Forming Financial Vision: How Parents Prepare Young Adults for Financial Success
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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.
KeywordsFinancial socialization Financial goals Parenting Family finance Emerging adults Qualitative
We acknowledge the College of Home, Family, and Social Sciences at Brigham Young University for funds that helped support this project. We also acknowledge funds provided by the Camilla Eyring Kimball professorship in the School of Family Life at Brigham Young University.
Compliance with Ethical Standards
Conflict of interest
Each author on this manuscript declares that he has no conflict of interest.
All procedures performed in studies involving human participants were in accordance with the ethical standards of the institutional and/or national research committee and with the 1964 Helsinki declaration and its later amendments or comparable ethical standards.
Informed consent was obtained from all individual participants included in the study.
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