Hashtag
Men's Weekly

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: https://www.moneysmart.hk/en/personal-loan/how-parents-influence-our-financial-habits-ms. Or to find out how Singaporean adults compare, please visit: https://www.moneysmart.sg/credit-cards/how-parents-influence-our-financial-habits-ms

    Notes to editors

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

    Hong Kong: https://www.moneysmart.hk/en/personal-loan/how-parents-influence-our-financial-habits-ms
    Singapore: https://www.moneysmart.sg/credit-cards/how-parents-influence-our-financial-habits-ms

    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 .

    Business News

    Prudential and Prudence Foundation Provide Free Mental Health Support to Vulnerable Communities

    In partnership with Intellect, the programme will be launched in Malaysia and Vietnam to make mental healthcare more accessible for vulnerable or at-risk groups HONG KONG SAR - Media OutReach Newswir...

    Hashtag.net.au - avatar Hashtag.net.au

    Trend Micro Named a Leader in IDC MarketScape for CNAPP

    HONG KONG SAR - Media OutReach Newswire - 2 July 2025 - Trend Micro Incorporated (TYO: 4704; TSE: 4704), a global cybersecurity leader, today announced it has been named as a Leader in the IDC Marke...

    Hashtag.net.au - avatar Hashtag.net.au

    Drug & Medical Device & Aesthetics, 肌顏態 was displayed at the CSD2025, The GeneQueens and 金因敷 launch was grandly held in Changsha

    HONG KONG SAR - EQS Newswire - 2 July 2025 - On June 27, 2025, Uni-Bio Science Group Limited (the "Group")grandly held a new medical aesthetics product launch event in Changsha, releasing the high-end...

    Hashtag.net.au - avatar Hashtag.net.au

    Amazon Singapore Unveils a Week of Prime Day Deals and a Special Public Maze Event for Prime Day 2025

    Prime members can access exclusive deals from brands such as Neutrogena, FOREO, Resto, Cricut, Pigeon, PicassoTiles and Coca-Cola from 8 – 14 July. Free Public event: Amazon Prime Day Maze at Suntec...

    Hashtag.net.au - avatar Hashtag.net.au

    Themed Forum of "Mountain Biodiversity and Our Life" to Kick off "Guizhou Example" Empowering Global Mountain Eco-treatment

    GUIYANG, CHINA - Media OutReach Newswire - 2 July 2025 - Recently, Eco Forum Global Guyang 2025 announced at a press briefing that the themed forum "Mountain Biodiversity and Our Life" will be held i...

    Hashtag.net.au - avatar Hashtag.net.au

    Asia's First Porsche Design Tower Offers Revolutionary Luxury Living Experience to Bangkok's Vibrant Japanese Community

    STUTTGART, GERMANY / TOKYO, JAPAN - Media OutReach Newswire - 24 June 2025 - Porsche Design Tower Bangkok emerges as a defining statement of excellence in luxury automotive-inspired living. As Asia's...

    Hashtag.net.au - avatar Hashtag.net.au

    Health & Wellness

    Understanding Root Canal Treatment: What You Need to Know

    Hashtag.net.au - avatar Hashtag.net.au

    Image by pvproductions on Freepik When it comes to dental health, many people hear the term root canal treatment and immediately feel a bit uneasy. This procedure often gets a bad reputation, but und...

    Telehealth Could be the Catalyst for Better Heart Health in Australia

    Hashtag.net.au - avatar Hashtag.net.au

    Image by stockking on Freepik Heart disease is one of the leading causes of death in Australia despite decades of advancements in medicine and health education campaigns. More than 400 Australians ...

    Disability Care in Melbourne: What Families Need to Know in 2025

    Hashtag.net.au - avatar Hashtag.net.au

    If you’re supporting a loved one with a disability in Melbourne, you’ll know how important it is to find the right care—and how overwhelming it can be to navigate the system. With the National Disab...