It’s Father’s Day – that time of year when we celebrate our father figures: the dad jokes, the dodgy dance moves, the questionable music taste.
And depending on your age, you might even be catching yourself doing the same cringey things your Old Man did. But there’s something else we are likely to have inherited – our dad’s financial DNA.
According to a 2024 MoneySmart survey of 1,000 adults, 78% of people who watched their parents save diligently now do the same. Meanwhile, 63% who grew up with impulsive shoppers have picked up the habit, and 59% raised by overspenders struggle to rein it in themselves.
Lee Hancox, Head of Channel and Segment Marketing at Sanlam, says these findings highlight a powerful truth – our early experiences with money, and our parents’ money beliefs and behaviours, are likely to have shaped our financial behaviours more than we might realise.
“We inherit far more from our parents than just our physical traits,” Hancox explains. “Their attitudes towards money, their spending and saving patterns, and even the conversations they had–or didn’t have–about finances at home all contribute to our own financial blueprint. Often, these habits are absorbed subconsciously from a very young age, long before we’re making our own financial decisions.”
Here, Hancox shares how these financial habits take root and how you can build a new legacy of financial confidence and resilience.
The emotional weight of money
Money is rarely just about rands and cents; it’s deeply emotional. For many, an abundance of financial resources can mean a sense of freedom, security, and opportunity. Conversely, experiencing or observing financial scarcity can cultivate a ‘scarcity mindset’. This mindset can impact mental health, influence decision-making, and dictate how we approach saving, spending, and investing throughout our lives.
Hancox notes, “Whether we like it or not, we can all be emotional about money. If you grew up in a household where money was a constant source of stress, you might find yourself overly anxious about expenses, even when financially stable. Or you might swing the other way, spending impulsively as a reaction. You might also have a more balanced and confident approach if money were managed well and discussed openly.”
These ingrained responses and habits form our financial DNA. “Did your parents meticulously budget and save for every major purchase?” Hancox asks. “Or were they more spontaneous, perhaps living salary to salary? Were they open about finances, or was money a taboo subject? The answers to these questions often reveal the roots of your financial tendencies.”
Building a legacy of financial well-being
Hancox says recognising these patterns is the first step. “Understanding why you have certain financial impulses allows you to consciously decide if those behaviours are truly serving you and your future aspirations.”
She adds that breaking unhealthy cycles and building positive financial habits is an ongoing journey, but one that yields immense rewards. It starts with:
- Acknowledging and understanding: The first step is honest self-reflection. How did your parents manage money? How does that compare to your habits? The Sanlam Money Personalities quiz is an excellent tool to help you understand your money personality, which is often a blend of inherited traits and personal experiences. Knowing your type – whether you’re a Prepared Protector, Spontaneous Buyer, or Calculated Planner – can give a financial advisor the tools they need to provide objective insights, help you understand your inherited patterns, and develop personalised strategies to achieve your goals. Asking your dad to take the test could also be very insightful to ascertain how similar your money habits really are.
- Fostering open conversations: Discuss money matters more openly, especially with your children. Hancox says, “We need to get better at talking to our kids about finances from a young age. This openness isn’t just about teaching – it’s about building a healthy relationship with money. This helps demystify finances and equips them with critical life skills.”
- Establish healthy routines: Create a budget, set clear financial goals (short-term and long-term), and automate savings and investments where possible. Small, consistent actions compound over time.
- Lead by example: Your children are always watching. Demonstrate responsible financial behaviour, involve them in age-appropriate financial discussions, and teach them the value of saving and delayed gratification.
A future of financial confidence
This Father’s Day, consider the financial lessons you’ve inherited – both the explicit and the unspoken. Acknowledge their influence, but remember that you are the architect of your own financial future and that of the generations to come.
By understanding your financial DNA, embracing mindful financial practices, and seeking expert guidance when needed, you can cultivate lasting financial resilience.
Hancox concludes, “Teaching good money habits is ongoing. It takes patience, persistence, and repetition. By combining responsible digital awareness with the proven expertise of regulated professionals and a deeper understanding of our financial psychologies, we can build a solid foundation for financial success and help more South Africans live with confidence.”
