Money The financial habits shaping how Americans manage their money
Understanding what shapes financial decisions, from early lessons to habits formed in adulthood, may explain how people manage money day to day.
But where are Americans learning their first financial lessons from? Early influences could include family, education, and increasingly, online content and social media.
To explore this further, a survey of 1,491 U.S. adults was conducted on behalf of Self Financial, examining where people first learned about money and how to manage it, how those influences changed over time, and what they believe should be taught in schools to better prepare future generations.
The survey results show that more than half (56.5%) learned their first lessons from parents, and over 8 in 10 (83.7%) are still influenced by them in adulthood, even though many (55.7%) report trying to avoid the same mistakes.
There is also some overlap between what parents teach and the demand for topics in schools, suggesting early family learning could be helping to fill gaps in formal financial education.
Key findings
- Family shapes early money habits for 87.5% of respondents, with parents (56.5%) and other relatives (31%) far outweighing schools (3.5%) and media (3%) as the first source of financial education.
- Over 8 in 10 adults (83.7%) say their financial habits are still influenced by their parents, including 21.1% who say their habits are shaped a great deal.
- Despite this strong influence, more than half (55.7%) say they actively avoid their parents’ approach to money, compared to just 14.8% who say they mostly copy it.
- Around two-thirds (66.3%) say they are better off financially than their parents were at the same age, while only 9.7% report being worse off.
- Nearly 1 in 10 (9.9%) say they learned money management through trial and error rather than through family or formal education.
- The top topics parents teach—saving, avoiding debt, and using credit cards—closely mirror what respondents want taught in schools.
- Nearly 9 in 10 (87.5%) say online creators influence their financial decisions, with 70.8% regularly consuming financial content online.
Who shapes America’s money habits?
Financial behaviors can begin forming early in childhood, making early exposure to money an important part of long-term habits. The CFPB’s learning tools suggest children can start developing money habits from as early as six, with these continuing to develop through the preteen years. [1] Consumer Financial Protection Bureau. 'Money As You Grow: School-Age Children and Preteens.' Accessed April 16, 2026. https://www.consumerfinance.gov/consumer-tools/money-as-you-grow/school-age-children-preteens/
The FINRA National Financial Capability 2024 Study found that only 46% of U.S. adults can correctly answer four of seven standard financial literacy questions, and just 4% answering all correctly. [2] FINRA Investor Education Foundation. 'National Financial Capability Study (NFCS) – Sixth Edition, July 2025.' Accessed April 16, 2026. https://finrafoundation.org/sites/finrafoundation/files/2025-07/NFCS-Report-Sixth-Edition-July-2025.pdf
More than half (56.5%) of respondents first learned about money from their parents
More than half of those surveyed (56.5%) said that they learned their first lessons about money from their parents or guardians. This far outweighs other influences such as the media (3%) or schools (3.5%).
Other early influences included family members such as grandparents (13.7%), siblings (7.5%), cousins (6.4%), aunts or uncles (2.3%), and other relatives (1.1%), meaning families were responsible for the first money lessons for 87.5% of respondents, with all top influences coming from within the family.
| The majority of respondents (87.5%) say family was the biggest influence on their early understanding of money | |||
|---|---|---|---|
| Response | Percentage of participants | ||
| Parents or guardians | 56.5% | ||
| Grandparents | 13.7% | ||
| Siblings | 7.5% | ||
| Cousins | 6.4% | ||
| Aunts or uncles | 2.3% | ||
| Other relatives | 1.1% | ||
Adults continue to trust their family for financial advice, with 44.1% trusting their relatives most
Family remains the most trusted source of financial advice for adults, with 44.1% of respondents saying they rely on relatives the most. While this is lower than the share who first learned from parents, it still ranks well ahead of financial professionals (17.8%) and online sources (6.2%).
