IDEAS home Printed from https://ideas.repec.org/a/kap/jfamec/v45y2024i1d10.1007_s10834-023-09892-1.html
   My bibliography  Save this article

Exploring the Role of Financial Socialization on Financial Planning Students’ Financial and Career Confidence: A Thematic Analysis

Author

Listed:
  • Kimberly Watkins

    (University of Georgia)

  • Megan McCoy

    (Kansas State University)

  • Kenneth White

    (University of Arizona)

  • Miranda Reiter

    (Texas Tech University)

  • Yingyi Liu

    (University of Georgia)

Abstract

In 2021, the Certified Financial Planner (CFP) Board expanded its Principal Knowledge Topics to include the domain Psychology of Financial Planning. This inclusion serves as an impetus for CFP Board Registered Programs to provide opportunities for students to explore their own attitudes and biases about money. However, little is written on how programs can aid students in this process of self-exploration. This paper introduces an experiential exercise to aid financial planning students in self-exploration. Using a thematic analysis, several themes emerged: (1) diversity in parental financial socialization, (2) anxiety about personal finances, and (3) use of technical knowledge to help loved ones. Additionally, women reported more traumatic money experiences, and men reported higher levels of career confidence. Implications can provide insights on how educational programs can aid financial planning students’ understanding of their own money beliefs to better serve future clients in the client psychology competency areas.

Suggested Citation

  • Kimberly Watkins & Megan McCoy & Kenneth White & Miranda Reiter & Yingyi Liu, 2024. "Exploring the Role of Financial Socialization on Financial Planning Students’ Financial and Career Confidence: A Thematic Analysis," Journal of Family and Economic Issues, Springer, vol. 45(1), pages 106-116, March.
    • Handle: RePEc:kap:jfamec:v:45:y:2024:i:1:d:10.1007_s10834-023-09892-1
    DOI: 10.1007/s10834-023-09892-1
    as

    Download full text from publisher

    File URL: http://link.springer.com/10.1007/s10834-023-09892-1
    File Function: Abstract
    Download Restriction: Access to full text is restricted to subscribers.
    File URL: https://libkey.io/10.1007/s10834-023-09892-1?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to

    for a different version of it.

