Skip to main content
SpringerLink
Log in

Consumer Economic Socialization

  • Chapter
Handbook of Consumer Finance Research

Abstract

This chapter addresses the concept of consumer economic socialization as it has developed in the literature. Specifically, it covers the context in which the following have been studied: economic socialization; children and adolescents’ developmental competencies in understanding and participating in economic and consumer processes; and major agents of economic socialization, including culture, media, schools, peers, and families. Needs for further research are also briefly discussed.

This is a preview of subscription content, log in via an institution to check access.

Access this chapter

Log in via an institution
Chapter
USD 29.95
Price excludes VAT (USA)
  • Available as PDF
  • Read on any device
  • Instant download
  • Own it forever
eBook
USD 84.99
Price excludes VAT (USA)
  • Available as PDF
  • Read on any device
  • Instant download
  • Own it forever
Softcover Book
USD 109.00
Price excludes VAT (USA)
  • Compact, lightweight edition
  • Dispatched in 3 to 5 business days
  • Free shipping worldwide - see info

Tax calculation will be finalised at checkout

Purchases are for personal use only

Institutional subscriptions

Preview

Unable to display preview. Download preview PDF.

Unable to display preview. Download preview PDF.

References

  • Abramovitch, R., Freedman, J. L., & Pliner, P. (1991). Children and money: Getting an allowance, credit versus cash, and knowledge of pricing. Journal of Economic Psychology, 12, 27–45.

    Article  Google Scholar 

  • Allen, M. W., Edwards, R., Hayhoe, C. R., & Leach, L. (2007). Imagined interactions, family money management patterns and coalitions, and attitudes towards money and credit. Journal of Family and Economic Issues, 28, 3–22.

    Article  Google Scholar 

  • Anderson, S. A., & Sabatelli, R. M. (1990). Differentiating differentiation and individuation: Conceptual and operating challenges. The American Journal of Family Therapy, 18, 32–50.

    Article  Google Scholar 

  • Anderson, S. A., & Sabetelli, R. M. (1992). The differentiation in the family system scale (DIFS). The American Journal of Family Therapy, 20, 77–89.

    Article  Google Scholar 

  • Angeletos, G.-M., Liabson, D., Repetto, A., Tobacman, J., & Weinburg, S. (2001). The hyperbolic buffer stock model: Calibration, simulation, and empirical evaluation. Journal of Economic Perspectives, 15, 47–68.

    Article  Google Scholar 

  • Arnett, J. J. (2000). Emerging adulthood: A theory of development from the late teens through the twenties. American Psychology, 55, 469–480.

    Article  Google Scholar 

  • Bachmann, G. R., John, D., & Rao, A. R. (1993). Children’s susceptibility to peer group purchase influence: An exploratory investigation. In L. McAlister & M. L. Rothschild (Eds.), Advances in consumer research, (pp. 463–468, Vol. 20). Provo, UT: Association for Consumer Research.

    Google Scholar 

  • Bailey, W. C., & Lown, J. M. (1993). A cross-cultural examination of the etiology of attitudes towards money. Journal of Consumer Studies and Home Economics, 17, 391–402.

    Article  Google Scholar 

  • Belk, R. W. (1988). Third world consumer culture. Research in Marketing, 4, 103–127.

    Google Scholar 

  • Berti, A. E., & Bombi, A. S. (1979). Where does money come from? Archivio di Psicologia, 40, 53–77.

    Google Scholar 

  • Berti, A. E., & Bombi, A. S. (1988). The child’s construction of economics. Cambridge, MA: Cambridge University Press; Paris: Editions de la Maison des Sciences de l’Homme.

    Google Scholar 

  • Berti, A. E., Bombi, A. S., & Lis, A. (1982). The child’s conceptions about means and of production and their owners. European Journal of Social Psychology, 12, 221–239.

    Article  Google Scholar 

  • Berti, A. E., & Grivet, A. (1990). The development of economic reasoning in children from 8 to 13 years old: Price mechanism. Contributi di Psicologia, 3, 37–47.

    Google Scholar 

  • Beutler, I. F., Owen, A. J., & Hefferan, C. (1988). The boundary question in household production: A systems model approach. Home Economics Research Journal, 17(4), 267–278.

    Google Scholar 

  • Cram, F., & Ng, S. H. (1999). Consumer socialization. Applied Psychology: An International Review, 48(3), 297–312.

    Article  Google Scholar 

  • Cram, F., Ng, S. H., & Jhaveri, N. (1996). Young people’s understanding of private and public ownership. In P. Lunt & A. Furnham (Eds.), Economic socialization: The economic beliefs and behaviors of young people (pp. 110–1129). Cheltenham, UK: Edward Elgar.

    Google Scholar 

  • Cummings, S., & Taebel, D. (1978). The economic socialization of children: A Neo-Marxist analysis. Social Problems, 26(2), 198–210.

    Article  Google Scholar 

  • Delfabbro, P., & Thrupp, L. (2003). The social determinants of youth gambling in South Australian adolescents. Journal of Adolescence, 26, 313–330.

    PubMed  Google Scholar 

  • Diez-Martinez, E., & Ochoa, A. (2006). Occupational hierarchy as a device to study Mexican children’s and adolescents’ ideas about consumption and saving in adults. Journal of Economic Psychology, 27(1), 20–35.

