When it comes to budgeting and spending patterns, over two-fifths (43%) of Brits say their parents have been their biggest influence on their money behaviour while one in 10 (11%) attribute this to their partner, that’s according to new analysis from Santander UK.
Interestingly, 40 million people (78%) believe that being good with money is a learned behaviour that anyone can pick up with practice.
The study, which investigates the savings habits of the nation, also reveals that over a quarter of Brits (28 %) say they overspend on a weekly basis, by a collective £788 million each week, the equivalent to £55 each.
The results of the study were brought to life through a social experiment where children were put in charge of the supermarket shop to see if some people are natural born spenders or if the ability to stay within a budget is something we learn from our parents.
With the help of Dr Sam Wass, Channel Four psychologist and research scientist at the University of East London, the bank’s video shows that children do mirror their parents’ spending habits, whether that’s sticking to a shopping list, staying within a budget or making impulse buys.
Dr Sam Wass said: “Our experiment reveals that children do take after their parents so if your parents are good with money then you’re more likely to be too. It also shows that being good with money is a learned behaviour, and that’s great news as it means there’s always room for improvement!”
Helen Bierton, Head of Savings at Santander, added: “Our study and experiment reveal that those who receive good money advice at an earlier age usually take good habits into adulthood. Developing a savings habit – no matter how small – is really important as it not only provides a safety net but is a way of providing for your future, and those of your loved ones.
“Helping families prosper and make their money go that little bit further is something we are committed to. We have a range of products to suit individual customer needs and to help people achieve their savings goals. This includes our Regular eSaver with a market-leading five per cent rate for our 1|2|3 World and Select customers, as well as our Investment Hub which makes investments more accessible.”
For more information on Santander’s savings products visit: www.santander.co.uk/savings