A new survey by The Penn Mutual Life Insurance Company, the 2015 myWorth Survey, reveals that 75 percent of millennials said that they would take financial advice from their mother, but only 52 percent of baby boomers said they would.
The survey, released earlier this week, also reveals that generation seems to be more important than gender when it comes to the perception of a mother’s ability to make financial decisions. Both millennial men and women are likely to take financial advice from their mothers, while boomer men are less likely than boomer women to do so.
Penn Mutual also found that while women agreed that it’s important for them to understand financial products and teach their children about finances, they are less likely to feel that their mothers possess these skills.
The survey is also part of a financial awareness campaign geared towards women that provides a website with planning tools, testimonials and other information (check it out here), and that was launched in 2008.
What Your Peers Are Reading
Take a look Penn Mutual’s infographic below.