Financial socialization, Review, Family financial socialization theory
The financial socialization individuals receive is associated not only with their future financial wellbeing but also relational, mental, and physical wellbeing. This paper is a review of the literature on financial socialization, especially papers published between 2010 and 2019 in the Journal of Family and Economic Issues. We first review family financial socialization theory and then review empirical documentation for the theory, organized by (a) family socialization processes (e.g., parent financial modeling, parent-child financial discussion, and experiential learning as three primary methods of financial socialization) and (b) financial socialization outcomes (e.g., financial attitudes, financial knowledge, financial behaviors, and financial wellbeing). Finally, we discuss future directions for the field.
Original Publication Citation
LeBaron, A. B., & Kelley, H. H. (2021). Financial socialization: A decade in review. Journal of Family and Economic Issues, 42,195–206. https://doi.org/10.1007/s10834-020-09736-2
BYU ScholarsArchive Citation
LeBaron, Ashley B. and Kelly, Heather H., "Financial Socialization: A Decade in Review" (2020). Faculty Publications. 5816.
Springer Science+Business Media
Family, Home, and Social Sciences
© Springer Science+Business Media, LLC, part of Springer Nature 2020
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