Family Financial Influences Interview with KGMI Radio Bellingham
CreditCards.com Senior Industry Analyst Matt Schulz spoke on Thursday, May 7, 2015, with Joe Teehan of KGMI Radio Bellingham, WA about the results of the May 2015 Biggest Family Financial Influences survey. The interview and transcript are below.
Joe Teehan: With Mom’s Day coming up on Sunday, our focus is on mothers and their influence in our lives. When it comes to money, do you listen to mom’s advice? I guess, according to what we’re seeing from CreditCards.com that it sort of depends on your age. Joining us now is Matt Schulz, he’s Senior Industry Analyst with CreditCards.com. Hi Matt.
Matt Schulz: Hi, good morning.
Teehan: And when it comes to younger folks, they’re more likely to take advice or seek advice from their mothers?
Schulz: Yeah, what we found is that millennials say that their mothers influence their finances more than any other family member, but mom actually only ranked fourth among people who are 50 or older.
Teehan: Interesting. I suppose young people, they’re just getting out and about, they’re used to getting advice on all sorts of things from mom, so I guess it just goes kind of naturally that they turn to her for financial advice.
Schulz: And lot of those millennials may still be living at home so they may be having those conversations over the kitchen table right now. So it stands to reason that they would have that answer.
Teehan: Now when we get into some older age groups and breakdown into some other categories, only 14% of college grads say they seek advice from mom.
Schulz: Yeah, and that went for wealthy Americans and also Republicans, interestingly enough. And I think that kind of comes with age and experience. After all, self-reliance is as American as mom’s apple pie, and I think that that’s how we kind of view ourselves as a people. So it would make sense that those folks would say that they are their own best influence, which is what we found, rather than mom or dad or someone else.
Teehan: What about folks over 50?
Schulz: Again, mom ranked pretty lowly among people who are 50 or older and, again, the most popular choice for them was themselves for largely the same reason. And also that they have a lifetime of paying their own bills, making their own mistakes, soaking up expert advice – so it stands to reason that they would feel that they’re capable of making some pretty good decisions.
Crystal King: So where does dad rank as an influence?
Schulz: Dad ranked just behind mom — a popular choice, but not quite as popular.
Teehan: Some pretty interesting numbers here with Mother’s Day on the horizon and Matt Schulz, Senior Industry Analyst with CreditCards.com. Thanks for joining us this morning, Matt.
Schulz: Thank you.
Teehan: And a Happy Mother’s Day to your mom.
Schulz: And to yours as well.
Teehan: Thanks a bunch.