COUNTRY FINANCIAL SECURITY INDEX
Who do you trust for financial advice? Many ask dad.
Survey reveals a majority of Americans trust their dad’s advice on money
When it comes to financial guidance, the majority of Americans trust their dad.
The COUNTRY Financial Security Index® survey asked Americans about the trusted relationships they value with matters involving finances. The survey revealed 65 percent of Americans say they trust their father’s financial advice.
The Index findings show that Americans trust family members, specifically parents and spouses, most when it comes to money matters.
Young adults, in particular, reported they consult parents when making financial decisions. The Index survey revealed that 39 percent of respondents aged 18-34 turn to their father for money advice.
“Parents have the important responsibility to teach their kids about financial matters,” said Doyle Williams, an executive vice president at COUNTRY Financial. “They can help their kids develop a solid understanding of money and budgeting by introducing them to financial education at an early age.”
Money lessons start early with chores
One way to teach kids about saving and spending is through chores and an allowance.
Parents can educate kids in the digital age by scheduling chores and tying a value to the tasks with the COUNTRY Financial ChorePal app, a free tool that helps parents and kids set goals that teach kids the connection between work and money. The app lets parents create and assign chores for kids, and assign a value to the chores, rewarding kids for their accomplishments. Earning and saving opportunities allow parents to discuss the basic concepts of personal finance with kids.
Preparing young adults for their financial future
When kids take the first step into adulthood, they face a number of financial choices. Young adults have to consider student loan options, major purchases like a car, and how to approach investment in a retirement savings account that might be offered by their first employer.
Parents can help arm their child with some decision-making tools by starting conversation about the world of finances early. This includes discussing student loan debt when researching college options. Dads can talk about insurance costs when teens become interested in cars (or borrowing the family wheels). Kids might not be thinking about setting aside any retirement money when they get their first full-time job, but starting up a conversation about compound interest might open up their eyes.
Parents often worry their advice might fall on deaf ears. But dads, take note: according to the Index survey, you have a better-than-even chance of making an impact. The survey revealed 53 percent of respondents said they are likely to act on the financial advice of their father.
About The COUNTRY Financial Security Index®
Since 2007, the COUNTRY Financial Security Index has measured Americans' sentiments of their personal financial security. The Index also delves deeper into individual personal finance topics to better inform Americans about the issues impacting their finances.
The COUNTRY Financial Security Index was created by COUNTRY Financial. This survey was conducted by EMC Research, Inc., an independent research firm, commissioned by COUNTRY Financial. Surveys were conducted using a national online research panel designed to be representative of the general population and includes responses from 1,000 U.S. adults over the age of 18 for national surveys with additional interviews completed in Georgia, Illinois, Missouri and Oregon to bring the total in each of those states to 500 completed surveys.