Spending Today or Saving for Tomorrow: The Influence of Family Financial Socialization on Financial Preparation for Retirement
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
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Hershey, D.A. & Henkens, C.J.I.M. & van Dalen, H.P., 2010. "Aging and financial planning for retirement : Interdisciplinary influences viewed through a cross-cultural lens," Other publications TiSEM b4f94fc9-8a77-44d1-9baa-5, Tilburg University, School of Economics and Management.
- Schulz, Amy J. & Israel, Barbara A. & Zenk, Shannon N. & Parker, Edith A. & Lichtenstein, Richard & Shellman-Weir, Sheryl & A.B., Laura Klem, 2006. "Psychosocial stress and social support as mediators of relationships between income, length of residence and depressive symptoms among African American women on Detroit's eastside," Social Science & Medicine, Elsevier, vol. 62(2), pages 510-522, January.
- James Poterba & Joshua Rauh & Steven Venti & David Wise, 2007.
"Defined contribution plans, defined benefit plans, and the accumulation of retirement wealth,"
in: Trans-Atlantic Public Economics Seminar (TAPES), Public Policy and Retirement, pages 2062-2086
National Bureau of Economic Research, Inc.
- Poterba, James & Rauh, Joshua & Venti, Steven & Wise, David, 2007. "Defined contribution plans, defined benefit plans, and the accumulation of retirement wealth," Journal of Public Economics, Elsevier, vol. 91(10), pages 2062-2086, November.
- James Poterba & Joshua Rauh & Steven Venti & David Wise, 2006. "Defined Contribution Plans, Defined Benefit Plans, and the Accumulation of Retirement Wealth," NBER Working Papers 12597, National Bureau of Economic Research, Inc.
- Douglas Hershey & Joy Jacobs-Lawson, 2012. "Bridging the Gap: Anticipated Shortfalls in Future Retirement Income," Journal of Family and Economic Issues, Springer, vol. 33(3), pages 306-314, September.
- Linda Skogrand & Alena Johnson & Amanda Horrocks & John DeFrain, 2011. "Financial Management Practices of Couples with Great Marriages," Journal of Family and Economic Issues, Springer, vol. 32(1), pages 27-35, March.
- Robert Blendon & John Benson, 2009. "America's Response to a Deep Recession," Challenge, M.E. Sharpe, Inc., vol. 52(4), pages 32-52, July.
- 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.
- Clinton Gudmunson & Sharon Danes, 2011. "Family Financial Socialization: Theory and Critical Review," Journal of Family and Economic Issues, Springer, vol. 32(4), pages 644-667, December.
- Guiso, Luigi & Sapienza, Paola & Zingales, Luigi, 2003.
"People's opium? Religion and economic attitudes,"
Journal of Monetary Economics,
Elsevier, vol. 50(1), pages 225-282, January.
- Luigi Guiso & Paola Sapienza & Luigi Zingales, 2002. "People's Opium? Religion and Economic Attitudes," NBER Working Papers 9237, National Bureau of Economic Research, Inc.
- Guiso, Luigi & Sapienza, Paola & Zingales, Luigi, 2002. "People's Opium? Religion and Economic Attitudes," CEPR Discussion Papers 3588, C.E.P.R. Discussion Papers.
- Belk, Russell W, 1985. " Materialism: Trait Aspects of Living in the Material World," Journal of Consumer Research, Oxford University Press, vol. 12(3), pages 265-80, December.
- Topa, Gabriela & Moriano, Juan A. & Moreno, Ana, 2012. "Psychosocial determinants of financial planning for retirement among immigrants in Europe," Journal of Economic Psychology, Elsevier, vol. 33(3), pages 527-537.
- Lee, Chulhee, 2001. "Life-Cycle Saving in the United States, 1900-90," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 47(2), pages 165-79, June.
- Andrew A Samwick, 2006. "Saving for Retirement: Understanding the Importance of Heterogeneity," Business Economics, Palgrave Macmillan, vol. 41(1), pages 21-27, January.
- Jing Xiao & Chuanyi Tang & Soyeon Shim, 2009. "Acting for Happiness: Financial Behavior and Life Satisfaction of College Students," Social Indicators Research, Springer, vol. 92(1), pages 53-68, May.
- Walker, Catherine M., 1996. "Financial management, coping and debt in households under financial strain," Journal of Economic Psychology, Elsevier, vol. 17(6), pages 789-807, December.
When requesting a correction, please mention this item's handle: RePEc:kap:jfamec:v:35:y:2014:i:1:p:106-118. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Sonal Shukla)or (Christopher F. Baum)
If references are entirely missing, you can add them using this form.