LendingTree Survey Finds Americans Spend More on Mother’s Day than Father’s Day; Dads prefer quality time to gifts


CHARLOTTE, North Carolina, June 17, 2021 / PRNewswire / – LendingTree®, the country’s leading online lending market, released its investigation surrounding Father’s Day gifts and the role American fathers play in financial decision-making. The survey found that most fathers want quality time with their families. This frugality may help explain why many Americans turn to their fathers for financial advice before making big financial decisions.

Main conclusions

  • The most coveted gift of dads this Father’s Day will cost you nothing. Fifty-eight percent of fathers said they were the most interested in spending quality time with their family, followed by a special dinner (26%) or a thoughtful menu (18%). Only 5% want a practical gift like a tie or mug.
    • After a year of confinement, 13% of the fathers questioned would ideally like free time to rest.
  • Americans spend more on Mother’s Day than on Father’s Day. On average, consumers spent $ 219 on their moms and plan to spend $ 190 on their dads.
  • Many see their father as a financial role model. While 43% viewed their father as a key source of financial information, most respondents, especially younger ones, were more likely to turn to their mother for financial advice.
  • Buying a car is the # 1 financial situation Americans look to their dad for. The survey found that 4 in 10 respondents asked their father for advice when buying a car, while fewer asked for his perspective on careers and budgeting.
  • Most say their dad helped them develop good financial habits. About half of those polled cited their fathers as a key teacher of positive money behavior as children.

Although respondents were slightly more likely to turn to their mothers for financial advice, most still said their father helped them develop strong financial habits. Half of those polled agreed that their father helped them establish good money management practices, including 28% who “strongly agree” with this statement.

Meanwhile, most of the fathers surveyed said they plan to pass on their financial wisdom, with 57% planning to teach their kids about money using some of the same strategies their own fathers taught them.

Below are some of the best pearls of financial wisdom from survey respondents:

  • It’s important to save something on every paycheck, even if it’s only $ 1.
  • Saving for the future might not be exciting and rewarding now, but it will make life easier and more rewarding when you get older.
  • Never lend someone money that you can’t afford to lose if it isn’t paid back.
  • Don’t buy more than you can afford and always pay off your credit card monthly.
  • Keep track of what you spend.

To view the full report, visit
https://www.lendingtree.com/credit-cards/spend-more-on-mothers-day-than-fathers-day/

Methodology

LendingTree commissioned Qualtrics to conduct an online survey of 2,050 U.S. consumers, conducted May 7-14, 2021. The survey was administered using a non-probability sample, and quotas were put in place to ensure that the sample frame represents the overall population. All responses were reviewed by researchers for quality control.

We have defined the generations as the following ages (in 2021):

  • Generation Z: 18 to 24 years old
  • Millennials: 25 to 40
  • Generation X: 41 to 55
  • Baby boomers: 56 to 75 years old

Although the survey also included respondents from the silent generation (defined as those aged 76 and older), the sample size was too small to include results related to this group in generational distributions.

About LendingTree
LendingTree (NASDAQ: TREE) is the nation’s leading online marketplace that gives consumers the choices they need to be confident in their financial decisions. LendingTree empowers consumers to make smarter financial decisions through choice, education and support. Consumers can compare multiple offers from a nationwide network of over 500 partners in a single search and can choose the option that best meets their financial needs. Services include mortgages, mortgage refinances, auto loans, personal loans, business loans, student loans, insurance, credit cards and more. Through the login experience, consumers receive free credit scores, credit monitoring, recommendations for improving credit health, and notifications when the proprietary algorithm identifies a savings opportunity. LendingTree, LLC is a subsidiary of LendingTree, Inc. For more information, visit www.lendingtree.com, call 800-555-TREE, like our Facebook page and / or follow us on Twitter @LendingTree.

MEDIA CONTACT:
Nelson garcia
[email protected]
704-943-8208

SOURCE LendingTree.com

Related links

http://www.lendingtree.com


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