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Forming Financial Vision: How Parents Prepare Young Adults for Financial Success

Author

Listed:
  • Bryce L. Jorgensen

    (New Mexico State University)

  • David B. Allsop

    (Brigham Young University)

  • Samuel D. Runyan

    (Brigham Young University)

  • Brandan E. Wheeler

    (Mississippi State University)

  • David A. Evans

    (Purdue University)

  • Loren D. Marks

    (Brigham Young University)

Abstract

The current study used a multi-generational and qualitative approach to examine perceptions of what parents/grandparents taught their children/grandchildren about finances. Qualitative interviews were conducted with 98 participants consisting of 77 college students, 13 parents and eight grandparents. Team-based qualitative analyses of these interviews revealed three consistent themes: (1) the importance of setting financial goals, (2) planning and acting to meet financial goals, and (3) understanding the time value of money. About 70% of participants mentioned at least one of the three main themes in their interviews. In general, parents and grandparents held regret for not providing financial lessons earlier in life, while students demonstrated gratitude for helpful conversations and good examples from parents. Implications are discussed for practitioners, educators, and parents.

Suggested Citation

  • Bryce L. Jorgensen & David B. Allsop & Samuel D. Runyan & Brandan E. Wheeler & David A. Evans & Loren D. Marks, 2019. "Forming Financial Vision: How Parents Prepare Young Adults for Financial Success," Journal of Family and Economic Issues, Springer, vol. 40(3), pages 553-563, September.
    • Handle: RePEc:kap:jfamec:v:40:y:2019:i:3:d:10.1007_s10834-019-09624-4
    DOI: 10.1007/s10834-019-09624-4
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    References listed on IDEAS

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    Cited by:

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    2. Abdullah Al-Bahrani & Whitney Buser & Darshak Patel, 2020. "Early Causes of Financial Disquiet and the Gender Gap in Financial Literacy: Evidence from College Students in the Southeastern United States," Journal of Family and Economic Issues, Springer, vol. 41(3), pages 558-571, September.
    3. David B. Allsop & McKay N. Boyack & E. Jeffrey Hill & Christoffer L. Loderup & Joshua E. Timmons, 2021. "When Parenting Pays Off: Influences of Parental Financial Socialization on Children’s Outcomes in Emerging Adulthood," Journal of Family and Economic Issues, Springer, vol. 42(3), pages 545-560, September.
    4. Kenneth White & Kimberly Watkins & Megan McCoy & Bertranna Muruthi & Jamie Lynn Byram, 2021. "How Financial Socialization Messages Relate to Financial Management, Optimism and Stress: Variations by Race," Journal of Family and Economic Issues, Springer, vol. 42(2), pages 237-250, June.

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