The latest survey from Freedom Debt Relief highlights how people talk and learn about money and finances.
28% of Americans said when they were growing up, both parents had an equal influence on their financial habits. 24% said their mom had the most influence and 17% said their dad had the most influence. Today, if they needed financial advice, 27% of Americans would do self-research, while another 27% would ask a financial advisor.
37% of Millennials would go to their mom or dad for financial advice, compared to 19% of Gen Xers. 26% of Gen Xers would ask a financial advisor, compared to 19% of Millennials. Both generations value self-research with 31% of Gen Xers and 26% of Millennials choosing that option.
When it comes to talking about debt, 44% of Americans said they find it difficult to talk about debt with friends and family. For Gen Xers it is 49%.
Of those with debt, 26% of respondents would rather go to the dentist than talk about their debt and finances. 21% would rather go to the DMV…without an appointment.
Finally, 18% of respondents said the amount of their debt impacts their productivity at work. 35% of Gen Z and 23% of Millennials said that their productivity at work is impacted by their debt.