Not that anyone needs another reason to spoil Mom this Sunday, but at least for many millennials, let's add chief financial advisor to the long list of roles she plays.
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Just in time for Mother's Day, millennials say their MOTHERS have the greatest impact on their finances, according to a recent survey commissioned by Creditcards.com.
I'll bet most moms don't realize, in addition to everything else they do, how important they are with regards to budgeting and money issues for their adult children. According to the survey, nearly one-third of 18 to 29-year-olds said mom was their biggest financial influence.
"There are a lot of millennials still living at home, so it would make sense that mom is at the top of the list," said Matt Schulz, senior industry analyst at Creditcards.com.
"It may also be a sign of the times, that with an increasing number of single-parent households, moms play several different roles," Schulz said. "I don't think you can ever underestimate the impact mom has."
The study, which was conducted by Princeton Survey Research Associates International, interviewed about 1,000 Americans from all geographic regions, asking participants which family member has had the most influence on their financial habits and what they know about managing money. Mom was the most popular answer among millennials, but she ranked fourth among people who were 50 and older, as well as college graduates, Republicans, and people with annual household income of $75,000 or more.
Overall, Creditcards.com found the family member with the biggest influence on Americans' finances is one's self (28% of respondents), followed by Mom (16%), spouse (14%) and Dad (14%).
Twenty-three-year-old Stephanie Bell says she would definitely talk to both her parents if she needed financial advice, but that she trusts herself with most of her personal finance issues. Bell lives on her own in San Francisco and works in the public finance department of the brokerage and investment firm Stifel Nicolaus.
"I learned from my parents," she said. "And now I manage my savings and spending very much the same way they do."