Dads top financial role models

11th 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. 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."