Research Shows Dads Also Prioritize Talking to Their Kids about
Planning for the Future, Prompting Lincoln Financial’s Own Dads to Share
Their Top Financial Lessons
RADNOR, Pa.–(BUSINESS WIRE)–It turns out there is a reason why Dad is never shy in handing out
financial advice. According to Lincoln Financial Group’s (NYSE: LNC) Love
and Responsibility Survey, dads have a better understanding of
personal finance than the general population. The research also showed
88% percent of dads prioritize talking to their children about planning
for the future, and they have a good reason—nine in 10 (93%) dads want
to ensure their children have more opportunities than they had, and
having conversations about personal finance and financial planning can
help create those opportunities.
Considering that dads are prioritizing financial conversations and that
76% of dads feel they are doing a “good job” having these conversations,
it is not surprising that fathers’ understanding of several key personal
finance solutions exceeds the general population’s by more than 10
percentage points. Dads said they feel completely comfortable explaining
products like life
insurance (88% vs.76%), annuities
(63% vs. 47%), long-term
care (66% vs. 44%), accident
insurance (73% vs. 60%) and retirement
accounts (85% vs. 71%).
In honor of Father’s Day, a few Lincoln Financial dads shared the top
financial lessons they give their own kids:
-
John Luviano, Father of five, senior vice president, head of
Finance and Strategy, Retirement Plan Services: “Anytime there is
loose change lying around, we tell my three-year-old that she can have
it if she puts it in her piggy bank — and one day we will use it to
buy her something big. For my older kids, any money they receive for
birthdays and other events goes into their savings accounts. If they
want to buy something big that is 100% discretionary, like a new
lacrosse stick, we make them pay half. This helps them understand the
value of things.” -
Eric Reisenwitz, Father of one daughter, senior vice president,
chief operating officer, Group Protection: “Don’t buy something
you can’t afford to pay for now. I told my daughter this when I helped
her secure her first credit card. Since then, she’s never accrued any
credit card debt. In fact, she has been known to pay a credit card
bill before it’s actually processed, let alone when it’s due. More
importantly, she hasn’t asked Dad for money since she landed her first
job!” -
Brian Kroll, Father of one son, senior vice president, head of
Annuity Solutions: “When my son was younger, I focused on saving.
I started with an allowance and taught him to save a portion of it for
the future, and to set a goal to save for something that he wanted,
like a new basketball. We also spent time talking about investments
and picked a few companies that made things he liked – pizza, shoes
and video games. We bought a few shares in those companies for him to
follow.” -
Bill Nash, Father of three, senior vice president and head of
MoneyGuard distribution: “As a father of three, my advice when it
comes to long-term care is to have an open dialogue. It is not an easy
topic to discuss, but talking about your care preferences with your
family is a great step in creating a plan to protect against the
emotional and financial impacts of a long-term care event in your
family.”
Dads (and moms) who are looking to start that financial conversation
with their kids can leverage the tools and resources like these
calculators, available at www.lincolnfinancial.com,
where they’ll find more tools and resources to help plan for those they
love the most.
Methodology for the 2018 Love and Responsibility Survey
Results for the 2018 Lincoln Love & Responsibility Survey are based on
an online survey among 2,393 Americans ages 18+ that was conducted by
Whitman Insight Strategies on behalf of Lincoln Financial Group. Field
dates were from June 28 to July 3, 2018. The survey included a sample of
the General Population as well as over-samples to ensure data cuts by
Generational sub-groups as well as Hispanic/Latino Americans (N=432),
African Americans (N=417), Asian Americans (N=413), and LGBTQ Americans
(N=426). The overall sample was weighted to reflect the proportion of
these audiences by gender, age, region, race and Hispanic/Latino
ethnicity based on data from the U.S. Census Bureau. The margin of error
at the 95% level of confidence for the total sample is ±1.9%.
About Lincoln Financial Group
Lincoln Financial Group provides advice and solutions that help empower
people to take charge of their financial lives with confidence and
optimism. Today, more than 17 million customers trust our retirement,
insurance and wealth protection expertise to help address their
lifestyle, savings and income goals, as well as to guard against
long-term care expenses. Headquartered in Radnor, Pennsylvania, Lincoln
Financial Group is the marketing name for Lincoln National Corporation
(NYSE:LNC) and its affiliates. The company had $253 billion in assets
under management as of March 31, 2019. Lincoln Financial Group is a
committed corporate citizen included on major sustainability indices
including the Dow Jones Sustainability Index North America and
FTSE4Good. Additionally, Lincoln is dedicated to upholding a diverse and
inclusive organization and was recognized by Forbes as one of the Best
Large Employers, Best Employers for Diversity, and Best Employers for
Women and received a perfect score of 100 percent in on both the
Corporate Equality Index and Disability Equality Index. Learn more at: www.LincolnFinancial.com.
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Contacts
Holly Fair
484-583-1632
[email protected]
