Financial Socialization of First-year College Students: The Roles of Parents,Work, and Education |
| |
Authors: | Soyeon Shim Bonnie L Barber Noel A Card Jing Jian Xiao Joyce Serido |
| |
Institution: | (1) Norton School of Family and Consumer Sciences, The University of Arizona, 650 N. Park Avenue, McClelland Park, Tucson, AZ 85721, USA;(2) Department of Psychology, Murdoch University, Perth, Australia;(3) Division of Family Studies and Human Development, The University of Arizona, Tucson, USA;(4) Department of Human Development and Family Studies, University of Rhode Island, Kingston, USA |
| |
Abstract: | This cross-sectional study tests a conceptual financial socialization process model, specifying four-levels that connect anticipatory
socialization during adolescence to young adults’ current financial learning, to their financial attitudes, and to their financial
behavior. A total of 2,098 first-year college students (61.9% females) participated in the survey, representing a diverse
ethnic group (32.6% minority participation: Hispanic 14.9%, Asian/Asian American 9%, Black 3.4%, Native American 1.8% and
other 3.5%). Structural equation modeling indicated that parents, work, and high school financial education during adolescence
predicted young adults’ current financial learning, attitude and behavior, with the role played by parents substantially greater
than the role played by work experience and high school financial education combined. Data also supported the proposed hierarchical
financial socialization four-level model, indicating that early financial socialization is related to financial learning,
which in turn is related to financial attitudes and subsequently to financial behavior. The study presents a discussion of
how the theories of consumer socialization and planned behavior were combined effectively to depict the financial development
of young adults. Several practical implications are also provided for parents, educators and students. |
| |
Keywords: | |
本文献已被 PubMed SpringerLink 等数据库收录! |
|