Fathers shape their children’s financial life.
To that point, 56 percent of people said their fathers influenced their retirement savings and 62 percent said their retirement plans are similar to their dads’ strategy, according to a John Hancock Retirement Services survey of 1,007 Americans adults conducted in late April.
Paternal influence cuts both ways. A recent T. Rowe Price analysis found that people who have declared bankruptcy were more likely to have kids who do not save any money, compared to the children of people who didn’t declare bankruptcy.
Dads can raise their personal finance game this Father’s Day. Kerry Hannon, author of “Love Your Job: The New Rules of Career Happiness,” shared with CNBC’s “On the Money” about the best money lesson her father, Jack, who passed away nine years ago, taught her.