Spending Today or Saving for Tomorrow: The Influence of Family Financial Socialization on Financial Preparation for Retirement

Scott Payne (), Jeremy Yorgason () and Jeffrey Dew ()

Journal of Family and Economic Issues, 2014, vol. 35, issue 1, 106-118

Abstract: Many of the factors that motivate individuals occur within the context of the family, and can be influenced through family socialization processes. To better understand the influence family socialization processes may have on financial capabilities and financial behaviors, 334 married couples were sampled. Structural equation modeling was used to examine both direct and indirect associations. Findings indicated direct relationships between materialism and financial strain, between religiosity and determination of needs, and between financial strain and saving for retirement. Indirect relationships were found between materialism and saving for retirement through financial strain. Our study found evidence to support the Family Financial Socialization theoretical framework. Financial counselors may benefit by understanding how couples socialize each other as they prepare for retirement. Copyright Springer Science+Business Media New York 2014

Keywords: Family socialization; Financial strain; Materialism; Religiosity; Retirement preparation (search for similar items in EconPapers)
Date: 2014
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (7)

Downloads: (external link)
http://hdl.handle.net/10.1007/s10834-013-9363-2 (text/html)
Access to full text is restricted to subscribers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:kap:jfamec:v:35:y:2014:i:1:p:106-118

Ordering information: This journal article can be ordered from
http://www.springer. ... es/journal/10834/PS2

DOI: 10.1007/s10834-013-9363-2

Access Statistics for this article

Journal of Family and Economic Issues is currently edited by Joyce Serido

More articles in Journal of Family and Economic Issues from Springer
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().