DNA found to influence credit behaviour

A person’s spending habits and credit tendencies are influenced by those of their parents, according to new research.

A survey found that although most parents advise their children not to get into debt, 20 per cent of people are uncomfortable about their level of indebtedness.

UK consumer debt currently exceeds £1 trillion. Of 1,500 adults polled across the UK, 57 per cent claimed to share their parents’ attitudes towards money, while in Scotland the number rose to 68 per cent.

The five most common financial traits shared with parents are debt avoidance, always reading the small print of documents, checking bank statements regularly, methodical saving and never borrowing from friends or colleagues.

However, in terms of managing credit, personal experience trumped parental influence.

When it comes to paying off a credit card bill every month, 45 per cent of people felt they learnt the hard way about the penalties of not paying off a bill in time.

Although 43 per cent of people said they learnt about checking bank statements regularly from their parents, 60 per cent learnt of the perils of financial ignorance on their own.

© Adfero Ltd

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