Moms may receive a book on personal finance as their Mother's Day gift this year, as the National Foundation for Credit Counseling (NFCC) recent online poll revealed that if financial advice were needed, more people would reach out to dad than mom for help.
Moreover, the majority of poll respondents, 64 percent, felt as though they could obtain better advice than what either mom or dad can offer. Considering the abundance of financial guidance available, consumers indeed have many options, but leaving parents out of the equation might mean missing an opportunity for solid, tried and true financial advice.
Taken together, only slightly more than one-third of respondents would turn to either parent. Younger generations may want to reconsider where they seek financial advice, as the data associated with baby boomers from the NFCC's 2014 Financial Literacy Survey indicates that the 55-64 age range has their financial act together in many areas associated with successful money management." Consider the following:
- Sixty-four percent give themselves a grade of A or B on their knowledge of personal finance.
- Eighty-two percent pay all of their bills on time and have no debts in collections. The only age group with a better record (91%) are those age 65 and above.
- More than half (52%) carry no credit card debt over from month-to-month.
- Only three percent are worried about not being able to pay their credit card debt, and a meager one percent has made a payment that was less than the required minimum in the past 12 months.
- Seventy-two percent report having savings beyond that earmarked for retirement.
- People in the two oldest age groups, 55-64 and those over 65, contribute at least 20 percent annually toward their retirement savings.
Many in the baby boomer generation apparently feel confident about the lifetime of financial decisions they've made. When asked if their money could talk, 45 percent indicated it would say "we've been a successful team."
Most parents would consider it a compliment if their adult child came to them for advice, and that includes financial advice. It just might be the best Mother's Day present you ever gave.
The National Foundation for Credit Counseling (NFCC), founded in 1951, is the nation's largest and longest serving national nonprofit financial counseling organization. The NFCC's mission is to promote the national agenda for financially responsible behavior, and build capacity for its members to deliver the highest-quality financial education and counseling services. NFCC Members annually help millions of consumers through more than 600 community-based offices nationwide. For free and affordable confidential advice through a reputable NFCC Member, call (800) 388-2227, (en Español (800) 682-9832) or visit www.nfcc.org. Visit us on Facebook: www.facebook.com/NFCCDebtAdvice, on Twitter: twitter.com/NFCCDebtAdvice, on YouTube: www.YouTube.com/NFCC09 and our blog: http://financialeducation.nfcc.org/.