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Parents Influence Financial Habits of Children

par Andrew Rickard | November 03 2014 06:59AM

More than half of Quebec's younger workers say their parents had an important influence on the way they manage their money.

According to a recent Question Retraite survey conducted by SOM on behalf of the Régie des rentes du Québec, 66% of workers in Quebec between the ages of 25 and 44 believe their parents had a significant effect on the way they manage their finances.

The survey also revealed that this age group are more inclined to seek professional financial planning advice than the demographic ahead of them. While only 4.5% of 55 to 64 year olds began planning for their retirement with the help of a professional advisor before the age of 30, 29% of those aged 35 to 44 said they had consulted with an advisor specifically for retirement planning before they had turned 30.

There also appears to be a correlation between a lack of parental guidance and a feeling of financial helplessness. For the 58% of survey respondents between the ages of 25 and 44 who said they cannot save, and the 54% who feel have little or no control over their personal finances, Question Retraite revealed that parents didn't have a meaningful influence on the way they manage their finances.

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