Poll: Mother knows best on finances
The old adage “mother knows best” rings true as mums are more likely to dish out money advice than personal finance advisers or banks, according to new research.
The results from a YouGov poll of 1,000 people in the UK, commissioned by affordable housing provider Circle, found that people are more likely to seek help from close family or friends, because one in three people (34%) do not know which bodies or organisations to turn to for financial advice.
More people said they would turn to their mother (12%) than their father (9%), best friend (6%) or a sibling (5%), with the number among those out of work who get advice from their mother doubling to 27%.
It might even be more than advice people rely on their mother for, as just more than one in 10 (11%) said they had borrowed a significant amount of money from friends or family within the last year, with 8% admitting their financial problems had led to a serious family row.
Matt Earnshaw, group financial inclusion manager at Circle Housing Group, said: “As Mother’s Day approaches, it seems that we’ve got even more to thank our mums for than usual.
“Our figures show that we often end up burdening them with our financial worries because we don’t know where else to turn for advice.”
He added: “It’s only natural we turn to mum when times are tough but seeking out help from your local Citizens Advice Bureau, credit union or your housing association will not only give your mother a rest but allow you to make sure you’re getting the right advice you need.”
Nearly quarter of people (24%) questioned by YouGov confessed they are kept awake by financial worries and one in 10 (10%) said they have experienced a stress related illness as a result.
Even a quarter of full-time workers (25%) admitted they cannot sleep because of fretting over their finances, with this figure rising to 39% per cent of people who are unemployed.
The research also found that 40% of people see more adverts for payday money-lenders than they do for professional finance advice.
And despite the danger of high repayments, one in 10 (10%) confessed they have used one in the last 12 months.
Latest posts by Silversurfer's Editor (see all)
- Should tackles and scrums be prohibited from school rugby fields? - September 26, 2017
- Out with the old and in with the new - September 26, 2017
- Should Londoners choose if they want to use Uber? - September 24, 2017
- Four reasons you should book a holiday in October… - September 22, 2017
- Win One of Two Food Boxes from HelloFresh! - September 20, 2017
Leave a Comment!
Community Terms & Conditions
These content standards apply to any and all material which you contribute to our site (contributions), and to any interactive services associated with it.
You must comply with the spirit of the following standards as well as the letter. The standards apply to each part of any contribution as well as to its whole.
be accurate (where they state facts); be genuinely held (where they state opinions); and comply with applicable law in the UK and in any country from which they are posted.
Contributions must not:
contain any material which is defamatory of any person; or contain any material which is obscene, offensive, hateful or inflammatory; or promote sexually explicit material; or promote violence; promote discrimination based on race, sex, religion, nationality, disability, sexual orientation or age; or infringe any copyright, database right or trade mark of any other person; or be likely to deceive any person; or be made in breach of any legal duty owed to a third party, such as a contractual duty or a duty of confidence; or promote any illegal activity; or be threatening, abuse or invade another’s privacy, or cause annoyance, inconvenience or needless anxiety; or be likely to harass, upset, embarrass, alarm or annoy any other person; or be used to impersonate any person, or to misrepresent your identity or affiliation with any person; or give the impression that they emanate from us, if this is not the case; or advocate, promote or assist any unlawful act such as (by way of example only) copyright infringement or computer misuse.
Nurturing a safe environment
Our Silversurfers community is designed to foster friendships, based on trust, honesty, integrity and loyalty and is underpinned by these values.
We don't tolerate swearing, and reserve the right to remove any posts which we feel may offend others... let's keep it friendly!