Maskot / Getty Images

Research and Statistics

Many look to Dad first as personal finance model


Our money management skills are patterned after mom most often, but dad comes in a close second, according to a poll

The content on this page is accurate as of the posting date; however, some of our partner offers may have expired. Please review our list of best credit cards, or use our CardMatch™ tool to find cards matched to your needs.

For one in five Americans, dear ol’ dad is the first person they look to as a role model for how they handle their own personal finances.

A scientific poll created by found that 21 percent of adults identified dad as the family member with the most influence over what they know about managing money and handling personal finances. The poll of 1,004 adults showed that moms may have slightly more influence than dads, with 26 percent of those surveyed giving their mothers top billing for shaping their financial habits.

Financial literacy experts and credit counselors say both parents play critical roles in shaping how children manage their own money.

According to Patricia Seaman, director of communications for the National Endowment for Financial Education, children grow up seeing their parents interact about financial decisions and adapt their own financial habits based on what they see playing out in their own homes.

“Moms do handle a lot of the day-to-day spending decisions, and that’s what kids see,” Seaman says. “And bigger decisions do involve the spouse, and kids see that dad gets involved when it’s a really big deal.”

The poll was conducted April 21-23, 2011, by GfK Roper, a nationally recognized polling firm that used random-digit dialing to select 1,004 Americans, roughly half men and half women, for the survey. The margin of error on the results is plus or minus 3 percentage points. (See poll methodology.)

The poll asked respondents to think about which family members had the most influence on their own financial habits and on what they know about managing money. The poll found the following chain of influence (in descending order):

  • Mom (26 percent).
  • Dad (21 percent).
  • Self (16 percent).
  • Spouse (13 percent).
  • No one (9 percent).
  • Sister (2 percent).
  • Grandfather (2 percent).
  • Brother (1 percent).
  • Both parents equally (1 percent).
  • Grandmother (1 percent).
  • Son (1 percent).
  • Daughter (0.3 percent).
  • Others (3 percent).
  • Don’t know/no response (4 percent).

Dad may not be to the go-to parent for financial advice, but as a 2009 poll showed, men were a softer touch and appeared to be more likely to help their children repay debts than women. That poll asked the following: If a child got into debt and asked for help, how much would the person be willing to help them out? Fathers were more likely than mothers (21 percent versus 12 percent) to repay large credit card bills and other debts for their adult children.

Experts said the reason could be that dads identify more with the burden of debt and may have themselves been bailed out by their own fathers.

One in five people say they look to Dad as personal finance model

Family gender bias
The most recent poll showed dad’s influence appears to be greater for sons (25 percent) than for daughters (18 percent). The gender bias was similar for mothers: their daughters were more likely to identify them as key influencers of personal finance habits (30 percent) than their sons (23 percent).

The poll showed that high-income earners were more likely to be swayed by their father’s financial habits than their lower-income counterparts. Adult children earning more than $50,000 a year were more likely (28 percent) to say their father influenced them than adult children earning less than $20,000 a year (15 percent). It was almost the opposite with mothers. The largest segment of adults who said Mom influenced them were people earning $20,000 to $29,000 a year (37 percent), compared to only 24 percent of people earning more than $50,000 a year.

Dad’s influence took third place behind spouses and moms when it came to big-ticket purchases, such as a house or car. Only 1 in 10 people said they would consult their dads first. Moms held only slightly more influence with 14 percent while spouses had the greatest sway with 37 percent. Financial experts say this is how it should be if you’re in a relationship. Such money decisions should be made jointly by the couple.

Positive habits matter most
Gail Cunningham, spokeswoman for the National Foundation for Credit Counseling, says no matter which family member influences us about money matters, it’s important that what they teach us are good financial habits.

In its annual financial literacy survey, the NFCC found that 41 percent of adults gave themselves poor grades (C, D or F) for their knowledge of personal finance. However, 42 percent of adults said they learned the most about personal finance from their parents.

“The good news is that Americans recognize and are willing to admit their financial deficiencies,” Cunningham said in a statement. “Now it is up to them to do something about it, particularly if they have children who will invariably model their parents’ financial behavior.”

She added: “The NFCC calls on parents to stop the cycle of financial illiteracy by improving their own level of financial expertise, thus enhancing the likelihood that their children will someday be able to give themselves a grade of A in this important life skills category.”

Poll methodology
The survey was conducted April 21-23, 2011, by GfK Roper Public Affairs & Media on behalf of Random digit dialing phone interviews were completed with 1,004 adults 18 years old or older. The raw data were weighted by a custom designed computer program that automatically developed a weighting factor for each respondent, employing five variables: age, sex, education, race and geographic region.

The survey had a margin of error of plus or minus 3 percentage points on the full sample.

See related:Poll: Mom matters most in shaping our financial habits, Poll: Dad’s a pushover for kids looking for big debt help, How Dad affects your debt, financial decisions, Mom’s influence on our money handling skills can be good or bad

Editorial Disclaimer

The editorial content on this page is based solely on the objective assessment of our writers and is not driven by advertising dollars. It has not been provided or commissioned by the credit card issuers. However, we may receive compensation when you click on links to products from our partners.

What’s up next?

In Research and Statistics

FTC: a bad company, involved in $275 million scam allegedly served as the enforcer for other dishonest websites in a multimillion dollar scam. Its business model: to shut up ripped-off credit card holders by threatening them with blacklistling

See more stories
Credit Card Rate Report
Cash Back

Questions or comments?

Contact us

Editorial corrections policies

Learn more