Mother’s Day is a celebration honoring the mother of the family, as well as motherhood and the influence of mothers in society. A recent survey done by BeFrugal.com found that 8 in 10 Americans say they learned valuable financial lessons from their moms specifically.
The largest lesson, 55% of people, said they learned to live within your means. The same percentage also said their mother’s taught them the difference between a want and a need. 44% said they learned the importance of being self-sufficient, 40% said they were taught the importance of budgeting, and 38% were told to save more money than you spend. Many also stated they were taught how to shop responsibly, 67% said they learned about taking advantage of store sales and 57% said they learned about coupons.
These results are similar to other surveys on the subject. A study done by TD Bank found that while Dads typically hand out the monthly allowances and often appear to be more financially confident, it is often Mom that handles teaching kids about money and how to manage it responsibly. Mom is also more likely to teach practical money lessons about how to count money, check different sources before purchasing something, and saving money in a bank. Dads are more likely to set and manage an allowance and help set savings goals. Most Moms and Dads agree that kids should start learning about money at age 12, but “most” is still only 67%. Experts advise that kids start learning basic money lessons around age 6.
Mothers are influential in teaching money lessons because they often speak from personal experience, explaining how a bad debt experience ruined their credit, or how they were able to save up enough money for their first car. Studies have found that Mom’s softer approach to money, citing personal experience and encouraging kids to control their own funds, has created lasting impressions on their kids allowing them to be more financially stable in their future.
In fact, two surveys done by Fidelity Investments and TIAA-CREF found that Millennials, more than any other generation, seek out their parents above anyone else for financial advice. Fidelity Investments said that Millennials identify parents as their top choice for trusted and reliable money advice and TIAA-CREF found that 47% view their parents as especially influential in money matters.
We should be thankful for the financial wisdom our Mothers have imparted on us. Recent studies have found that women make better investors than men because they are less likely to get overconfident. Women have a greater desire for financial self control. What better way to learn self control financially than from your Mother.
Sources: BeFrugal.com, Fidelity Investments, TIAA-CREF, MarketWatch