Business Daily Media

The Times Real Estate

.

New MoneySmart study finds strong correlation between our parents’ financial behaviours and our own, with 46% actively trying to go against parents’ bad habits

  • A new survey by MoneySmart finds that 46% of Hong Kong and Singaporean adults are actively trying to go against their parents' bad financial habits.
  • The new study looked at how parents’ behaviours shape financial habits in later life, finding that those whose parents tended to overspend, shop impulsively or struggle with debt, were likely to do the same as adults.
  • Over half (54%) of Hong Kong and Singaporean adults believe that their parents have had a strong influence on their financial habits.

  • HONG KONG SAR & SINGAPORE - Media OutReach Newswire - 22 May 2024 - A new study released today by leading personal finance portal MoneySmart, reveals the extent to which parents’ behaviours shape Singaporean and Hong Konger’s financial habits in later life.

    The study, which interviewed 2,000 Hong Kong and Singaporean adults, found that the majority (54%) believe their parents have had a strong influence on their financial habits, with 46% actively trying to go against their parents' bad financial habits.

    Those whose parents tended to overspend and shop impulsively were found to often mirror those same behaviours in later life. 56% of those who stated their parents overspent and 59% of those who said that their parents shopped impulsively, stated that they have the same tendencies.

    In addition, 58% of those whose parents had struggled with debt before, also reported having struggled with debt themselves.

    The influence that parents have in forming financial habits

    The study found that Hong Kong and Singaporean adults often copy the same patterns and behaviours that they see from their parents when growing up, with the majority (52%) believing that they have inherited good habits from their parents when it comes to managing their finances.

    Those whose parents budgeted their finances, saved regularly, or invested their money, are likely to do the same as adults. 78% of those who said that their parents regularly saved money each month say they do the same and 73% of those who said their parents regularly budgeted their spending, also say they do the same.

    Financial coach and expert, Michelle Howell, at Singapore-based family coaching practice Frolic for Life says that these behaviours are often learnt subconsciously as a child, then often carry through to later life:

    “Fundamental 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.

    During our formative years, we tend to absorb and internalise what our parents do and say about money, with our parents' spending or saving habits, adherence to societal norms, or unique money behaviours often shaping our own beliefs and behaviours.“

    The lessons we learn from our parents

    Interestingly, there appears to be a division in opinions among the respondents surveyed. While approximately half are actively trying to go against their parents' bad habits, 59% say that they actively try to adopt some of the good financial habits that their parents demonstrated.

    70% of those interviewed for the study said that their parents taught them how to manage their money as a child. In fact, those who were taught how to manage their money as a child were 1.3 times as likely to report being financially secure in later life.

    The top five lessons most commonly passed on from parents:
    1. Create a savings plan (58%)
    2. Seeking good deals (51%)
    3. Keep track of expenses (45%)
    4. Always pay debt on time (44%)
    5. Create a budget plan (40%)
    The vast majority (80%) of Hong Kong and Singaporean adults believe that it is the responsibility of the parents to teach their children good money habits, such as saving and budgeting, with 76% stating that it’s important to teach children about financial products such as credit cards and personal loans, when appropriate to do so.

    To find out more about how Hong Kongers are influenced by their parents please visit: https://www.moneysmart.hk/en/personal-loan/how-parents-influence-our-financial-habits-ms. Or to find out how Singaporean adults compare, please visit: https://www.moneysmart.sg/credit-cards/how-parents-influence-our-financial-habits-ms

    Notes to editors

    If you choose to run this story, please include links back to the following pages:

    Hong Kong: https://www.moneysmart.hk/en/personal-loan/how-parents-influence-our-financial-habits-ms
    Singapore: https://www.moneysmart.sg/credit-cards/how-parents-influence-our-financial-habits-ms

    Survey Methodology

    Research conducted on behalf of MoneySmart by 3Gem amongst 2,000 Hong Kong and Singaporean adults (aged 18+). The survey was carried out online between 3 – 13 February 2024.
    Hashtag: #Finance #Education





    The issuer is solely responsible for the content of this announcement.

    About MoneySmart Group

    MoneySmart Group is one of Southeast Asia's largest personal finance portals, helping millions of people on their journey to achieve their financial goals.

    provides a financial comparison and content platform for consumers to make informed product choices across a range of banking, insurance and investment products. We do the hard work of compiling the information and facts to make it easy for you to compare and choose what's best for you.

