Consumer spending

Younger generations reluctant to seek financial advice from parents

Teens with MoneyA recent poll by the National Foundation for Credit Counseling (NFCC) indicated that younger generations may not trust their parents when it comes to seeking out financial advice.

According to the survey, while more consumers felt comfortable reaching out to their father rather than mother for financial advice, 64 percent said they could obtain better advice than their parents can offer.

The data indicates, however, that younger generations may be overlooking an important resource—baby boomers, according to the survey, have shown to be financially capable. Individuals in the 55-64 age group and those over age 65 contribute at least 20 percent of their yearly income towards retirement savings.

Additionally, many baby boomers expressed confidence in the financial decisions they have made throughout their lives—45 percent said their money is a testament to their financial capabilities.

“Taken together, only slightly more than one-third of respondents would turn to either parent,” NFCC spokesperson Gail Cunningham said. “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.”

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