Through The Generations

Father Knows Best: Dads Have a Better Understanding of Personal Finance Than the General Population

They also prioritize talking to their kids about planning for the future

New insights from  Lincoln Financial’s Love & Responsibility Survey compel the company’s own dads to share their top financial lessons. Visit here.

Tuesday, June 11, 2019 — 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:

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...

“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, 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: Follow us on Facebook, Twitter, LinkedIn, and Instagram. Sign up for email alerts at