Press release: Young people heavily influenced by parents’ past and present money habits
24 October 2014
Research by the Money Advice Service shows how significantly a young person’s money habits are heavily influenced by their parents’ past and present financial behaviour. It also confirms the extent to which young people rely on parents for financial advice and help on money matters.
For example, we found that the harder the family finds it to cope with saving for emergencies, the less confident the young person is at managing their own money, and less likely to be developing positive money habits.