Dads top financial role models
11 June 2008
Research reveals 18-24 year olds go to their Dads for financial advice
In a poll of over 2,000 adults by credit reference agency Callcredit, research reveals that Dads, over other family members, are top of the list when it comes to financial advice for the younger generation (1). 36% of 18-24 year olds are most likely to seek financial guidance from their Dad, so with Father's Day just around the corner, young adults have a lot to be grateful for.
Owen Roberts, head of Callcredit Check, comments:
"The younger generation are relying more and more on their parents, especially fathers, to provide them with help and advice on money.
"It's interesting to see that the father figure plays such an important role in the financial future of their children. With such a responsible role, fathers need to ensure that the advice they give encourages their children, whatever age they may be, to be on top of their finances.
"We advise that as part of their children's financial education, Dads not only highlight the importance of good financial management but also the value of regularly checking your personal credit report. This will help the younger generation have a stronger understanding of their financial situation and, in turn, take control of their financial future."
Older but wiser?
Interestingly, it is the older generation who will not discuss money with family members and like to keep their financial situation under wraps. A staggering 54% of 45-54 year olds do not disclose financial information to their family compared to just 13% of 18-24 year olds.
Owen Roberts continued by saying:
"Seeking financial advice is a sensible step to take. Today's younger generation are starting off on the right foot by not bottling up financial concerns. This is a truly positive sign."
1 - Results of study carried out by YouGov in June 2008 - Total sample size was 2,048 adults
• Callcredit (www.callcredit.co.uk) is the UK's most innovative, state-of-the art credit reference agency, with an extensive range of information and value added services for businesses and individuals.
• Callcredit Check (www.callcreditcheck.com) is the consumer arm of credit reference agency Callcredit, providing consumers with instant online access to their credit report and services to help them monitor their credit status.
• Callcredit has harnessed state-of-the-art information technology with an unrivalled knowledge of the industry's needs to develop a range of innovative information solutions. Solutions that are enabling major lenders and a host of other blue chip companies to address regulatory requirements, make better credit decisions, target new customers more effectively and manage existing customers more profitably.
• Callcredit is one of six core businesses that form the
Callcredit Information Group. The other five are:
• Database management company EuroDirect
• Market analysis firm GMAP Consulting
• Online payment service provider, Legatio
• Scorecard development and affordability assessment specialist DecisionMetrics
• Marketing services and database specialist, Broadsystem