    References listed on IDEAS

    as
    1. 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.
    2. Lusardi, Annamaria & Mitchell, Olivia S., 2011. "Financial literacy and retirement planning in the United States," Journal of Pension Economics and Finance, Cambridge University Press, vol. 10(4), pages 509-525, October.
    3. Eyssell, Thomas H., 1999. "Learning by doing: offering a university practicum in personal financial planning," Financial Services Review, Elsevier, vol. 8(4), pages 293-303.
    4. Moschis, George P & Moore, Roy L, 1979. "Decision Making among the Young: A Socialization Perspective," Journal of Consumer Research, Journal of Consumer Research Inc., vol. 6(2), pages 101-112, Se.
    5. Tabea Bucher-Koenen & Annamaria Lusardi & Rob Alessie & Maarten van Rooij, 2017. "How Financially Literate Are Women? An Overview and New Insights," Journal of Consumer Affairs, Wiley Blackwell, vol. 51(2), pages 255-283, July.
    6. 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.
    7. Thérèse Lind & Ali Ahmed & Kenny Skagerlund & Camilla Strömbäck & Daniel Västfjäll & Gustav Tinghög, 2020. "Competence, Confidence, and Gender: The Role of Objective and Subjective Financial Knowledge in Household Finance," Journal of Family and Economic Issues, Springer, vol. 41(4), pages 626-638, December.
    8. Dario Sansone & Mariacristina Rossi & Elsa Fornero, 2019. "“Four Bright Coins Shining at Me”: Financial Education in Childhood, Financial Confidence in Adulthood," Journal of Consumer Affairs, Wiley Blackwell, vol. 53(2), pages 630-651, June.
    9. Bryce L. Jorgensen & Damon L. Rappleyea & John T. Schweichler & Xiangming Fang & Mary E. Moran, 2017. "The Financial Behavior of Emerging Adults: A Family Financial Socialization Approach," Journal of Family and Economic Issues, Springer, vol. 38(1), pages 57-69, March.
    10. Kathleen Malone & Susan Stewart & Jan Wilson & Peter Korsching, 2010. "Perceptions of Financial Well-Being among American Women in Diverse Families," Journal of Family and Economic Issues, Springer, vol. 31(1), pages 63-81, March.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Elisabeth Sinnewe & Gavin Nicholson, 2023. "Healthy financial habits in young adults: An exploratory study of the relationship between subjective financial literacy, engagement with finances, and financial decision‐making," Journal of Consumer Affairs, Wiley Blackwell, vol. 57(1), pages 564-592, January.
    2. Man Yao & Tori I. Rehr & Erica P. Regan, 2023. "Gender Differences in Financial Knowledge among College Students: Evidence from a Recent Multi-institutional Survey," Journal of Family and Economic Issues, Springer, vol. 44(3), pages 693-713, September.
    3. Christoffer L. Loderup & Joshua E. Timmons & Elisabeth R. Kimball & E. Jeffrey Hill & Loren D. Marks & Ashley B. LeBaron, 2021. "How Do Parents Teach Their Children About Work? A Qualitative Exploration of Household Chores, Employment, and Entrepreneurial Experiences," Journal of Family and Economic Issues, Springer, vol. 42(1), pages 73-89, March.
    4. Samira Ben Belgacem & Ghousia Khatoon & Hussaini Bala & Abad Alzuman, 2024. "The Role of Financial Technology on the Nexus Between Demographic, Socio-economic, and Psychological Factors, and the Financial Literacy Gap," SAGE Open, , vol. 14(2), pages 21582440241, May.
    5. Yesenia Alvarez Padilla & Cäzilia Loibl & Barbara Boone, 2025. "Money Talks: Testing a Series of Financial Literacy Modules to Encourage Financial Conversations in Middle School Families," Journal of Family and Economic Issues, Springer, vol. 46(1), pages 1-20, March.
    6. Sumaira Khawar & Aamir Sarwar, 2021. "Financial literacy and financial behavior with the mediating effect of family financial socialization in the financial institutions of Lahore, Pakistan," Future Business Journal, Springer, vol. 7(1), pages 1-11, December.
    7. Bertola, Giuseppe & Lo Prete, Anna, 2025. "Who prefers guessing to admitting They Don't Know? Measurement error in financial literacy surveys," Journal of Economic Behavior & Organization, Elsevier, vol. 233(C).
    8. Julie Birkenmaier & David Rothwell & Mary Agar, 2022. "How is Consumer Financial Capability Measured?," Journal of Family and Economic Issues, Springer, vol. 43(4), pages 654-666, December.
    9. Ashley Larsen Gibby & Logan Pettit & E. Jeffrey Hill & Jeremy Yorgason & Erin Kramer Holmes, 2021. "Implicit and Explicit Childhood Financial Socialization: Protective Factors for Marital Financial Disagreements," Journal of Family and Economic Issues, Springer, vol. 42(2), pages 225-236, June.
    10. John de New & David Ribar & Christopher Ryan & Clement Wong, 2020. "Financial Outcomes in Adolescence and Early Adulthood in Australian Longitudinal Data," Australian Economic Review, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 53(1), pages 126-138, March.
    11. 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.
    12. NDOU, Adam, 2023. "Parental Financial Socialisation And Socioeconomic Status," Studii Financiare (Financial Studies), Centre of Financial and Monetary Research "Victor Slavescu", vol. 27(1), pages 39-58, March.
    13. Kenneth De Beckker & Kristof De Witte & Geert Van Campenhout, 2020. "The role of national culture in financial literacy: Cross‐country evidence," Journal of Consumer Affairs, Wiley Blackwell, vol. 54(3), pages 912-930, September.
    14. 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.
    15. Rink, Ute & Walle, Yabibal M. & Klasen, Stephan, 2021. "The financial literacy gender gap and the role of culture," The Quarterly Review of Economics and Finance, Elsevier, vol. 80(C), pages 117-134.
    16. Brandan E. Wheeler & Cecilia Brooks, 2024. "Financial Socialization, Financial Identity, and Financial Well-Being Among University Students Taking a Consumer Economics Course," Journal of Family and Economic Issues, Springer, vol. 45(4), pages 1-16, December.
    17. Potrich, Ani Caroline Grigion & Vieira, Kelmara Mendes & Kirch, Guilherme, 2018. "How well do women do when it comes to financial literacy? Proposition of an indicator and analysis of gender differences," Journal of Behavioral and Experimental Finance, Elsevier, vol. 17(C), pages 28-41.
    18. 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.
    19. Ji Hyun Kim & Julia Torquati, 2021. "Are You Close with Your Parents? The Mediation Effects of Parent–Child Closeness on Young Adults’ Financial Socialization Through Young Adults’ Self-reported Responsibility," Journal of Family and Economic Issues, Springer, vol. 42(2), pages 314-324, June.
    20. Kenneth J. White & Kim Love & Megan McCoy & Miranda Reiter & Desiree M. Seponski & Janet Koposko & Erica Regan, 2022. "Factors associated with the financial strain of transgender and gender diverse college students," Journal of Consumer Affairs, Wiley Blackwell, vol. 56(4), pages 1617-1637, December.

    More about this item

    Keywords

    ;
    ;
    ;
    ;
    ;

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:kap:jfamec:v:45:y:2024:i:1:d:10.1007_s10834-023-09892-1. See general information about how to correct material in RePEc.

    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 CitEc recognized a bibliographic reference but did not link an item in RePEc 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 RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.springer.com .

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

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.