Start Money Talks With Mom, Fidelity Study Says
NEW YORK (TheStreet) -- Mothers Day is big business for U.S. retailers, whether mom wants you to spend big money on her or not (more on that in a moment.)
On the Friday before Mothers Day alone, MasterCard says, its network of U.S. florists takes in $20 million from consumers buying flowers. That makes mom's big day also a big day for florists -- they do 35% more business that Friday compared with any other day of the year.
Is mom really OK with all that spending?Maybe or maybe not, but one thing's for sure: Mothers are far more likely than fathers to give you an opinion on your spending habits -- on Mothers Day and every other day of the year, apparently. That's a primary conclusion drawn from Fidelity Investment's most recent Intra-Family Generational Finance Study, released Wednesday. The study, the third installment in a series from the Boston mutual fund firm, focuses on the differences and similarities among family members on personal financial matters. Fidelity says mothers are more natural "empathizers" than fathers on money matters, which makes it easier for children to discuss their finances. As a result:
- More mothers than fathers (79% to 69%) have had "comprehensive" dialogue about estate planning and wills with their adult children.
- More mothers than fathers (66% to 56%) discussed elderly care and disability insurance with their adult children.
- More mothers than fathers (70% to 55%) asked their adult offspring about covering living expenses in retirement.
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