Two fifths of Brits take after their parents' money habits
When it comes to budgeting and spending patterns, over two fifths (43%) of Brits say their parents have been their biggest influencer on their money behaviour while one in 10 (11%) attribute this to their partner, that’s according to new analysis from Santander UK.
Interestingly, 40 million people (78%) believe that being good with money is a learned behaviour that anyone can pick up with practice. The study, which investigates the savings habits of the nation, also reveals that over a quarter of Brits (28 %) say they overspend on a weekly basis, by a collective £788 million each week, the equivalent to £55 each.
In Plymouth and surrounding areas 40% saw their parents as the biggest influencer on their money and savings behavior; 48% regretted not saving earlier - one of the highest percentage in the UK (third) and an average person saves just £159 a month - one of the lowest in UK.
The results of the study were brought to life through a social experiment where children were put in charge of the supermarket shop to see if some people are natural born spenders or if the ability to stay within a budget is something we learn from our parents.
With the help of Dr Sam Wass, Channel Four psychologist and research scientist at the University of East London, the bank’s video shows that children domirror their parents’ spending habits, whether that’s sticking to a shopping list, staying within a budget or making impulse buys.
Helen Bierton, Head of Savings at Santander, said: “Our study and experiment reveal that those who receive good money advice at an earlier age usually take good habits into adulthood. Developing a savings habit – no matter how small – is really important as it not only provides a safety net but is a way of providing for your future, and those of your loved ones.
For here for more information on Santander’s savings products.