Britons missing out on their grandparents' words of wisdom on finances

More than a third of Britons think their grandparents are good role models when it comes to money management but only 10% have received financial advice from their grandparents and listened to it, research shows.

Over a third, 37%, of those over 65 years mistakenly think their advice isn't wanted. But financial advice is clearly required, with 11% of people aged between 16 to 34 years old in Britain, approximately 1.7million, admitting to having no savings in place.

The Savings Survey data from NS&I also reveals that this information gap comes from a reticence among older generations to share their financial wisdom.
 
However, contrary to these views, much of the younger generation of British savers actually long for financial advice from their grandparents. A fifth, 20%, say older family members are in a better position to give guidance on these matters as they have more time to dedicate to finances.
 
Despite this, many, 33%, feel they aren't receiving the wisdom they want and need from their grandparents. However, it is clear they are aware of the money management experience their grandparents will have built up over the years with 60% of 35 to 44 year olds say they haven't previously received any advice from their grandparents but wish they had.

‘Our findings indicate a lack of communication between generations in some families. When it comes to discussing money management we feel it's important people share their experiences and we are encouraging all generations to talk openly about finances and help each other plan for the future,’ said NS&I savings spokesperson, John Prout.

‘These are challenging times for all of us, and as younger people are often making financial decisions for the first time having the opinion of someone who has already been through these life stages can be invaluable,’ he explained.

‘Grandparents can help the younger generations by giving them useful tips and advice on how to manage expenses such as saving for a deposit on their first home, a new car or simply saving in case of an emergency. Our research shows the young want this information and they will benefit from it. Of course young people can also seek advice from an independent financial advisor,’ he added.

Although the results indicate that grandparents are being reticent when it comes to offering financial advice, when they do it is gratefully received by young people. One in four, 26%, say they wished they had access to this knowledge more often, while only 2% say they resent receiving advice from their grandparents. Some 2% say they don't listen to it. In fact, more than one in ten, 14%, admit to being frustrated by the fact they hadn't made more of their grandparents' wealth of financial knowledge.

The NS&I research also highlighted some of our grandparents' favourite words of wisdom.
Two fifths, 41%, of grandparents are likely to say ‘never spend what you don't have', while
39% of grandparents are likely to say ‘take care of the pennies and the pounds will take care of themselves’. Also 35% of grandparents are likely to say ‘save for a rainy day, you never know what will happen in the future’.