    For more information, please visit .

    News from Asia

    Backbase and Synpulse partner to accelerate banking transformation across APAC

    Combining Backbase's Engagement Banking Platform with Synpulse's regional expertise to deliver customer-centric solutions SINGAPORE - Media OutReach Newswire - 13 March 2025 - Backbase, the leade...

    Technology driving positive outlook for Malaysian small businesses

    Malaysia’s small businesses lead the region in innovation Younger entrepreneurs dominate small business landscape AI investment on the rise ...

    ST Telemedia Global Data Centres Accelerates AI Ambitions, Achieves Certification under NVIDIA DGX-Ready Data Center Program

    SINGAPORE - Media OutReach Newswire - 13 March 2025 - ST Telemedia Global Data Centres (STT GDC), one of the world's fastest-growing data centre colocation service providers headquartered in Singa...

    HL Assurance Becomes First in Singapore to Launch Core Travel Insurance Coverage Add-Ons

    HL Assurance addresses key concerns for the modern traveller in their new combination of essential travel insurance add-ons. SINGAPORE - Media OutReach Newswire - 13 March 2025 - Singaporeans can ...

    USPACE Partners with AICO to Launch 6,000-Satellite Constellation Plan

    — Hybrid Constellation Focused on Direct Mobile-Satellite Connectivity to Empower “Belt and Road” Digital Future HONG KONG SAR - EQS Newswire - 13 March 2025 - At the "100 Satellites" exhibition he...

    Octa broker receives the 'Best use of AI in fintech' award

    KUALA LUMPUR, MALAYSIA - Media OutReach Newswire - 8 March 2025 - OctaTrader, Octa broker's proprietary trading platform, was recently awarded for the 'Best Use of AI in Fintech 2025' by Global Bu...

    Visa offers seamless tap-to-ride experiences for Visa cardholders on Ho Chi Minh City Metro Line 1

    HO CHI MINH CITY, VIETNAM - Media OutReach Newswire - 13 March 2025 - Visa (NYSE: V), a global leader in digital payments, has continued its role as an Official Co-sponsor of the Inauguration Cer...

    Make a Splash This Summer: Celebrate Water and Culture at Five Iconic Bangkok Destinations with ONESIAM

    ONESIAM’s Songkran celebrations, part of Siam Piwat’s guest experience program, offer tourists an elevated summer journey through culture, tradition, and immersive festivities BANGKOK, THAILAND - ...

    DHL Express Hong Kong becomes the Official Partner of Kai Tak Sports Park

    Both parties will collaborate to drive the growth of sports and entertainment events to the city and help to foster the development of Hong Kong into a premier hub for mega live events ...

    Henkel presents the next edition of the Martha Schwarzkopf Award for outstanding female scientists

    DÜSSELDORF, GERMANY - Media OutReach Newswire - 13 March 2025 - For the fourth time, Henkel is proud to present the Martha Schwarzkopf Award for Women in Science, dedicated to supporting and empow...

    Incode joins Australia’s Age Assurance Technology Trial to protect children online

    With a market-leading +99% accuracy rate, Incode will play a key role in safeguarding Aussie minors on social media Incode Technologies Inc., a...

    Empowering small businesses: Localsearch rolls out affordable digital solutions

    New suite of digital solutions designed to boost visibility, engagement, and customer acquisition In response to a rapidly evolving digital lan...

    Why Responsible Leadership is a Competitive Advantage for Small Businesses

    In today’s fast-changing business landscape, leadership is evolving. While large corporations are reassessing their diversity, equity, and inclusi...

    Why it’s a great time to include the EU in your export push

    With the US market beset with unknowns, training your sights on mainland Europe in 2025 makes sound sense. Wondering whether the introduction o...

    Success Isn’t About Labels—It’s About Mindset

    In the lead up to International Women’s Day, I’ve been reflecting on my own success as a business owner and whether or not being a woman has playe...

    Accelerate Action- Thryv champions women in business for International Women’s Day

    Thryv® (NASDAQ: THRY), provider of the leading small business software platform, is celebrating International Women’s Day by shining a spotlight o...

    Sell by LayBy