When Parenting Pays Off: Influences of Parental Financial Socialization on Children’s Outcomes in Emerging Adulthood

David B. Allsop (), McKay N. Boyack, E. Jeffrey Hill, Christoffer L. Loderup and Joshua E. Timmons
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David B. Allsop: Dalhousie University
McKay N. Boyack: Arizona State University
E. Jeffrey Hill: Brigham Young University
Christoffer L. Loderup: Utah Valley University
Joshua E. Timmons: University of Nebraska-Lincoln

Journal of Family and Economic Issues, 2021, vol. 42, issue 3, No 10, 545-560

Abstract: Abstract This study examined the influences of parental financial socialization during adolescence on emerging adults’ financial outcomes using Family Financial Socialization Theory. It utilized two waves of data from 307 triads—consisting of parents and emerging adults—from a large city in the Pacific Northwest of the United States. Time one was reported in 2012 by fathers and mothers when their 13 to 17-year-old children were adolescents and time two in 2017 by their emerging adult children 5 years later. Results of path analyses revealed that responsible parental financial behavior at Time 1 predicted greater financial satisfaction and lower financial independence for their emerging-adult children at Time 2. In addition, parental financial distress at Time 1 predicted lower financial satisfaction, higher financial distress, and higher financial independence for their children at Time 2. Implications for practitioners, educators, and parents are discussed.

Keywords: Family financial socialization theory; Financial behavior; Financial independence; Financial socialization; Emerging adulthood; Parenting (search for similar items in EconPapers)
Date: 2021
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DOI: 10.1007/s10834-020-09716-6

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