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Finances: Nine out of ten people influenced by parents

Birmingham Midshire&#39s &#39Saving Britain 2002&#39 campaign says that almost nine out of ten Britons (88%) claim their financial habits and decisions as adults are influenced by what they learnt from their parents as children.

At a time when financial exclusion, personal finance education and money management skills are hot topics on the Government&#39s agenda, the findings are likely to increase calls for greater personal finance education in schools and for more educational material to be made available to young people.

The study reveals that:

o There is an increasing importance of good quality advice from parents to ensure children have a sound understanding of personal finance.

o Less than one in ten Britons (41%) claim their parents taught them to seek independent financial advise before making decisions.

o Only four in ten Britons (41%) claim their parents taught them to save money before they buy an expensive item.

o Only four in ten Britons (43%) claim their parents taught them they should avoid getting into debt if possible.

Tim Hague, head of savings and investment marketing at Birmingham Midshires, says: “Our findings highlight just how much of a positive influence a parent is on a young person in their adult life, not least when it comes to good money management and financial habits. By showing young people the importance of good money skills at an early age, it is highly likely that we will leave them in good stead for their financial future and address many of the serious financial problems faced by older generations today.

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