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Financial Socialization: A Decade in Review.
Ashley B LeBaron1, Heather H Kelley2
1University of Arizona, Tucson, AZ USA.
Journal of Family and Economic Issues
|November 16, 2020
Summary
Financial socialization, encompassing family financial discussions and modeling, significantly impacts an individual's financial, relational, mental, and physical wellbeing. This review synthesizes literature from 2010-2019 on financial socialization processes and outcomes.
Area of Science:
- Family and Economic Sciences
- Psychology
- Sociology
Background:
- Financial socialization influences multiple dimensions of wellbeing, extending beyond financial health.
- Understanding the mechanisms and outcomes of financial socialization is crucial for individual and societal welfare.
Purpose of the Study:
- To review and synthesize the literature on family financial socialization theory and empirical evidence.
- To focus on research published between 2010 and 2019 in the Journal of Family and Economic Issues.
Main Methods:
- Literature review methodology.
- Thematic analysis of empirical studies on financial socialization processes and outcomes.
Main Results:
- Identified parent financial modeling, parent-child financial discussion, and experiential learning as key socialization processes.
- Documented outcomes including financial attitudes, knowledge, behaviors, and overall financial wellbeing.
Conclusions:
- Financial socialization is a multifaceted process with far-reaching implications for holistic wellbeing.
- Further research is needed to explore future directions in the field of financial socialization.
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