Family Financial Influences Interview with KOMO Radio Seattle
CreditCards.com Senior Industry Analyst Matt Schulz spoke on Wednesday, May 6, 2015, with Tom Hutyler of KOMO Radio Seattle about the results of the May 2015 Biggest Family Financial Influences survey. The interview and transcript are below.
Tom Hutyler: Mother’s Day – just a few days away and Americans are divided regarding mom’s role in their financial education. This is according to a new CreditCards.com report. Joining me on the KOMO News line is Matt Schulz, CreditCards.com Senior Industry Analyst. Good morning, Matt, and how big of an influence is mom when it comes to the financial education we’re getting?
Matt Schulz: Well, it depends a little bit on your age. What we found is that Millennials say that their moms are their biggest family financial influence, but once you get a little older, mom falls all the way down to fourth so that’s an interesting contradiction there.
Hutyler: So the younger folks think mom has had a big influence on them, the older folks so not so much. Who was it, dad? Dear old dad?
Schulz: It’s interesting – the older you get, the more likely you are to say that you are your own best influence. And that’s understandable because self-reliance is as American as mom’s apple pie. It’s kind of how we tend to see ourselves so it may not be too surprising.
Hutyler: How does this breakdown along economic lines, people that make more or make less?
Schulz: Basically the more money you make, the less likely you are to see mom as a big influence, and also college graduates and Republicans as well are not as fond of mom as the financial influence and tend to say that they are their own biggest financial influence.
Hutyler: Talking with Matt Schulz of CreditCards.com about mom’s influence on you as a financial educator. Along party lines, how does this breakdown? Do we have that data?
Schulz: Yeah, what we found is that about 20% of Democrats said that mom was their biggest financial influence in their family, but only about 10% of Republicans said that. And that may also have to do with age as well.
Hutyler: Interesting story, and don’t forget mom coming up, whether she was an influence on you financially or not, coming up on Sunday. Matt, thanks for being with us again. Matt Schulz, CreditCards.com’s Senior Industry Analyst.