IDEAS home Printed from https://ideas.repec.org/
MyIDEAS: Log in (now much improved!) to save this article

The Influence of Parental Financial Socialization on Youth’s Financial Behavior: Evidence from Ghana

Listed author(s):
  • Gina Chowa
  • Mathieu Despard

    ()

Registered author(s):

    How youth manage their money may influence their transitions to adulthood. This may be particularly true for youth in sub-Saharan Africa (SSA), where many youth and young adults lack access to economic opportunities. Parental financial socialization is associated with youth financial knowledge, attitudes, and behavior in research studies conducted mostly in the US, yet little is known about the financial lives of youth living in SSA. Propensity score analysis and robust standard errors with multiple regression were used to examine the relationship between parental financial socialization and youth financial behaviors among a sample of 3,623 youth ages 12–19 and a parent or other adult guardian living in eight out of 10 regions of Ghana. Findings indicated that both parent- and youth-perceived parental financial socialization was a strong and consistent predictor of youth financial behaviors, as was receipt of earned income. Practitioners interested in empowering youth through financial education and inclusion programs might consider how to involve parents and other family members in programs and capitalize on opportunities for youth to have some earned income while they learn how to manage money. Copyright Springer Science+Business Media New York 2014

    If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

    File URL: http://hdl.handle.net/10.1007/s10834-013-9377-9
    Download Restriction: Access to full text is restricted to subscribers.

    As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.

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

    Volume (Year): 35 (2014)
    Issue (Month): 3 (September)
    Pages: 376-389

    as
    in new window

    Handle: RePEc:kap:jfamec:v:35:y:2014:i:3:p:376-389
    DOI: 10.1007/s10834-013-9377-9
    Contact details of provider: Web page: http://www.springer.com

    Order Information: Web: http://www.springer.com/social+sciences/journal/10834/PS2

    References listed on IDEAS
    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.:

    as
    in new window


    1. Ssewamala, Fred M. & Karimli, Leyla & Han, Chang-Keun & Ismayilova, Leyla, 2010. "Social capital, savings, and educational performance of orphaned adolescents in Sub-Saharan Africa," Children and Youth Services Review, Elsevier, vol. 32(12), pages 1704-1710, December.
    2. 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.
    3. Webley, Paul & Nyhus, Ellen K., 2013. "Economic socialization, saving and assets in European young adults," Economics of Education Review, Elsevier, vol. 33(C), pages 19-30.
    4. Tzu-Chin Peng & Suzanne Bartholomae & Jonathan Fox & Garrett Cravener, 2007. "The Impact of Personal Finance Education Delivered in High School and College Courses," Journal of Family and Economic Issues, Springer, vol. 28(2), pages 265-284, June.
    5. Webley, Paul & Nyhus, Ellen K., 2006. "Parents' influence on children's future orientation and saving," Journal of Economic Psychology, Elsevier, vol. 27(1), pages 140-164, February.
    6. Chen, Haiyang & Volpe, Ronald P., 1998. "An Analysis of Personal Financial Literacy Among College Students," Financial Services Review, Elsevier, vol. 7(2), pages 107-128.
    7. Chowa, Gina & Ansong, David & Masa, Rainier, 2010. "Assets and child well-being in developing countries: A research review," Children and Youth Services Review, Elsevier, vol. 32(11), pages 1508-1519, November.
    8. Norvilitis, Jill M. & MacLean, Michael G., 2010. "The role of parents in college students' financial behaviors and attitudes," Journal of Economic Psychology, Elsevier, vol. 31(1), pages 55-63, February.
    9. Deon Filmer & Lant Pritchett, 2001. "Estimating Wealth Effects Without Expenditure Data—Or Tears: An Application To Educational Enrollments In States Of India," Demography, Springer;Population Association of America (PAA), vol. 38(1), pages 115-132, February.
    10. Michael Gutter & Zeynep Copur, 2011. "Financial Behaviors and Financial Well-Being of College Students: Evidence from a National Survey," Journal of Family and Economic Issues, Springer, vol. 32(4), pages 699-714, December.
    11. Meyer, Jeff & Masa, Rainier D. & Zimmerman, Jamie M., 2010. "Overview of Child Development Accounts in developing countries," Children and Youth Services Review, Elsevier, vol. 32(11), pages 1561-1569, November.
    12. Wheeler-Brooks, Jennifer & Scanlon, Edward, 2009. "Perceived facilitators and barriers to saving among low-income youth," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 38(5), pages 757-763, October.
    13. Clinton Gudmunson & Ivan Beutler, 2012. "Relation of Parental Caring to Conspicuous Consumption Attitudes in Adolescents," Journal of Family and Economic Issues, Springer, vol. 33(4), pages 389-399, December.
    14. Moschis, George P, 1985. " The Role of Family Communication in Consumer Socialization of Children and Adolescents," Journal of Consumer Research, Oxford University Press, vol. 11(4), pages 898-913, March.
    15. Jinhee Kim & Jaslean LaTaillade & Haejeong Kim, 2011. "Family Processes and Adolescents’ Financial Behaviors," Journal of Family and Economic Issues, Springer, vol. 32(4), pages 668-679, December.
    16. Adam Hancock & Bryce Jorgensen & Melvin Swanson, 2013. "College Students and Credit Card Use: The Role of Parents, Work Experience, Financial Knowledge, and Credit Card Attitudes," Journal of Family and Economic Issues, Springer, vol. 34(4), pages 369-381, December.
    Full references (including those not matched with items on IDEAS)

    This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

    When requesting a correction, please mention this item's handle: RePEc:kap:jfamec:v:35:y:2014:i:3:p:376-389. 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 (Rebekah McClure)

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If references are entirely missing, you can add them using this form.

    If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.