Family Financial Influences Interview with KRLD Radio Dallas
CreditCards.com Senior Industry Analyst Matt Schulz spoke on Wednesday, May 6, 2015, with Heather Behrens of KRLD Dallas about the results of the May 2015 Biggest Family Financial Influences survey. The interview and transcript are below.
Heather Behrens: Well, no one can patch up a scrape or make a bad day better like mom. It seems she’s pretty good with financial advice, too. A CreditCards.com report shows that mother can be a big influence when it comes to money. The website’s Matt Schulz tells us why so many people are on Team Mom.
Matt Schulz: What we found is that Millennials say that their mothers influence their finances more than any other family member, but folks who are 50 and older said that mom only ranked fourth among people in their family. So there’s a difference depending on your age.
Behrens: Millennials put more trust in mom as opposed to those 50 and older who ranked her fourth. Is this a matter of different generation, different ideas?
Schulz: Yeah, I think that it is a generational thing and I think that, for Millennials moms, have played a bigger and bigger role with more homes where both parents work and more single-parent homes where mom is the only parent and that forces her to wear a lot of hats that she didn’t necessarily wear, including that of financial adviser.
Behrens: So do moms rank above the dads in this department?
Schulz: Yeah, they did rank above dad among all of the people that we talked to, but especially among Millennials.
Behrens: But you say people 50 and older are more like, “I’ve been there, I’ve done that, I know what I’m doing by now”?
Schulz: It think it’s two reasons mostly. I think one, those conversations with mom around the kitchen table are a little bit more in the rearview mirror for those folks. But then there’s also just the fact that self-reliance is as American as mom and apple pie, and it’s just how we see ourselves as a country. And I think that it stands to reason that folks who spent a lot of time paying their bills, making mistakes, and absorbing a lot of good advice would see themselves as a positive financial influence.
Behrens: And what about people in their 30s and 40s? Who’s their biggest influence?
Schulz: For folks who are above 30, we also asked about which family member people are most likely to speak with regarding kind of daily spending matters and also big ticket purchases, and mom still ruled in those questions with Millennials, but for those folks over 30 most of them said their spouse. And I think that as any married person can tell you, it’s generally a good idea to run those big ticket purchases by your husband or wife first, otherwise you could find yourself in some uncomfortable conversations later.
Behrens: And who do people trust the most to give them good advice about money?
Schulz: About 28% of Americans said that they were their own biggest financial influence.
Behrens: And of course you can see full details by going to CreditCards.com.