Is it because of your dad that you have a strong acumen for money? Or is it because of your mom that you have a weak willpower when you pass by a shopping mall?
Perhaps a part of the reason why we have a very low savings rate in North America is because of our genes, at least that what a new finding published in the Journal of Political Economy paper suggests late last year (via the London Telegraph).
According to the paper, one-third of the differences in our behaviors related to savings and investments could be because of our genes. The researchers noted that our good financial decisions are based on self-control, while our poor savings habits are genetically related to obesity and smoking.
Ostensibly, good parenting is an important characteristic to have when teaching children about personal finance, but these lessons quickly vanish once kids hit their 20s and become less financially dependent on parents.
When these sons and daughters hit the age of 40, the financial teachings of their parents have little to no impact at all. As we were taught in high school about the concepts of nature versus nature, it seems that when it comes to money nature is the winner.
Leave a Comment