# Like father like son? When it comes to money, men more likely than women to see parents as a good role model Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2018-03-03 Category: FINANCE Category URL: https://financedigest.com/category/finance Meta Title: How Our Parents Impact Our Financial Habits: New Research Meta Description: Discover how your parents shape your money habits with new data from Portafina. Find out why 80% of men see their parents as role models and more! URL: https://financedigest.com/like-father-like-son-when-it-comes-to-money-men-more-likely-than-women-to-see-parents-as-a-good-role-modelhtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/fd030318-5-1736842947492-compressed.jpg) - **80% of men believe their parents were good role models for their spending habits** - **73% of men followed their parents’ lead when it comes to attitudes towards money and spending** - **Age a big factor when it comes to seeking advice from parents** When it [comes](https://www.financedigest.com/people-dont-like-to-be-told-no-when-it-comes-to-finance.html "People don’t like to be told no when it comes to finance") to our financial habits, how much are we influenced by our parents? New research from pensions advice specialist, Portafina, [reveals that our parents are hugely](https://www.financedigest.com/research-from-epos-reveals-a-huge-disparity-about-the-return-to-the-office.html "Research from EPOS reveals a huge disparity about the return to the office") influential in our formative years. Although, as we get older, we look to mum and dad less and less for help and advice. When it comes to spending habits, men (80%) are more likely than women (71%) to [see their parents as a positive role model](https://www.financedigest.com/the-next-decade-to-see-the-humanized-liver-mice-model-market-detonate-innovation.html "The Next Decade To See The Humanized Liver Mice Model Market Detonate Innovation"). Equally, men are more likely than women to have followed their parents’ lead when it comes to attitudes towards money and spending (73% versus 64% for women). **The habits and skills most likely to be passed down by parents:** 01. The value of money (61%) 02. How to manage money and budgets (56%) 03. How to spend your money wisely (51%) 04. Planning for the future (38%) 05. Good shopping habits (36%) 06. How to [save money](https://www.financedigest.com/saving-money-hacks.html "Saving money hacks") while shopping (28%) 07. Career ambition (18%) 08. Desire to earn a high wage (16%) 09. [Bank security](https://www.financedigest.com/open-banking-as-a-means-to-enhance-social-commerce-security.html "Open banking as a means to enhance social commerce security") (15%) 10. How to make money (14%) The results are clear. In general, parents have been a positive influence for the majority of Britons when it comes to financial habits. Yet, as adults, how much do we still try to follow in their footsteps and turn to them for help and advice? 51% of 18-24 year-olds still try and follow in their parents’ footsteps when it comes to where they shop, how much they think is acceptable to spend on items and what they buy. Although, this drops to a fairly consistent 39% for everyone over the age of 24. And when it comes to seeking advice from parents on financial issues, the drop across age groups is even bigger: from 43% of 18-24 year-olds to 12% for people 65 or over. At one end of the scale, the low number is probably because people’s parents are less likely to be around to ask for advice. Yet, the figures are also much lower for people in their mid-30s to mid-50s (28% for 35-44 year-olds and 18% for 45-54 year-olds). Julia Jackson, Counsellor MBACP, [says: “As children](https://www.financedigest.com/germanys-vaccine-panel-says-one-covid-shot-enough-for-children.html "Germany’s vaccine panel says one COVID shot enough for children") and young people there are many influences in our lives, our peers, our school teachers and the media for instance, but there is no bigger influence than our parents. For good and for bad, our parents help to shape everything about us, and our attitudes to money and spending habits are no exception. “From explicit teachings about [money management, such as helping us to budget our pocket money or save](https://www.financedigest.com/how-to-save-money-on-important-documents.html "How to Save Money on Important Documents") for something special, to less obvious influences like whispered conversations or a relaxed/strained atmosphere when bills would arrive, children and young people soak up their parents’ views about money and spending patterns. So, it stands to [reason that many people will develop](https://www.financedigest.com/four-reasons-why-smes-in-developing-nations-should-embrace-a-cashless-society.html "Four reasons why SMEs in developing nations should embrace a cashless society") similar financial habits to their parents. “However, it’s worth remembering that as adults, whilst we usually seek to emulate our parents, we also face a lot of other influences, opportunities and constraints compared to our parents and even our younger selves, and this can affect the choices and decisions we make. We might also vow to do things differently, particularly if we had a bad experience in our early years. It is therefore certainly possible to [break](https://www.financedigest.com/why-the-new-csrd-is-breaking-down-the-walls-between-esg-and-finance.html "Why the new CSRD is breaking down the walls between ESG and finance") the mould and choose a different financial path.” Commenting on the research Jamie Smith-Thompson, Managing Director at Portafina said: “It’s great that the majority of us see our parents as positive role models when it comes to money. I wonder if that same positive vibe extends to the in-laws! “As a parent I [hope that my children](https://www.financedigest.com/mobile-school-offers-hope-to-nomad-children-in-chad.html "Mobile school offers hope to nomad children in Chad") feel the same. And while my [door will always be open](https://www.financedigest.com/fed-delivers-small-rate-hike-opens-door-to-pause-in-tightening-cycle.html "Fed delivers small rate hike, opens door to pause in tightening cycle") to them, I understand why we tend to turn to our parents for help and advice less and less as we get older. “The financial opportunities and [challenges](https://www.financedigest.com/how-to-overcome-the-current-challenges-facing-your-fintech-business.html "How to overcome the current challenges facing your fintech business") we face are often different to those our parents faced. And they are often things that are out of our control. Changes in the [housing market](https://www.financedigest.com/uk-housing-market-keeps-momentum-but-slowdown-ahead-halifax.html "UK housing market keeps momentum but slowdown ahead: Halifax") and tuition fees over the last 30 years are just two examples of this. “There are things we can control, though, such as budgeting, spending and saving. And, according to our survey, parents are generally good role models when it comes to these financial habits. As a parent this is music to my ears. And the best way to introduce these habits to the [next generation](https://www.financedigest.com/the-fear-of-inheriting-wealth-how-a-philanthropic-legacy-can-burden-and-uplift-the-next-generation.html "The fear of inheriting wealth; How a philanthropic legacy can burden and uplift the next generation") is by making things as fun and interesting for them as possible.” To see what children really think the value of money is, [watch our short video](https://www.youtube.com/watch?time_continue=2&v=lGYWwlev_xw) of 7 to 12-year-olds sharing their unique and charming views, or for a quick rundown of four of the best ways to save for your children, visit: [https://www.portafina.co.uk/blog/how-can-i-save-for-my-child’s-future](https://www.portafina.co.uk/blog/how-can-i-save-for-my-child%E2%80%99s-future) --- This blog is powered by Superblog. 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