Extracts from a recent conversation:
K: "My sister is exactly the opposite of me. She spends every penny she can lay her hands on, She's always been like that - even as a little girl. I saved, she spent."
J: "My husband has three sisters who were always late getting ready, and so he would make his own sandwiches and walk to school. He's so self-sufficient. And he's great at managing money, but his sisters aren't."
And this brought up the inevitable million-dollar question: how can people who share the same gene-pool, who have had the same upbringing, be so very different, especially when it comes to how they deal with money?
But it also brought up something else: was the husband's behaviour the result of his nature? Or his nurture? Was he "nurtured" into becoming self-sufficient because the circumstances allowed him, or perhaps forced him, to do so? Or was he just like that anyway?
Most would agree that our genetic make-up influences our behaviour. To what extent, however, is where opinions differ. What we're exposed to also has a significant effect on how we conduct ourselves.
So let's look at this in terms of money-related behaviour - specifically:
Is it all in the genes and our upbringing? Is attempting to overcome "who we are" a losing battle?
Well, it turns out that only 33 per cent of our behaviour, when it comes to money, is affected by our DNA, this according to research by Henrik Cronqvist and colleagues, who studied genetic behaviour of investors and savers.
This is great news. It means that every one of us can change and modify how we react to things, so that our decisions are in tune with what's best for us, and not the result of what we've inherited. Whether we choose to learn from past mistakes, or invest the effort and energy in that journey of change is another matter.
And there's something else: it turns out that 40 to 50 per cent of a person's behaviour when it comes to saving money is affected by parenting - up until the age of 20 to 25. The parental influence then peters off significantly - reaching zero by the time people are in their 40s.
This is what researchers say: "Parents do not have a lifelong non-genetic impact on their children's savings.
The family environment when growing up and an individual's socioeconomic status later in life moderate genetic effects, so that more supportive environments result in a stronger genetic expression of savings behaviour."
There's one more thing I'd like to bring up this week too, namely that we can, and do, affect our children's lives in ways other than passing on our genes and the environment and experiences we expose them to.
We can change how our genes express themselves, and this has a profound impact on our offspring. Sounds mad doesn't it? After all, Darwin said that it takes generations to change our genes. But this isn't about altering genetic code; I'm talking about epigenetics - look it up. Put simply, how genes "work" is governed by cellular material — the epigenome — that sits on top of the genome, just outside it (hence the prefix "epi", which means above).
These epigenetic "marks" tell your genes to switch on or off, to dominate, or take a back seat. This is how environmental factors like diet, stress and prenatal nutrition can influence how a gene functions, and that form of expression is passed from one generation to the next.
An example of this is that children of men who smoked when they were younger than 11 (pre-puberty ie pre-sperm being formed) are prone to obesity and other health problems well into adulthood. It's very likely these boys will also have shorter lifespans.
Another example: the children of people who over-ate as youngsters are also prone to similar health problems.
Do you see? What you do - even as a young person - affects your offspring. So how about using that for their benefit? Instil great money habits in yourself and in your children, for the betterment of not only all of you, but future members of your family.
And so it is really how we choose to live that determines who and what we become. Experience and, most crucially, learning from mistakes is key to becoming better at handling money.
This is why researchers in this financial "nature vs nurture" space advocate that parents empower their children by allowing them to make their own financial decisions (and mistakes) early on, getting them on to that path of financial awareness as soon as possible.
So what are we up against? Sure we've got our parents, upbringing and environment to contend with - a lot of the time. But guess what, they don't have a lifelong impact on you. Your DNA isn't your destiny, and the buck stops with you. Literally.
