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Poll: Who’s Your Biggest Financial Influence?

A series of polls indicate that while she’s losing ground, adults identify mothers as their strongest financial influence.

A poll taken in 2011 showed that adults identified their mother as their strongest financial influence (26%), edging out fathers (21%), spouses (16%), and the adults themselves (16%).

Four years later, the same questions resulted in a different response – more than a quarter of respondents said they rely on themselves as their biggest source of financial wisdom. Mom was still the leading relative influencer – 16 percent over Dad’s 14 percent.

Millennial adults still trust dear old mom – 31 percent said their mother was their biggest financial influence.

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More Americans are dipping into their retirement accounts as financial pressures continue to rise. Even though balances have grown in recent years, workers are increasingly turning to hardship withdrawals and loans to cover immediate expenses. It’s a trend that raises big questions about financial resilience, and the long term impact on retirement security. Tom Parks, AIF®, CRPS® | Director of Retirement Plan Services is here to discuss.

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