Financial Socialization of College Students: Domain-General and Domain-Specific Perspectives

Ji Hyun Kim () and Julia Torquati ()
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Ji Hyun Kim: Korea Institute of Child Care and Education
Julia Torquati: University of Nebraska-Lincoln

Journal of Family and Economic Issues, 2019, vol. 40, issue 2, No 7, 226-236

Abstract: Abstract This study investigated the association of domain-general and domain-specific parenting practices with college students’ financial attitudes and behaviors. Data came from a survey of college students (n = 585, 156 males) aged 19–32 attending a Midwestern University. Parents’ financial behaviors significantly predicted college students’ financial attitudes. Path analysis indicated that college students’ financial attitudes mediated the association between their perceptions of parents’ financial behaviors and their own financial behaviors. Parental avoidance of financial conversation was inversely associated with college students’ financial attitudes, and parental disclosure of financial information was positively associated with college students’ financial attitudes. Family communication pattern significantly predicted college students’ financial attitudes and moderated the association between parents’ financial behaviors and college students’ financial attitudes. These findings underscore the importance of examining both domain-general and domain-specific parenting practices in socialization and indicate that parental explicit financial communication may amplify or attenuate the influence of parental modeling.

Keywords: Parent financial socialization; Family communication patterns; Domain-general and domain-specific socialization; Financial attitudes; College students (search for similar items in EconPapers)
Date: 2019
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Citations: View citations in EconPapers (7)

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DOI: 10.1007/s10834-018-9590-7

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