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17 March 2006
Our financial habits are influenced by our parents', claims new research.
Of the 62 per cent of adults in the UK who save little or nothing, 48 per cent blame their parents, saying that they had the biggest influence on their savings habits.
The research, from Scottish Widows, found that more than half of the 38 per cent that do save regularly said that they were taught how to save by their parents as a child.
"Our research shows a link between our parents' savings advice and our own savings habits once we've grown up, however, we shouldn't use this as an excuse for not saving," said Anne Young, savings expert from Scottish Widows.
"There were a number of people who whilst they weren't taught good savings habits as a child have managed to turn this around and now save regularly in adulthood."
The survey found that only nine per cent of adults would head to mum and the same amount to dad for financial advice, with 47 per cent believing that their savings habits had not improved in adulthood.
However, eight in ten adults believed that it was important to teach their children about money, regardless of their own savings skills.
There are just a couple of weeks left in the tax year for people to take advantage of tax-free Individual Savings Accounts (ISA).
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