Consumer research consistently shows that family members are a prime source of information and advice for consumers when they come to make important financial decisions. For the first time, therefore, Mintel exclusively examines the role of family, and in particular parents, in influencing people’s attitudes towards money and their purchasing behaviour, as well as how effectively they manage their finances.

This Horizons report presents the results of new consumer data, which will offer insight into the relationship between parents and their children in the context of financial needs, behaviour and decision-making. It examines the extent to which parents help their children to be financially competent and secure, through the provision of financial support, instruction and guidance.

The report also seeks to determine whether people tend to opt for the same providers and make similar product choices as their parents - and whether they inherit similar attitudes towards saving, borrowing and spending. Accordingly, the research tests the notion that an individual’s financial behaviour and choices are often directly linked to those of their parents.

Drawing conclusions from the consumer research analysis, the report goes on to consider the implications of the key findings for the financial services industry. It also identifies opportunities where financial providers can secure new family-related business and suggests examples of innovations that have already been made in this area.