Parents: Financial Planners?

A recent report concluded that a sizable portion of those who were surveyed thought that they learned the most about how to manage their personal finances from their parents. The survey concluded that about 44% of those surveyed felt this way. Only a tenth of those surveyed claimed that they learned most of their financial planning from school.

This is important for financial planners to understand because it might be crucial to understanding a particular client’s financial habits. This in itself might be crucial to changing those habits. However, how a person’s parents affect his or her habits might not be the same.

See Karen DeMasters, Parents Often Pass On Financial Habits, Survey Says, Financial Advisor, June 1, 2012.

Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.