Is Your Mom Uncomfortable Managing Money?

The National Foundation for Credit Counseling (NFCC) recently surveyed peoples’ opinions of their mother’s personal finance skills. An overwhelming majority, 67 percent, saw their mother as either someone who is intimidated by money, views managing money as a necessary evil, or has never managed money.

Perhaps the ideal gift this Mother’s Day is a lesson in personal finance. What mothers may not realize is that a lack of financial skills has the potential to negatively impact not only their future, but also that of their children, as negative habits are picked up as readily as positive ones. Mothers have the opportunity to influence multiple generations by improving their own personal financial abilities.

Consider the following statistics:

  • The NFCC’s 2013 Financial Literacy Survey (FLS) results revealed that most people, 33 percent, learned their financial skills at home.
  • The typical single parent is the mother; therefore the sole responsibility is placed on her to demonstrate and teach sound financial habits.
  • Fewer than half of the states require a course in personal finance for graduation from high school. Accordingly, only five percent of FLS respondents indicated schools were their main source of personal finance skills.

There is no lack of personal finance education materials. The bookshelves are filled with financial self-help information; solid advice can be found online, and the NFCC Member Agencies offer free or low-cost education on a variety of topics delivered one-on-one, in a group setting or online.

For help finding the skills to become financially savvy, reach out to one of more than 700 NFCC Member Agencies. To be automatically connected to the closest office, call (800) 388-2227, or go online to www.DebtAdvice.org. For assistance in Spanish dial (800) 682-9832.

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