ACCI Conference 2024

The purpose of this study is to better understand parent financial socialization processes and outcomes, with the ultimate goal of improving financial behaviors and financial wellbeing. With both qualitative and quantitative methodologies, we utilized reports from multiple generations from the same family (i.e., emerging adult, parent, and grandparent for qualitative; adolescent and parent for quantitative). From the preliminary qualitative results, we saw similar reports of parent-child financial discussion across all three generations of a family. By examining five families through a multi-generational lens, we gained a clearer picture of how financial socialization is not isolated to a parent-child dyad but flows continuously from generation to generation, with grandparents indirectly affecting the financial socialization (and subsequent financial outcomes) of their grandchildren. From the quantitative results, we conclude that Gudmunson and Danes’ family financial socialization theoretical model may not fully explain parent financial socialization processes and outcomes during adolescence. As researchers better understand parent financial socialization across generations, practitioners, educators, and policy makers will be better able to help parents improve this socialization, thus improving the financial behavior and wellbeing of young people.

Author(s): Ashley LeBaron-Black, Sofia Suxo-Sanchez, Loren Marks, Adam Rogers