Would You Ask Your Parents for Financial Advice?

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There is an abundance of financial information available today. Between online resources and employer-based assistance, Americans have a wide variety of options for financial advice — sometimes too many options. However, many people may be overlooking decades of wisdom that is only a phone call away.

The most underutilized financial advice may be found at home. According to a recent survey from the National Foundation for Credit Counseling, 64 percent of respondents said they would seek advice from someone other than their parents. Only 20 percent said they would ask Dad for personal financial advice, while just 16 percent would turn to Mom. Speaking with your parents about money may not be the most enjoyable discussion, but there is value to be found with their life experiences.

“Taken together, only slightly more than one-third of respondents would turn to either parent,” said Gail Cunningham, spokeswoman for the NFCC, in a press release. “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.”