Forming Financial Vision: How Parents Prepare Young Adults for Financial Success

Bryce L. Jorgensen (), David B. Allsop, Samuel D. Runyan, Brandan E. Wheeler, David A. Evans and Loren D. Marks
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Bryce L. Jorgensen: New Mexico State University
David B. Allsop: Brigham Young University
Samuel D. Runyan: Brigham Young University
Brandan E. Wheeler: Mississippi State University
David A. Evans: Purdue University
Loren D. Marks: Brigham Young University

Journal of Family and Economic Issues, 2019, vol. 40, issue 3, No 16, 553-563

Abstract: Abstract The current study used a multi-generational and qualitative approach to examine perceptions of what parents/grandparents taught their children/grandchildren about finances. Qualitative interviews were conducted with 98 participants consisting of 77 college students, 13 parents and eight grandparents. Team-based qualitative analyses of these interviews revealed three consistent themes: (1) the importance of setting financial goals, (2) planning and acting to meet financial goals, and (3) understanding the time value of money. About 70% of participants mentioned at least one of the three main themes in their interviews. In general, parents and grandparents held regret for not providing financial lessons earlier in life, while students demonstrated gratitude for helpful conversations and good examples from parents. Implications are discussed for practitioners, educators, and parents.

Keywords: Financial socialization; Financial goals; Parenting; Family finance; Emerging adults; Qualitative (search for similar items in EconPapers)
Date: 2019
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Citations: View citations in EconPapers (6)

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DOI: 10.1007/s10834-019-09624-4

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