Financial Socialization: A Decade in Review

Ashley B. LeBaron () and Heather H. Kelley
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Ashley B. LeBaron: University of Arizona
Heather H. Kelley: Utah State University

Journal of Family and Economic Issues, 2021, vol. 42, issue 1, No 18, 195-206

Abstract: Abstract 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.

Keywords: Financial socialization; Review; Family financial socialization theory (search for similar items in EconPapers)
Date: 2021
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Citations: View citations in EconPapers (12)

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DOI: 10.1007/s10834-020-09736-2

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