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  • Podcast: Financial Socialization

    Dec 4, 2024 12:00 pm by Andrea PellegriniPodcastsBudgetsCreditEducationFacilitator GuidesNewsSaveSpend
    Financial Socialization

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    Financial Socialization

    The process by which we learn about money is called financial socialization. It shapes our spending habits throughout our lives.

    Resources from the Episode

    We discussed research, previous podcast episodes, and tools to help you understand your own financial socialization and learn more about its impacts on your financial life.

    Tools to Explore Your Financial Attitudes & Habits

    • Klontz Money Scripts Inventory is a tool to identify where your unconscious or conscious beliefs that you hold about money may lean.
    • Money Harmony is a book by Olivia Mellan that includes a quiz to identify your money personality.
    • Money Habitudes is a game that can be played with cards or online to learn about the thoughts, feelings, and behaviors regarding money.

    Relevant previous podcast episodes 

    Research on Financial Socialization

    Agnew, S., Maras, P., & Moon, A. (2018). Gender differences in financial socialization in the home—An exploratory study. International Journal of Consumer Studies, 42(3), 275–282. https://doi.org/10.1111/ijcs.12415 

    Anvari-Clark, J., & Betz-Hamilton, A. (2024). Factor Analyses of a Money Beliefs and Behaviors Assessment Tool. Journal of Financial Counseling and Planning, JFCP-2023-0144.R1. https://doi.org/10.1891/JFCP-2023-0144 

    Bucciol, A., Manfrè, M., & Veronesi, M. (2022). Family Financial Socialization and Wealth Decisions. The B.E. Journal of Economic Analysis & Policy, 22(2), 281–309. https://doi.org/10.1515/bejeap-2021-0065 

    Gudmunson, C. G., & Danes, S. M. (2011). Family Financial Socialization: Theory and Critical Review. Journal of Family and Economic Issues, 32(4), 644–667. https://doi.org/10.1007/s10834-011-9275-y 

    Hasler, A., & Lusardi, A. (2019). The gender gap in financial literacy: A global perspective. Global Financial Literacy Excellence Center. https://gflec.org  

    Jorgensen, B. L., Rappleyea, D. L., Schweichler, J. T., Fang, X., & Moran, M. E. (2017). The Financial Behavior of Emerging Adults: A Family Financial Socialization Approach. Journal of Family and Economic Issues, 38(1), 57–69. https://doi.org/10.1007/s10834-015-9481-0 

    Jorgensen, B. L., & Savla, J. (2010). Financial Literacy of Young Adults: The Importance of Parental Socialization. Family Relations, 59(4), 465–478. https://doi.org/10.1111/j.1741-3729.2010.00616.x 

    Khawar, S., & Sarwar, A. (2021). Financial literacy and financial behavior with the mediating effect of family financial socialization in the financial institutions of Lahore, Pakistan. Future Business Journal, 7(1), 27. https://doi.org/10.1186/s43093-021-00064-x 

    Kim, J., & Chatterjee, S. (2013). Childhood financial socialization and young adults' financial management. Journal of Financial Counseling and Planning, 24(1), 61.

    Kim, J., Gutter, M. S., & Spangler, T. (2020). Extended family financial socialization and financial behavior in adulthood. Journal of Family and Economic Issues, 41(3), 497-510. https://doi.org/10.1007/s10834-020-09674-3  

    Klontz, B., Britt, S. L., Mentzer, J., & Klontz, T. (2011). Money Beliefs and Financial Behaviors: Development of the Klontz Money Script Inventory. Journal of Financial Therapy, 2(1). https://doi.org/10.4148/jft.v2i1.451 

    Klontz, B. T., Britt, S. L., & Archuleta, K. L. (Eds.). (2015). Financial Therapy: Theory, Research, and Practice. Springer International Publishing. https://doi.org/10.1007/978-3-319-08269-1 

    LeBaron, A. B., & Kelley, H. H. (2021). Financial Socialization: A Decade in Review. Journal of Family and Economic Issues, 42(S1), 195–206. https://doi.org/10.1007/s10834-020-09736-2 

    LeBaron-Black, A. B., Kelley, H. H., Hill, E. J., Jorgensen, B. L., & Jensen, J. F. (2023a). Financial Socialization Agents and Spending Behavior of Emerging Adults: Do Parents, Peers, Employment, and Media Matter? Journal of Financial Counseling and Planning, 34(1), 6–19. https://doi.org/10.1891/JFCP-2021-0036 

    Mellan, O. (2014). Money harmony: Resolving money conflicts in your life and relationships. Walker and Company.  

    McGregor, S. (2005). Money HabitudesTM: A Guide for Professionals Working with Money Related Issues. International Journal of Consumer Studies, 29(4), 386–386. https://doi.org/10.1111/j.1470-6431.2005.00452.x 

    Pak, T., Fan, L., & Chatterjee, S. (2024). Financial socialization and financial well‐being in early adulthood: The mediating role of financial capability. Family Relations, 73(3), 1664–1685. https://doi.org/10.1111/fare.12959 

    Shim, S., Barber, B. L., Card, N. A., Xiao, J. J., & Serido, J. (2021). Financial socialization: A model of family pathways to financial well-being. Journal of Youth and Adolescence, 50(4), 788-806. https://doi.org/10.1007/s10964-020-01272-0   

    Tang, N., & Baker, A. (2016). Self-esteem, financial knowledge and financial behavior. Journal of Economic Psychology, 54, 164-176. https://doi.org/10.1016/j.joep.2016.04.005   

    Van Campenhout, G. (2015). Revaluing the Role of Parents as Financial Socialization Agents in Youth Financial Literacy Programs. Journal of Consumer Affairs, 49(1), 186–222. https://doi.org/10.1111/joca.12064 

    Xiao, J. J. (Ed.). (2016). Handbook of Consumer Finance Research. Springer International Publishing. https://doi.org/10.1007/978-3-319-28887-1 

    Zhao, H., & Zhang, L. (2020). Talking money at home: The value of family financial socialization. International Journal of Bank Marketing, 38(7), 1617–1634. https://doi.org/10.1108/IJBM-04-2020-0174 

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