Berman & Asbel, LLP

Poll: On money issues, millennials think mothers know best

Just a couple of generations ago, the average family dynamic was quite a bit different from what it is today. If you had a question about what to wear or how to take care of your clothes, you asked your mother. If you had money questions, the general rule of thumb might be father knows best.

These days that's not the case. Women are a huge power in the work force. And many would say that strides have been made toward moms and dads more equally sharing household and parenting duties. In some cases roles are fully reversed from what they were a few generations ago. There's also the phenomenon of many more single-parent households.

Perhaps because of that we should not be too surprised by the findings of a recent survey commissioned by What it found is that among many of the millennial generation, those who blossomed into adulthood around 2000, credit their mothers as their most important financial advisers.

The poll found that nearly a third of young adults aged 18 to 29 consider mom to be the chief influencer when it comes to budgeting and other money matters.

Nearly 1,000 adults of all ages were surveyed from across the country. We assume that Oregon was represented among them. They were asked who in the family had most affected their financial habits and understanding about money management and mom came back as the most popular answer among millennials. Mom ranked fourth among the 50-and-older set.

Taken as a whole, the adults surveyed said the biggest influencers of their financial practices were themselves. Twenty-eight percent of respondents checked that box.

As interesting as these results may be financial advising and financial planning are two distinct things. One deals with today, the other deals with maximizing assets through solid estate planning. Mom may have some solid wisdom to offer in regard to the latter, but to make it happen effectively it is wiser to speak with an experienced attorney.

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