to spending habits with 24 per cent of people saying they splash out in a similar way to their mums. Nearly one in four people (24 per cent) said they had inherited the majority of their spending habits from their mother.

Fifteen per cent of the 1,000 people questioned on behalf of Skipton Building Society said their spending patterns mirror that of their father, while just two per cent claim to have a spending gene from their grandparents. And your social circle appears to have little effect on your spending habits, as only 1 in 50 said that friends' spending habits were an influence.

Among those who claimed not to have a spending gene, 45 percent said they had developed their own spending pattern.

Other key findings include:

The West Midlands came out with the highest incidence of the ‘spender gene', with just under one-third (29%) of respondents who thought they learned their spending habits from their mother

Overall, 22 percent of respondents considered themselves to be the biggest spenders in their family

While 16 percent of Londoners believed their siblings spent the most money in their family, folk in Yorkshire and The Humber said their partner was the biggest spender in their family

One in four people questioned, identified themselves as the biggest saver in their family

Approximately 15% of respondents from Yorkshire and Humber and London indicated their father was the biggest saver in their family - the highest of any region.

When asked for examples of spending gene habits they inherited from their parents, respondents said they ranged from always buying the same bottle of wine as their father to buying the same car as their mother.

One woman told researchers: "I am considering getting a Honda as my mother has driven one for years so they must be reliable."

She added: "I justify my spending in the same way as my mother. If I take an item of clothing to a charity shop it ultimately means it's okay to replace it with a brand new item."

Another respondent said she shopped in the same supermarket as her mother as it reminded her of home cooking. One woman said he had definitely inherited a spending gene from her mother as they both had the same taste in shoes.

She said: "We both have a love of shoe shopping and own well over 100 pairs each. My mum has a dedicated shoe closet but I'll have to wait until I live somewhere bigger to follow suit."

Another respondent said: "I'm like a magpie when it comes to buying things for the house and so is my mum. We have very similar tastes and like things that look pretty and quirky - buying her presents is very easy."

One woman said: "I think it got half my spending gene from my father and half from my mum. My dad is an accountant so for big spends or investments I think I am like him. But my mum is far more spontaneous and I think I have her ‘I need cheering up' attitude to spending."

Says Dr Liz Mitchell, from Consultant Clinical Psychologist on Harley Street, "Wouldn't it be great to think we could blame our parents for our rather large credit card bills and tendency to splash out on everything from holidays to new cars. In my view - our spending patterns are developed and honed by a wide variety of external and internal events - age, peer group pressure, marketing effects and personality factors including impulsiveness and resistance to temptation. Even if a spending gene does play a part in how we manage our finances, it is more likely that we develop our habits through modelling parental behaviours and perceiving their net effect. From an early age we learn standards which lead to beliefs about many areas including financial issues."

Jason Clarke, a spokesperson for Skipton Building Society said: "A key part of managing your finances in the current climate is about taking responsibility and keeping track of your outgoings. Rather than looking at genetics or family traits and blaming your mum and dad for your spending habits, those who want to avoid a ‘debt hangover' in the New Year should call in to one of our branches for a financial review to see how they could save money or make it work harder for them."