The study, involving 1000 Singaporean adults, examined how parents’ financial habits affect their children when they grow up. It found that if parents overspend, shop without thinking, or have debt problems, their children often do the same later in life.
People who saw their parents overspend or shop impulsively often picked up these habits themselves. The same goes for those whose parents had debt problems. Moreover, the study showed a connection between parental and offspring debt struggles, with 58% of respondents whose parents had experienced debt issues reporting similar challenges in their own lives.
Financial coach Michelle Howell from Frolic for Life in Singapore says kids absorb their parents’ money habits, even if it’s subconscious.undamental money habits can start to become formed from as early as 6-7 years old and are often developed by watching how parents behave with money whether consciously, or unconsciously.
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