PARENTAL FINANCIAL SOCIALISATION AND SOCIOECONOMIC STATUS

Adam Ndou

Studii Financiare (Financial Studies), 2023, vol. 27, issue 1, 39-58

Abstract: Parental socioeconomic status (SES) is increasingly become important in parental financial socialisation. The main purpose of this study is to determine the difference in parental financial socialisation across parental SES. Parental financial socialisation is measured through parental financial teaching, while parental SES is measured through parental income levels and education levels. Two hypotheses are formulated and tested, H1 states that there is a significant difference in parental financial teaching across parental income levels. H2 states that there is a significant difference in parental financial teaching across parental levels of education. Descriptive statistics Levene’s test, Welch robust test, Tukey HSD test and ANOVA are used to analysed data. The results showed that there is a significant difference in parental financial teaching across parental income levels. The results further showed that there is a significant difference in parental financial teaching across parental levels of education. Thus, the overall results indicated that there is a significant difference in parental financial socialisation across parental SES. The study concludes by suggesting interventions that could help parents, government, financial institutions, and other stakeholders to deal with parental SES to improve on parental financial socialisation, which will in turn have an impact on financial literacy and financial well-being of young adults.

Keywords: education level; income level; financial teaching (search for similar items in EconPapers)
JEL-codes: D14 G51 G53 (search for similar items in EconPapers)
Date: 2023
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

Downloads: (external link)
http://www.icfm.ro/RePEc/vls/vls_pdf/vol27i1p39-58.pdf

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:vls:finstu:v:27:y:2023:i:1:p:39-58

Access Statistics for this article

More articles in Studii Financiare (Financial Studies) from Centre of Financial and Monetary Research "Victor Slavescu" Contact information at EDIRC.
Bibliographic data for series maintained by Daniel Mateescu ().