Almost 1 in 10 (7.8%) say they trust themselves most for financial advice, while relatively few rely on a partner (1.4%) or traditional media (2.5%) as their main source of advice. Some also report trusting AI tools such as ChatGPT (5.7%), showing how newer sources are beginning to play a role in financial advice for some.
| Which source do participants currently trust most for financial advice? | |||
|---|---|---|---|
| Response | Percentage of participants | ||
| Family | 44.1% | ||
| Financial professionals | 17.8% | ||
| Friends or peers | 9.2% | ||
| Themself | 7.8% | ||
| Online content or creators | 6.2% | ||
| AI (ChatGPT, Claude, etc) | 5.7% | ||
| Don't trust anyone for financial advice | 4.7% | ||
| Traditional media (TV, newspapers, books) | 2.5% | ||
| Romantic partner | 1.4% | ||
| Colleagues | 0.6% | ||
Nearly all respondents (88.6%) discussed money growing up
Most respondents (88.6%) discussed money growing up, showing financial conversations are a common part of early life. Most said these discussions happened occasionally (63.2%), while 17.8% experienced them daily.
However, a notable minority reported limited or no discussion, with 7.6% saying money was rarely talked about and 11.3% saying it was never discussed at all, highlighting differences in early financial exposure across households.
Nearly 1 in 10 (9.9%) respondents said they learned money management through trial and error
While 87.5% learned their first financial lessons from family (56.5% being parents), the research shows that family is also the most common source of learning money management, with 49.2% of respondents saying they mostly learned to manage their money overall from relatives, followed by 21.7% who learned through education. A further 16% said they learned from a combination of sources, showing that financial habits are typically shaped through a mix of guidance and experience.
But nearly 1 in 10 (9.9%) respondents said they learned money management through trial and error, suggesting a more reactive approach.
Who influences financial habits today?
Over 8 in 10 respondents (83.7%) say their financial habits are still influenced by their parents, with 62.6% reporting some influence and 21.1% saying their habits are shaped a great deal.
Parental influence remains long into adulthood, with over 8 in 10 respondents (83.7%) saying their financial habits are still influenced at least somewhat by parents or guardians.
This includes 62.6% who said they are somewhat influenced and a further 21.1% who said their habits are shaped a great deal, showing how those early financial influences are carried forward over time.
Only a small share reports little to no parental influence, with 8.3% saying their habits are not influenced at all.
Saving is the most common financial lesson passed down
Saving is the most commonly taught financial lesson by parents, with 49.7% of respondents recalling being taught this growing up. This is followed by taxes (29%), avoiding debt (17.3%), and budgeting (15.7%).
Fewer respondents recall being taught about investing (9.1%), credit use (10.1%), or topics such as mortgages (5.2%) and personal loans (4.4%), showing that financial learning at home often focuses on foundational habits rather than broader financial decision-making.
| Which financial topics did parents or guardians actively teach participants? | |||
|---|---|---|---|
| Response | Percentage of participants | ||
| Saving money | 49.7% | ||
| Taxes | 29.0% | ||
| Avoiding debt | 17.3% | ||
| Budgeting day-to-day expenses | 15.7% | ||
| Using credit cards | 10.1% | ||
| Investing or building wealth | 9.1% | ||
| Mortgages | 5.2% | ||
| Personal loans | 4.4% | ||
| Student loans | 4.0% | ||
| Interest rates | 2.8% | ||
| Business finances | 2.1% | ||
More than half actively avoid their parents' approach to money
Despite strong parental influence, more than half of respondents (55.7%) say they mostly try to avoid their parents’ financial habits. This is significantly higher than the 14.8% who say they mostly copy their approach.
This suggests that although there’s influence from parents and guardians, it may not always be viewed positively, with many choosing to move away from these habits and develop their own approach.
Almost two-thirds (66.3%) are better off financially than their parents were
Most respondents (66.3%) report being in a stronger financial position than their parents were at a similar age, with 43.1% saying they are slightly better off and 23.2% saying they’re much better off. Highlighting how most might believe they are achieving more than their own parents financially.
A further 14.9% said they were in a similar financial position to that of their parents when they were a similar age.
| How participants compare with their parents financially | |||
|---|---|---|---|
| Response | Percentage of participants | ||
| Slightly better | 43.1% | ||
| Much better | 23.2% | ||
| About the same | 14.9% | ||
| Not sure | 9.2% | ||
| Slightly worse | 6.4% | ||
| Much worse | 3.3% | ||
Does school financial education prepare Americans for real life?
