British mums financial role models

16 March 2007
One in five Britons take their mum as their role model in all matters financial, a timely study for Mother's Day from Scottish Widows has revealed.

Though parental guidance is clearly no substitute for independent financial advice from a qualified party, our mothers are a stronger influence on how we spend our money than fathers, friends or financial advisers, according to the research.

Almost two fifths of people - 38 per cent - also said their parents had the most positive influence on the way they handled their money.

"It seems that when it comes to money, mum really is the word," Mike Hoban, customer and brand marketing director of Scottish Widows, commented.

Young people under 24 are the most likely to turn to family or friends for financial advice, the survey found, as 84 per cent seek counsel from a trusted confidant.

But even after children fly the nest, their continued dependence on parents' financial assistance as well as advice can strain the family purse, a recent study from Scottish Widows showed, with ten million adult children across the UK draining £12,300 from their parents' savings on average.

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