Poll: Parents served as financial preparation role models

Posted on: Thursday, February 14, 2013

A new survey suggests that when it comes to financial preparation, the apple doesn't fall too far from the tree.

According to the poll, which was conducted by researchers from insurance holding company Genworth Financial, insurance customers whose parents set a positive example for them in how they dealt with money are more likely to be among the nearly two-thirds of Americans who have a financial plan in place.

When respondents who had a management plan in effect were asked what had driven them to establish one, more than six in every 10 said that they learned from their parents and that they were crucial reasons for their readiness.

Wendy Boglioli, a motivational speaker and Genworth spokesperson, testified of the power parents have on how responsible their children will be by the time they reach adulthood.

"Parents play such a pivotal role for their children," said Boglioli. "Financially, physically and mentally, important life lessons that are passed on from generation to generation."

Much of what parents learn about financial preparation may derive from the institution of marriage itself.

In a separate analysis performed by retirement and investment firm ING, married individuals tend to be more likely to have retirement preparations in effect than individuals who are single. Specifically, the study found that when comparing people who were married with those who were unattached, marrieds had $40,000 more in their savings, on average, than singles. They also had more saved up than people who were divorced, averaging $11,000 more.

"While the financial advantages of marriage may not be surprising for many, our hope in sharing this research is that it helps all Americans, regardless of age or marital status, to make a greater commitment to their personal retirement savings," said Deb Dupont, director of ING's Retirement Research Institute.

Posted In: Insurance News, Life Insurance

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