Financial education is becoming more embedded in U.S. schools, according to the latest 2024 Council for Economic Education (CEE) survey, which shows that 35 states now require students to take a course in personal finances to graduate. [3] Council for Economic Education. 'Survey of the States 2024.' Accessed April 16, 2026. https://www.councilforeconed.org/survey-of-the-states-2024/ A survey on behalf of the American Bankers Association reflects this shift, with the majority of respondents (87%) saying that they want financial concepts taught in high school. [4] American Bankers Association. 'New Survey Shows Americans Support Financial Education in Schools.' Accessed April 16, 2026. https://www.aba.com/about-us/press-room/press-releases/new-survey-americans-support-financial-education-in-schools
Most (85.5%) receive financial education at school, but only a few (14.8%) found it very useful
Of those surveyed, the majority (85.5%) received financial education at school. Still, only over one in seven who received that education (14.8%) found it very useful, while 1 in 10 (10.4%) said it was not very useful or not useful at all.
With that said, there were plenty of respondents (74.8%) with financial education who found it somewhat useful.
| How useful is school-based financial education in real life? | |||
|---|---|---|---|
| Response | Percentage of participants | ||
| Somewhat useful | 74.8% | ||
| Very useful | 14.8% | ||
| Not very useful | 6.8% | ||
| Not useful at all | 3.7% | ||
Nearly half (49.5%) of respondents want more education on saving money in school
Financial education in schools is highly supported, with more than 7 in 10 (75.8%) saying financial literacy should be a mandatory subject in schools, according to a survey by the National Financial Educators Council. [5] National Financial Educators Council. 'Financial Literacy Subject Survey.' Accessed April 16, 2026. https://www.financialeducatorscouncil.org/financial-literacy-subject-survey/
The survey on behalf of Self Financial shows where demand is most focused, with nearly half of respondents (49.5%) saying they wish more time had been spent teaching money saving skills, making it the most requested topic. This is followed by budgeting (21.1%), avoiding debt (18.7%), and investing or building wealth (15.1%). With a recent Self survey revealing that 11.5% of households never create a budget, there could be room for more education on the topic.
| Which topics do you wish school/education spent more time teaching? | |||
|---|---|---|---|
| Response | Percentage of participants | ||
| Saving money | 49.5% | ||
| Budgeting day-to-day expenses | 21.1% | ||
| Avoiding debt | 18.7% | ||
| Investing or building wealth | 15.1% | ||
| Using credit cards | 13.7% | ||
| Taxes | 12.9% | ||
| Mortgages | 8.2% | ||
| Interest rates | 7.4% | ||
| Student loans | 6.6% | ||
| Savings | 5.4% | ||
| Business finances | 5.3% | ||
| Personal loans | 5.1% | ||
Parents could be filling the gap in financial education
The survey results mentioned previously show that demand for specific topics in school financial education correlates with what parents are actively teaching, with saving, avoiding debt, and using credit cards all ranking among the top five responses in both categories.
Saving money ranks almost identically across both, with 49.7% saying it was taught by parents and 49.5% saying more should be taught in schools. Avoiding debt shows a similar pattern, with 17.3% taught at home and 18.7% requested in school. Credit card education is more in demand in schools (13.7%) than it is taught at home (10.1%).
| Topic | Taught by parents (%) | Want more in school (%) | ||||||
|---|---|---|---|---|---|---|---|---|
| Saving money | 49.7% | |||||||
| Budgeting | 15.7% | |||||||
| Avoiding debt | 17.3% | |||||||
| Investing | 9.1% | |||||||
| Using credit cards | 10.1% | |||||||
Who else is influencing our financial decisions?
Outside of parents and school, financial decisions are also influenced by other people we spend time with, such as friends, romantic partners, social media, and influencers.
Most (90.1%) people’s spending habits are influenced by friends
Most respondents (90.1%) said their financial decisions are influenced by their friends or peers to some degree. 17.8% described this influence as very strong, while 63.8% said their friends were somewhat influential, and 8.5% said their friends were slightly influential. Only 9.9% said that their friends didn’t influence them at all.
Where you work shapes how you spend and save, with 84.6% influenced by their workplace
Workplaces prove to be a huge factor in how people think about their money, with most respondents (84.6%) saying colleagues and their workplace influence how they think about money.
Over half (56.5%) are somewhat influenced, while 28.1% are significantly influenced by colleagues or workplace culture.
