Let’s Talk About Debt
June 4, 2019
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 forfinancial advice, compared to 19% of Gen Xers. 26% of Gen Xers would ask afinancial advisor, compared to 19% of Millennials. Both generations valueself-research with 31% of Gen Xers and 26% of Millennials choosing that option.
When it comes to talking about debt, 44% of Americans saidthey find it difficult to talk about debt with friends and family. For Gen Xersit is 49%.
Of those with debt, 26% of respondents would rather go tothe dentist than talk about their debt and finances. 21% would rather go to theDMV…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.
Michael Micheletti serves as the Director of Corporate Communications at Freedom Financial Network where he is responsible for the strategic communications planning, knowledge dissemination and outreach to key consumer audiences. Before joining Freedom he held a variety of high profile communication and consumer education roles focusing on healthcare, tax and housing. He is a former reporter for FOX News, CNN and served as news director for Clear Channel Radio San Francisco.