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Moms influence finances of millennials, but not other age groups

Mom-teenMillennials say their mothers influenced their finances more than any other family member, but mom ranked fourth among people who are 50 and older, according to a survey by CreditCards.com.

Mom also ranked low among college graduates, the highest-income households, and Republicans.

Nearly one-third of 18 to 29 year olds – 31 percent – said Mom was their biggest financial influence. Mom was the most popular answer in that age group.

However, most Americans didn’t agree. The most popular family financial influence among all Americans was one’s self.

Twenty-eight percent of respondents said they were their own biggest financial influence, compared to just 16 percent who said mom, 14 percent who said their spouse, and 14 percent who said dad.

In several categories, mom was just the fourth-most popular answer behind yourself, your spouse, and your dad.

  • College graduates: 14 percent said mom was their biggest influence.
  • Wealthy Americans: 14 percent of people with annual household income of $75,000 or greater picked mom.
  • Republicans: 10 percent of those identifying themselves as chose mom as their biggest influence. That compares with 20 percent of both Democrats and Independents.

The older you are, the more likely you were to say you were your own biggest financial influence. Twenty percent of Americans aged 30 to 49 said their biggest familial financial influence was one’s self, but the tendency was greatest among those who are 50 and older: 36 percent said themselves, almost twice as many as the second-place answer. Nineteen percent said their spouse.

“When people say they are their biggest financial influence, I think they’re referring to their years of paying the bills, learning from mistakes, and soaking up expert advice,” said Matt Schulz, CreditCards.com’s senior industry analyst. “It’s clear that marriage is a major tipping point as well.”

CreditCards.com also asked which family member people are most likely to speak with regarding daily spending matters and big-ticket purchases. In both cases, millennials expressed a strong preference for mom and people over age 30 overwhelmingly said their spouse.

Copyright 2015, Rita R. Robison, Consumer Specialist

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