Unsurprisingly of all the things you inherit from your parents, the way they approach money is normally really consistent. While you may disagree with your parents’ ideologies and opinions on Brexit, their finance habits have probably transferred over. Which means it’s kind of their fault if you’re bad with money, right?
As Refinery29 report, one behavioural “Our research shows that the money patterns we observe in childhood are the primary source driving our financial decision-making later in life”.
Your parents might have a lot to answer for right now…
Admittedly, environment is reason numero uno for why we spend our money like we do. People who spend time with others that spend dollar quicker than they earn it are going to mimic this behaviour.
However, maybe genetics play a bigger role than we realise.
Research found in the Journal Of Finance in 2015 found that there is one specific gene that is linked to making better money decisions. That said, an already established degree of financial know-how was required for this to be the case.
This gene isn’t linked to finances exactly but rather self control which plays a big part in making decisions like “I’ll get the next round” and “5% off, that’s a deal I can’t pass up”.
If this sounds too real to you, this is how you escape the financial fate that’s totally not your fault.
Figure out where your spending patterns came from
Address any unresolved memories you have from childhood. Did you ever see them spend an inordinate amount of money that didn’t feel right to you? It sounds cruel but recognising their mistakes will help you avoid making them in the future.
Learn where your parents’ spending patterns came from
This is important because if you can understand why your parents spend like they do, you can find a root cause. You might find that there is no pattern and you’re just terrible with money and great at making excuses for yourself.
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Act on this information
Don’t retread your parents’ steps. You’re your own person. Make your own mistakes and don’t think too much about genetic programming. Oh yeah, and open a savings account.