Dubai PR Network, Online Press Release from Dubai and Middle East
Filter PR by
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: Or to find out how Singaporean adults compare, please visit:

Notes to editors

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

Hong Kong:

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 .

MoneySmart Group

Posted by : Media Outreach, Jenny
Viewed 0 times
PR Category : Others
Posted on : Wednesday, May 22, 2024  11:00:00 AM UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of
Email this article Print this article

Share this article with your friends and followers
Back to Media OutReach

Related Stories

Most Viewed Press Release posted in the last 7 days
Last-Minute Eid Shopping With Max Fashion's New Collection [35859-Views]
Yates takes lead at Tour de Suisse summit finish [23530-Views]
GLOBAL RESEARCH REVEALS: 64% of Saudi Based Consumers are Concerned about the Environment,... [22927-Views]
Xiaomi introduces Redmi 13: Fun Features for Creativity [9483-Views]
Ajmal Perfumes Unveils Eau D'Oud- A New Standard of Elegance and Luxury [9282-Views]
Eid Al Adha Fun For Families: Shop, Win & Celebrate At Arabian Center [9102-Views]
Launching Redmi Pad Pro in United Arab Emirates [7843-Views]
Jumbo Electronics Announces Exclusive Eid al-Adha Offers on Devices and Electronics [7610-Views]
Exciting Entertainment, Promotions, And Raffles: Mall Events Not To Miss This Eid Al Adha [7532-Views]
Line Investments & properties, Summer Super Sale gets its first set of winners, receiving ... [7446-Views]
Embrace Family Bonding Moments with Luxury Father's Day Offers at Sofitel Dubai Downtown [7056-Views]
Grab online Exclusive EID Ticket for just AED 80 at Emirates Park Zoo & Resort! [7048-Views]
Gather The Family Round For Redefined Entertainment This Festive Season With LG's Oled 4k ... [6892-Views]
Experience Endless Joy at Mercato This Eid Al Adha! [6822-Views]
Waterfront Market Gears Up for Eid Al Adha with Freshest Offerings and 30 tonnes of Daily ... [6539-Views]
Mohammed Bin Rashid Library Announces Launching Five Research Theses Publications for PhD ... [6228-Views]
Health Tips for Pilgrims During the 2024 Hajj Season [6228-Views]
GEMS Education spearheads transformation of Arabic language learning with high-tech centre... [6191-Views]
EDGE Signs Two MoU Agreements with Cummins Arabia [6183-Views]
Philip Morris International Tops Forbes' 2024 Net Zero Leaders List [5929-Views]
Dubai Municipality allocates 3,150 cleaning supervisors and workers to oversee public hygi... [5916-Views]
Turkish Airlines Launches "Inner Portrait" with Refik Anadol at Art Basel [5855-Views]
Elevate your dining experience to royal heights with Asha's Maharaja-inspired special menu... [5814-Views]
Malabar Gold & Diamonds announces HomeGoing offers for the summer holidays. [5781-Views]
Dubai Customs Rolls Out Special Services for Returning Hajj Pilgrims and Eid Visitors [5732-Views]
RSS Facebook Twitter LinkedDin on Instagram
Top Sections
Top Stories