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People inherit spending habits from parents, says study

Consumers who shop until they drop with their credit cards during the January sales get their spending habits from their parents, new research has suggested.

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5 January 2009

People inherit spending habits from parents, says study”

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Skipton Building Society explains more than four in ten adults say they splash out a similar amount of cash to their parents, or splurge on luxuries similar to their fathers, mothers and grandparents.

Mum may well be the word, with 24 per cent of people saying they spend in a similar fashion to their mothers, while 15 per cent of respondents said their expenditure patterns mirror those of their fathers.

Consultant clinical psychologist on Harley Street Dr Liz Mitchell comments: "Our spending patterns are developed and honed by a wide variety of external and internal events - age, peer group pressure, marketing effects and personality factors including impulsiveness.

Meanwhile, a study by Abbey Credit Cards recently suggested more than three million Brits plan to make the most of introductory balance transfer periods in the first few months of 2009.

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Credit Cards	0% Balance Transfers	0% Purchases	APR Representative (Variable)
	Tesco ClubCard Credit Card
	9 months	15 months	16.9^%
16.9% APR representative (variable). Based on a credit limit of 1200 and purchase rate 16.9% p.a(variable).
	Virgin Credit Card
	20 months	3 months	16.8^%
16.8% APR representative (variable). Based on a credit limit of 1200 and purchase rate 16.8% p.a(variable).
	Barclaycard Platinum with BT
	22 months	3 months	17.5^%
17.5% APR representative (variable). Based on a credit limit of 1200 and purchase rate 17.5% p.a(variable).
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