People take after their parents in managing money

Ryan Bembridge

April 11, 2017

Parents have the biggest influence in the way people manage their money, analysis from Santander has found.

Over two thirds (43%) of Brits said their parents had the biggest influence on them in managing cash, though one in 10 (11%) learned from their partner.

In an experiment with Sam Wass, Channel Four psychologist, the bank found that children put in charge of a supermarket shop mirrored their parents’ spending habits, whether they liked sticking to a shopping list,  staying within a budget or making impulse buys.

Wass said: “Our experiment reveals that children do take after their parents so if your parents are good with money then you’re more likely to be too.

“It also suggests that being good with money is a learned behaviour, and that’s great news as it means there’s always room for improvement!”

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