NEW YORK, NY--(Marketwire - May 5, 2011) - A new nationwide survey issued by Citibank (NYSE: C) reveals that 38 percent of Americans report that they are more likely to resemble their mothers when it comes to their own financial behavior. Americans also cite Mom (35 percent) as the Chief Financial Officer (CFO), acting as the primary decision-maker within the household, while 30 percent name Dad. In addition, adults remember their mothers talking to them at an early age about money, more than the "the birds and the bees."
When it Comes to Financial Affairs, Mom's Influence Matters Most
The survey, conducted by Hart Research Associates, found that when it comes to financial matters such as saving, spending, borrowing and investing, Americans are more likely to identify with their mother (38 percent) than their father (34 percent).
"Whether moms realize the impact they're having or not, women are setting an example today for their children's financial habits later in life," said Linda Descano, CFA®, President and CEO of Citibank's Women & Co., a financial education resource and community for women. "As Americans continue to emerge from the recession, it's critical that we focus on raising financially savvy children. Educating our kids on financial matters is not only good for their futures, but also good for the economy and society."
Americans are also more likely to recognize their mother as the household CFO: 35 percent cited Mom as the primary financial decision-maker in the family; 32 percent reported both parents shared the responsibility; and 30 percent named their father. In addition, 45 percent of Americans say their mothers were better at managing the family budget than their fathers (21 percent). And, when it comes to getting a bargain, half of Americans (50 percent) say their mother was better, compared to just 20 percent acknowledging their father.
Family Discussions: Money Tops the 'Birds and the Bees'
Americans report talking with their parents about money and finances far more then they recall talking with their parents about sex. And money talk is particularly memorable. In fact, Americans say they remember these financial conversations well into adulthood. When asked what five topics they recall discussing with their mother, money and finances (44 percent) comes in a close second to dating and marriage (46 percent). Thirty-nine percent recalled talking about health; 29 percent about politics, and 25 percent about sex.
In many families, these money conversations have been taking place at a fairly early age. Nearly three quarters (72 percent) of Americans remember having such a discussion with their mother by the end of high school: 27 percent when they were in grade school; 20 percent in middle school and 25 percent in high school. Sixty-five percent of U.S. adults recall talking about money and finances with their father by the time they graduated high school.
Descano adds, "A dialogue across the generations is a fundamental building block of financial knowledge and confidence for successive generations. Women & Co. facilitates this conversation by providing women with the insight and resources to help them make important financial decisions for their family."
To address women's distinct financial realities, Women & Co. provides a vibrant financial destination where wisdom, wealth and women meet. By engaging in a dialogue with women, Women & Co. delves into their financial needs to understand how they approach every aspect of money management -- from managing, saving, investing, and giving to borrowing, earning and spending. Women & Co. is committed to sharing these insights to deliver the education, comprehensive resources, and community of financially minded women to help women achieve their financial goals.
Hart Research Associates conducted the telephone survey of 2,010 adults (965 men and 1,045 women) nationally from April 8-14, 2011. The Random Digit Dialed (RDD) survey has an overall statistical margin of sampling error of plus or minus 2.2 percentage points. The survey also included a sample of respondents who use only a mobile telephone.
About Women & Co.
Women & Co. is a vehicle for insightful women to build their financial knowledge, bolster their confidence and create financial strategies that will help them achieve their goals. Through access to education, resources, and a community of financially minded women, Women & Co. is Where Wisdom, Wealth and Women Meet.(SM)
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