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Dads + Finance : Wiles Magazine

Dads + Finance

LendingTree Study Reveals Dads Are the No. 1 Source of Financial Advice

Ahead of Father’s Day, LendingTree surveyed Americans to find out how dads impact their children’s money habits

LendingTree®, the nation’s leading online loan marketplace, released its study on dads’ roles as financial models. The survey found that 43 percent of respondents go to their dad when they need financial advice, and 23 percent would ask their dad about money before consulting a financial advisor (14 percent).

LendingTree tree surveyed over 1,000 Americans about their dad’s role as a financial role model and the impact dads have on developing money habits.

Key findings

  • The survey found that 43 percent of survey respondents go to their dad when they need financial advice — and 23 percent would ask their dad about money before consulting a financial advisor (14 percent).

 

  • About half (49 percent) of respondents consider their father to be their financial role model, and about 56 percent say their dad helped them develop good money habits growing up.

 

  • Buying a car (64 percent), budgeting (38 percent) and career advice (37 percent) are the most common ways dads have helped their children navigate their personal finances.

 

  • Millennials are more likely than any other age group to value their father’s financial advice.

 

  • More than two-thirds (68 percent) will use strategies their father taught them when teaching their own children about money.

To view the full report, visit https://www.lendingtree.com/personal/dads-are-the-no-1-source-of-financial-advice-survey/.

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