Nearly One-Third of Moms Reveal That Getting Out of Debt is Top Financial Wish This Mother's Day, According to New CouponCabin.com Survey
-- U.S. Adults Share The Best Financial Lessons Learned From Their Mothers --
WHITING, Ind., May 9, 2012 /PRNewswire/ -- Flowers, candy and pampering will be well-received by moms this Mother's Day, but some also have financial wishes they'd like granted. According to a new CouponCabin.com survey, nearly one-third (31 percent) of moms with children under 18 living at home reveal that getting out of debt is their top financial wish this Mother's Day. This was followed by saving more (16 percent), teaching children how to live a financially healthy life (12 percent) and becoming more financially savvy themselves (12 percent). This survey was conducted online within the United States by Harris Interactive on behalf of CouponCabin from April 23rd – April 25th, 2012, among 2,177 U.S. adults ages 18 and older.
Regardless of their financial wishes this holiday, married couples reveal that when it comes to managing the family finances, married men and women are on a level playing field. The same percentage of men and women, 37 percent, report they manage the household finances on their own. In addition, nearly the same proportion of married men (48 percent) and married women (52 percent) said that they equally split the duties.
Everyday and major buying decisions are also made equally. In fact, 77 percent of married women and 75 percent of married men said that both parties make purchasing decisions equally on everything from small household items to larger purchases.
"Financial decision-making has transcended past cultural norms so that both sides of a partnership are contributing equally," said Jackie Warrick, President and Chief Savings Officer at CouponCabin.com. "Parents are also taking time to share that knowledge with the entire family, in an effort to help foster strong financial skill sets."
A majority (85 percent) of parents with children under age 18 living at home report they take the time and effort to teach their children about the basic principles of managing finances. When it comes to specific financial topics, parents said they focus on teaching the following fundamentals:
- Basics of being frugal (e.g. bargain hunting, saving money) – 63 percent
- Basics of a savings account – 60 percent
- Creating budgets – 42 percent
- Making investments (e.g., stocks, bonds, commodities, real estate) – 21 percent
- Other – 9 percent
U.S. adults also shared some of the best financial lessons they learned from their mothers. A random sampling of U.S. adults shared the following:
- Save the pennies and the dollars will take care of themselves.
- Always have savings to cover six months worth of finances in case you lose your job.
- Use coupons when you can.
- Always pay the full balance on your credit cards each month.
- Appreciate what you have.
- Buy products of high quality; they'll last longer.
- Buy only what you can afford.
- Don't try to keep up with the "Joneses"
- If you can't afford it, then you don't need it.
- It's not how much money you make that's important. It's how much you save.
- Sleep on it before making a large, expensive purchase.
- There's no such thing as a free lunch.
- Avoid paying full price if at all possible.
This survey was conducted online within the United States by Harris Interactive on behalf of CouponCabin from April 23rd – April 25th, 2012, among 2,177 U.S. adults ages 18 and older. This online survey is not based on a probability sample and therefore, no estimate of theoretical sampling error can be calculated. For complete survey methodology, including weighting variables, please contact: Allison Nawoj, email@example.com.
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