The Importance of Institutional Trust for Financial Service Providers among Young Adults and Their Parents in an Emerging Market

Boglárka Zsótér () and András Bauer ()
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Boglárka Zsótér: Institute of Marketing and Media, Corvinus University of Budapest, Hungary
András Bauer: Institute of Marketing and Media, Corvinus University of Budapest, Hungary

Society and Economy, 2019, vol. 41, issue 2, 211-225

Abstract: Trust in financial institutions can be seen as a foundation for loyalty and profits in the banking industry and is relevant for the macro economy as well. Young customers are more likely to lack trust due to their lack of personal experience in finance, although parental advice may lower their risk. In this paper the authors combine trust measures with intergenerational communication theory and test it on a large dyadic sample using Z-scores. The results show a strong, holistic intergenerational effect on institutional trust, but shed light on heterogeneity in the sample due to gender, financial independence and different communication styles.

Keywords: institutional trust; financial service providers; young adults; financial socialization; intergenerational effects (search for similar items in EconPapers)
JEL-codes: D14 O16 (search for similar items in EconPapers)
Date: 2019
Note: This work was created in commission of the National University of Public Service under the priority project KÖFOP-2.1.2-VEKOP-15-2016-00001 titled “Public Service Development Establishing Good Governance” and Budapest Metropolitan University.
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