Romantic partners influence financial decisions for nearly all those in a relationship
Despite relatively few participants stating they rely on a partner (1.4%) as their main source of financial advice, nearly all respondents (96.3%) who have a romantic partner said that they are an influence on their financial decisions, compared to just 3.7% that said they do not influence at all.
Out of those with a romantic partner, 62.1% said they are somewhat influential, 18.3% are slightly influential, and 15.7% are very influential.
In addition to this, when looking at the previously conducted Love and Money survey, over a third (35.5%) say their partner is financially dependent on them, while a further one in five (19.5%) say they rely on their partner financially.
How online content and influencers can impact financial decisions
In addition to family and schools, online content and social media have become key ways for people to learn how to manage their money.
These platforms are becoming widely used for financial advice due to their ease of access, but there are also growing concerns around the quality of information, as some creators may lack professional training or could be paid to promote financial products. [6] Federal Reserve Bank of Philadelphia. 'How Americans Use Social Media for Financial Advice.' Accessed April 16, 2026. https://www.philadelphiafed.org/-/media/FRBP/Assets/Consumer-Finance/Reports/how-americans-use-social-media-for-financial-advice.pdf?sc_lang=en
Over 7 in 10 regularly consume financial content online
Over 7 in 10 respondents (70.8%) regularly consume financial content online.
Financial content has become a regular part of most people’s routine, with 70.8% of respondents saying they consume it either daily or weekly. This includes content on social media, podcasts, or YouTube.
While over half (51.6%) use it weekly, 19.2% said that they consume this type of content on a daily basis, while 15.8% use it occasionally. Only 8.6% said they rarely use it, while 4.8% said they never use financial content online.
Nearly 9 in 10 say online creators influence their financial decisions
Nearly 9 in 10 (87.5%) say online creators influence their financial decisions.
Not only is this content being consumed, but it’s also shaping financial behaviors, with nearly 9 in 10 (87.5%) of respondents saying that online creators or influencers affect their financial decisions in some way. This includes 60.8% who say they are somewhat influenced, 14.6% who say creators influence them a great deal, and 12.1% who say they are influenced very little, while 12.5% said they’re not influenced by online creators at all.
Another study conducted on behalf of Self Financial found that almost one in four (23.3%) said both influencer recommendations and seeing friends and family purchase a product were the biggest influences when purchasing products from social media.
Methodology
The survey was conducted in March 2026 and asked 1,491 U.S. adults about how they learned to manage money, what influences their financial decisions, and their views on financial education.
For some questions, respondents were able to select multiple answers, so totals may not add up to 100%.
The demographics of the survey respondents were:
Gender:
- Female – 70.8%
- Male – 28.1%
- Non-binary – 0.8%
- Prefer not to say – 0.1%
- Not listed – 0.1%
Age:
- 18–28 – 18.3%
- 29–44 – 63.8%
- 45–60 – 16.2%
- 61–79 – 1.5%
- 80+ – 0.1%
Sources
- [1] Consumer Financial Protection Bureau. 'Money As You Grow: School-Age Children and Preteens.' Accessed April 16, 2026. https://www.consumerfinance.gov/consumer-tools/money-as-you-grow/school-age-children-preteens/
- [2] FINRA Investor Education Foundation. 'National Financial Capability Study (NFCS) – Sixth Edition, July 2025.' Accessed April 16, 2026. https://finrafoundation.org/sites/finrafoundation/files/2025-07/NFCS-Report-Sixth-Edition-July-2025.pdf
- [3] Council for Economic Education. 'Survey of the States 2024.' Accessed April 16, 2026. https://www.councilforeconed.org/survey-of-the-states-2024/
- [4] American Bankers Association. 'New Survey Shows Americans Support Financial Education in Schools.' Accessed April 16, 2026. https://www.aba.com/about-us/press-room/press-releases/new-survey-americans-support-financial-education-in-schools
- [5] National Financial Educators Council. 'Financial Literacy Subject Survey.' Accessed April 16, 2026. https://www.financialeducatorscouncil.org/financial-literacy-subject-survey/
- [6] Federal Reserve Bank of Philadelphia. 'How Americans Use Social Media for Financial Advice.' Accessed April 16, 2026. https://www.philadelphiafed.org/-/media/FRBP/Assets/Consumer-Finance/Reports/how-americans-use-social-media-for-financial-advice.pdf?sc_lang=en
