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Financial Socialization: A Decade in Review

Author

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  • Ashley B. LeBaron

    (University of Arizona)

  • Heather H. Kelley

    (Utah State University)

Abstract

The financial socialization individuals receive is associated not only with their future financial wellbeing but also relational, mental, and physical wellbeing. This paper is a review of the literature on financial socialization, especially papers published between 2010 and 2019 in the Journal of Family and Economic Issues. We first review family financial socialization theory and then review empirical documentation for the theory, organized by (a) family socialization processes (e.g., parent financial modeling, parent-child financial discussion, and experiential learning as three primary methods of financial socialization) and (b) financial socialization outcomes (e.g., financial attitudes, financial knowledge, financial behaviors, and financial wellbeing). Finally, we discuss future directions for the field.

Suggested Citation

  • Ashley B. LeBaron & Heather H. Kelley, 2021. "Financial Socialization: A Decade in Review," Journal of Family and Economic Issues, Springer, vol. 42(1), pages 195-206, July.
    • Handle: RePEc:kap:jfamec:v:42:y:2021:i:1:d:10.1007_s10834-020-09736-2
    DOI: 10.1007/s10834-020-09736-2
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    References listed on IDEAS

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    1. J. Michael Collins & Sarah Halpern-Meekin & Melody Harvey & Jill Hoiting, 2023. "“I Don’t Like All Those Fees” Pragmatism About Financial Services Among Low-Income Parents," Journal of Family and Economic Issues, Springer, vol. 44(4), pages 807-820, December.
    2. Ashley B. LeBaron-Black & Jeremy B. Yorgason & Melissa A. Curran & Matthew T. Saxey & Rachel M. Okamoto, 2022. "The ABC-X’s of Stress among U.S. Emerging Adults during the COVID-19 Pandemic: Relationship Quality, Financial Distress, and Mental Health," IJERPH, MDPI, vol. 19(20), pages 1-16, October.
    3. Rachel M. Okamoto & Matthew T. Saxey & Jocelyn S. Wikle & Ashley B. LeBaron-Black, 2024. "Confident Commitment: Financial Self-Efficacy’s Indirect Association with Romantic Relationship Flourishing Through Financial Behaviors," Journal of Family and Economic Issues, Springer, vol. 45(1), pages 35-44, March.

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