Survey says most people are asking Dad for financial advice.
According to LendingTree, 43% of respondents in the 1,000+ person survey said they go to their dad when they need financial advice and 23% would consult their dads before asking a financial advisor.
Not surprisingly, for many big financial decisions, like buying a property, many people turn to dad for his input. Twenty-seven percent of respondents said they would ask their dad for advice on buying a home, while 64% would ask for his advice when buying a car, 38% would seek advice for budgeting and 37% would ask about career advice. Baby boomers were the most likely generation to reach out to their dads for help with homebuying at 33%, followed by the silent generation at 29%. Twenty-two percent of millennials reached out to dad before buying a property.
What aren’t Americans asking dad about? Negotiating a salary is top, followed by obtaining a credit card and investment advice.
More than half of respondents said their father helped them develop good money habits as they were growing up, and 49% said they consider their dad to be their financial role model. Eighty percent of respondents said they learned more about personal finance at home than in school and think schools should teach more about finances.
Not surprisingly, millennials are the most likely group to say their dad is their financial role model at 55%, and 54% said they go to their dad for financial advice.
Partners and mothers were also cited as go-to conversationalists about finances, at 19% and 17%, while only 9% said they first go to friends for finance advice. And 68% of children take their dad’s advice to heart, they plan to pass on the knowledge to their future generation.