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Gepubliceerd in: Journal of Youth and Adolescence 12/2010

01-12-2010 | Empirical Research

Financial Socialization of First-year College Students: The Roles of Parents, Work, and Education

Auteurs: Soyeon Shim, Bonnie L. Barber, Noel A. Card, Jing Jian Xiao, Joyce Serido

Gepubliceerd in: Journal of Youth and Adolescence | Uitgave 12/2010

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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.
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Metagegevens
Titel
Financial Socialization of First-year College Students: The Roles of Parents, Work, and Education
Auteurs
Soyeon Shim
Bonnie L. Barber
Noel A. Card
Jing Jian Xiao
Joyce Serido
Publicatiedatum
01-12-2010
Uitgeverij
Springer US
Gepubliceerd in
Journal of Youth and Adolescence / Uitgave 12/2010
Print ISSN: 0047-2891
Elektronisch ISSN: 1573-6601
DOI
https://doi.org/10.1007/s10964-009-9432-x