Better at Finance Because of your Parents – Or In Spite of them?
How are Personal Finance Habits Passed from One Generation to the Next?
A few months back, I eloquently posed the question to everyone, “who would win a personal finance death match – your or your parents?”. How financial habits are passed from one generation to the next makes for excellent discussion.
Of the 174 people who voted in that poll, 121 (or 70%) voted that they would defeat their parents in this epic battle. This was a higher percentage than what I was expecting, however, after giving it a little more thought, it’s not all to surprising. After all, if you’re out in the personal finance blogosphere, the odds are that you are pretty motivated to improve your financial situation.
But it begs a few questions (and another poll).
- Is your personal finance knowledge a culmination of your parents knowledge plus your own? Is that why you feel you are stronger at personal finance?
- Is your personal finance knowledge driven by their lack of knowledge, or financial shortcomings? In other words, you were motivated to learn because you saw their lack of knowledge and/or discipline.
- If you thought that you were worse than your parents, why do you feel that way?