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Spending Today or Saving for Tomorrow: The Influence of Family Financial Socialization on Financial Preparation for Retirement

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  • Scott Payne

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  • Jeremy Yorgason

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  • Jeffrey Dew

    ()

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    Abstract

    Many of the factors that motivate individuals occur within the context of the family, and can be influenced through family socialization processes. To better understand the influence family socialization processes may have on financial capabilities and financial behaviors, 334 married couples were sampled. Structural equation modeling was used to examine both direct and indirect associations. Findings indicated direct relationships between materialism and financial strain, between religiosity and determination of needs, and between financial strain and saving for retirement. Indirect relationships were found between materialism and saving for retirement through financial strain. Our study found evidence to support the Family Financial Socialization theoretical framework. Financial counselors may benefit by understanding how couples socialize each other as they prepare for retirement. Copyright Springer Science+Business Media New York 2014

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    File URL: http://hdl.handle.net/10.1007/s10834-013-9363-2
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    Bibliographic Info

    Article provided by Springer in its journal Journal of Family and Economic Issues.

    Volume (Year): 35 (2014)
    Issue (Month): 1 (March)
    Pages: 106-118

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    Handle: RePEc:kap:jfamec:v:35:y:2014:i:1:p:106-118

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    Web page: http://www.springerlink.com/link.asp?id=104904

    Related research

    Keywords: Family socialization; Financial strain; Materialism; Religiosity; Retirement preparation;

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    1. Watson, John J., 2003. "The relationship of materialism to spending tendencies, saving, and debt," Journal of Economic Psychology, Elsevier, vol. 24(6), pages 723-739, December.
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