family socialization, financial strain, materialism, religiosity, retirement preparation


Many of the factors that motivate individuals occur within the context of the family, and can be influenced through family socialization processes. To better understand the influence family socialization processes may have on financial capabilities and financial behaviors, 334 married couples were sampled. Structural equation modeling was used to examine both direct and indirect associations. Findings indicated direct relationships between materialism and financial strain, between religiosity and determination of needs, and between financial strain and saving for retirement. Indirect relationships were found between materialism and saving for retirement through financial strain. Our study found evidence to support the Family Financial Socialization theoretical framework. Financial counselors may benefit by understanding how couples socialize each other as they prepare for retirement.

Original Publication Citation

Payne, S.*, Yorgason, J., & Dew, J. P. (2014). Spending today or saving for tomorrow: The influence of family financial socialization on financial preparation for retirement. Journal of Family and Economic Issues, 35, 106 –118.

Document Type

Peer-Reviewed Article

Publication Date


Permanent URL


Journal of Family and Economic Issues




Family, Home, and Social Sciences


Family Life

University Standing at Time of Publication

Associate Professor