Dad's a softie! How fathers are more likely to open their wallets for their children than mothers
06:51 GMT, 19 June 2012
There is no shame in asking parents for money, but according to a new study, mothers are more likely to hand out out advice than hard cash.
According to a report by Ameriprise Financial, while female baby boomers provide financial support in the way of discussion, fathers are more willing to get their check books out to help with the purchase of a car or a loan.
The findings revealed that a generous 93per cent of parents between 50 and 70 have contributed in some way to their grown up children's financial plans.
Bank's open! Fathers are more likely to give their children money than mothers who will discuss long term financial plans and money matters (Stock Image)
Suzanna de Baca, vice president of wealth strategies at Ameriprise Financial, corroborated the evidence telling Forbes: 'Women really do tend to do more of the talking about money matters – with both their parents and their children – while men are more likely than women to hand over the cash to help family members.'
The study, entitled Money Across Generations II, quizzed 1,600 affluent baby boomers, 300 of their parents and 300 children older than 18.
The results of the survey found that where 58per cent of fathers had helped put up the money for their sons' or daughters' cars, only 48per cent of women admitted to the same.
When it came to car payments and co-signing on loan agreements, the statistics were comparable, each time the patriarch as the willing donor.
Ms de Baca responded: 'The numbers show that fathers are more likely to have helped their children buy a car and pay for car insurance. It seemed as though these men learned from their “silent generation” fathers, who were also more likely to help their children purchase the same kinds of things.'
But when it came to the serious money talks about healthcare, family planning and household finances, mothers stepped up to the plate with advice and foresight.
54per cent of women versus 45per cent of men talked to their parents or children about finances while a considerable 59per cent discussed 46per cent discussed family issues.
Women were also more comfortable talking about their own financial situations than their husbands though given the pick which child to open up to, they chose their daughters, 65per cent of whom said they had talked about their parents financial affairs with their mothers.
According to Ms de Baca, talking to family members is essential to keeping finances transparent and uncomplicated if money is being lent or gifted between parents and children.
'People of different genders and ages think about things differently, and multi-generational families can be very diverse. Having regular, open conversations with your spouse or partner, as well as your extended family, can help ensure the decisions you're making are the right ones – for everyone involved,' she said.