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Survey: Does Mom Know Best About Money? New Citibank Survey Reveals When It Comes to Financial Role Models, Mom Tops the List
A nationwide survey issued by Citibank reveals that 38 percent of Americans report that they are more likely to resemble their mothers when it comes to their own financial behavior. Americans also cite Mom (35 percent) as the Chief Financial Officer (CFO), acting as the primary decision-maker within the household, while 30 percent name Dad. In addition, adults remember their mothers talking to them at an early age about money, more than the "the birds and the bees."
From the press release:
The survey, conducted by Hart Research Associates, found that when it comes to financial matters such as saving, spending, borrowing and investing, Americans are more likely to identify with their mother (38 percent) than their father (34 percent).
Americans are also more likely to recognize their mother as the household CFO: 35 percent cited Mom as the primary financial decision-maker in the family; 32 percent reported both parents shared the responsibility; and 30 percent named their father. In addition, 45 percent of Americans say their mothers were better at managing the family budget than their fathers (21 percent). And, when it comes to getting a bargain, half of Americans (50 percent) say their mother was better, compared to just 20 percent acknowledging their father.