Nima Abu Wardeh is the founder of the personal finance website www.cashy.me. You can contact her at nima@cashy.me
The biog
Name: Timothy Husband
Nationality: New Zealand
Education: Degree in zoology at The University of Sydney
Favourite book: Lemurs of Madagascar by Russell A Mittermeier
Favourite music: Billy Joel
Weekends and holidays: Talking about animals or visiting his farm in Australia
The Al Barzakh Festival takes place on Wednesday and Thursday at 7.30pm in the Red Theatre, NYUAD, Saadiyat Island. Tickets cost Dh105 for adults from platinumlist.net
Company%20Profile
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Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Globalization and its Discontents Revisited
Joseph E. Stiglitz
W. W. Norton & Company
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Company%20Profile
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The specs
Engine: four-litre V6 and 3.5-litre V6 twin-turbo
Transmission: six-speed and 10-speed
Power: 271 and 409 horsepower
Torque: 385 and 650Nm
Price: from Dh229,900 to Dh355,000
Pakistan Super League
Previous winners
2016 Islamabad United
2017 Peshawar Zalmi
2018 Islamabad United
2019 Quetta Gladiators
Most runs Kamran Akmal – 1,286
Most wickets Wahab Riaz –65
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RESULTS
6.30pm: Maiden Dh165,000 (Dirt) 1,200
Winner: Miqyaas, Adrie de Vries (jockey), Rashed Bouresly (trainer).
7.05pm: Handicap Dh165,000 (D) 1,600m
Winner: Untold Secret, Xavier Ziani, Salem bin Ghadayer.
7.40pm: Maiden Dh165,000 (D) 1,600m
Winner: Shanty Star, Fabrice Veron, Rashed Bouresly.
8.15pm: Handicap Dh190,000 (D) 1,600m
Winner: Alkaamel, Antonio Fresu, Musabah Al Muhairi.
8.50pm: Handicap Dh175,000 (D) 1,400m
Winner: Speedy Move, Richard Mullen, Satish Seemar.
9.25pm: Handicap Dh175,000 (D) 2,000m
Winner: Quartier Francois, Fernando Jara, Ali Rashid Al Raihe.
Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
England ODI squad
Eoin Morgan (captain), Moeen Ali, Jonny Bairstow, Jake Ball, Sam Billings, Jos Buttler, Tom Curran, Alex Hales, Liam Plunkett, Adil Rashid, Joe Root, Jason Roy, Ben Stokes, David Willey, Chris Woakes, Mark Wood.
COMPANY%20PROFILE
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The biog
Born November 11, 1948
Education: BA, English Language and Literature, Cairo University
Family: Four brothers, seven sisters, two daughters, 42 and 39, two sons, 43 and 35, and 15 grandchildren
Hobbies: Reading and traveling
Results
6.30pm: Mazrat Al Ruwayah – Group 2 (PA) $36,000 (Dirt) 1,600m, Winner: RB Money To Burn, Tadhg O’Shea (jockey), Eric Lemartinel (trainer)
7.05pm: Handicap (TB) $68,000 (Turf) 2,410m, Winner: Star Safari, William Buick, Charlie Appleby
7.40pm: Meydan Trophy – Conditions (TB) $50,000 (T) 1,900m, Winner: Secret Protector, William Buick, Charlie Appleby
8.15pm: Al Maktoum Challenge Round 2 - Group 2 (TB) $293,000 (D) 1,900m, Winner: Salute The Soldier, Adrie de Vries, Fawzi Nass
8.50pm: Al Rashidiya – Group 2 (TB) $163,000 (T) 1,800m, Winner: Zakouski, William Buick, Charlie Appleby
9.25pm: Handicap (TB) $65,000 (T) 1,000m, Winner: Motafaawit, Sam Hitchcock, Doug Watson
Scoreline:
Everton 4
Richarlison 13'), Sigurdsson 28', Digne 56', Walcott 64'
Manchester United 0
Man of the match: Gylfi Sigurdsson (Everton)
The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
The specs: 2018 Ducati SuperSport S
Price, base / as tested: Dh74,900 / Dh85,900
Engine: 937cc
Transmission: Six-speed gearbox
Power: 110hp @ 9,000rpm
Torque: 93Nm @ 6,500rpm
Fuel economy, combined: 5.9L / 100km
COMPANY%20PROFILE%20
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