Financial socialization

Emily Koochel

Chapter 6 in Research Handbook on Personal Finance, 2026, pp 85-106 from Edward Elgar Publishing

Abstract: Financial socialization is a lifelong process that shapes financial knowledge, attitudes, and behaviors. Theories like social learning and family systems highlight the interconnectedness and influence of family, friends, media, and general social observation on how people think about and manage money. Implicit observations and explicit lessons shape confidence and decision-making. As financial socialization continues into adulthood, parental influence, socioeconomic status, and cultural norms remain key. Understanding these influences helps bridge financial literacy gaps, fostering stability and competence across life stages.

Keywords: Financial behavior; Family influence; Social learning theory; Financial well-being; Financial education; Parents (search for similar items in EconPapers)
Date: 2026
ISBN: 9781035323005
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