    Article  Google Scholar 

  • Duveen, G. (1994). Review of Sonuga-Burke, E.J.S. and Webley, P. (1993), “Children’s savings: A study of the development of economic behaviour”, Hove, UK: Lawrence Erlbaum Associates. Journal of Economic Psychology, 15, 375–378.

    Article  Google Scholar 

  • Feather, N. T. (1991). Variables relating to the allocation of pocket money to children: Parental reasons and values. Journal of Social Psychology, 30, 221–234.

    Google Scholar 

  • Fergusson, D. M., Vitaro, F., Wanner, B., & Brendgen, M. (2007). Protective and compensatory factors mitigating the influence of deviant friends on delinquent behaviors during early adolescence. Journal of Adolescence, 30, 33–50.

    Article  PubMed  Google Scholar 

  • Flouri, E. (1999). An integrated model of consumer materialism: Can economic socialization and maternal values predict materialistic attitudes in adolescents? Journal of Socio-Economics, 28, 707–724.

    Article  Google Scholar 

  • Fox, J. J., Bartholomae, S., & Gutter, M. S. (2000). What do we know about financial socialization? Consumer Interests Annual, 46, 217.

    Google Scholar 

  • Furnham, A. (1984). Many sides of the coin: The psychology of money usage. Personality and Individual Differences, 5(5), 501–509.

    Article  Google Scholar 

  • Furnham, A. (1996). The economic socialization of children. . In P. Lunt & A. Furnham (Eds.), Economic socialization: The economic beliefs and behaviors of young people (pp. 11–34). Cheltenham, UK: Edward Elgar.

    Google Scholar 

  • Furnham, A., & Lewis, A. (1986). The economic mind: The social psychology of economic behavior. Great Britain: Harvester Press Publishing Group.

    Google Scholar 

  • Furnham, A., & Thomas, P. (1984). Adults’ perceptions of the economic socialization of children. Journal of Adolescence, 7, 217–231.

    Article  PubMed  Google Scholar 

  • Furth, H. (1980). The world of grown-ups. New York: Elsevier.

    Google Scholar 

  • Hayhoe, C. R., Leach, L. J., Turner, P. R., Bruin, M. J, & Lawrence, F. C. (2000). Differences in spending habits and credit card use of college students. The Journal of Consumer Affairs. 34(1), 113–133.

    Article  Google Scholar 

  • Hibbert, J. R., Beutler, I. F., & Martin, T. M. (2004). Financial prudence and next generation financial strain. Journal of Financial Counseling and Planning, 15(2), 9–16.

    Google Scholar 

  • Hoffmann, R., & Tee, J. (2006). Adolescent–adult interactions and culture in the ultimatum game. Journal of Economic Psychology, 27(1), 98–116.

    Article  Google Scholar 

  • Hollister, J., Rapp, D., & Goldsmith, E. (1986). Monetary practices of sixth-grade students. Child Study Journal, 16, 183–190.

    Google Scholar 

  • Hong Kwan, T., & Stacey, B. (1981). The understanding of socio-economic concepts in Malaysian Chinese school children. Child Study Journal, 11, 33–49.

    Google Scholar 

  • Jahoda, G. (1979). The construction of economic reality by some Glaswegian children. European Journal of Social Psychology, 9, 115–127.

    Article  Google Scholar 

  • Jahoda, G. (1983). European “lag” in the development of an economic concept: A study in Zimbabwe. British Journal of Developmental Psychology, 1, 113–120.

    Google Scholar 

  • Jahoda, G., & Woerdenbagch, A. (1982). The development of ideas about an economic institution: A cross-national replication. British Journal of Social Psychology, 21, 337–338.

    Google Scholar 

  • Jahoda, M. (1981). Work, employment and unemployment: Values, theories and approaches in social research. American Psychologist, 36, 184–191.

    Article  Google Scholar 

  • John, D. (1999). Consumer socialization of children: A retrospective look at twenty-five years of research. The Journal of Consumer Research, 26(3), 183–213.

    Article  Google Scholar 

  • Kasser, T., & Ryan, R.M. (1996). Further examining the American dream: Differential correlates of intrinsic and extrinsic goals. Personality and Social Psychology Bulletin, 22, 280–287.

    Article  Google Scholar 

  • Kasser, T., Ryan, R. M., Zax, M., & Sameroff, A. J. (1995). The relations of material and social environments to late adolescents’ materialistic and prosocial values. Developmental Psychology, 31(6), 907–914.

    Article  Google Scholar 

  • Lachance, M. J, Legault, F., & Bujold, N. (2000). Family structure, parent–child communication, and adolescent participation in family consumer tasks and decisions. Family and Consumer Sciences Research Journal, 29, 125–152.

    Article  Google Scholar 

  • Leahy, R. L. (1981). The development of the conception of economic inequality: Descriptions and comparisons of rich and poor people. Child Development, 52, 523–532.

    Article  Google Scholar 

  • Leahy, R. L. (1983). Development of the conception of economic inequality: II. Explanations, justifications, and concepts of social mobility and change. Developmental Psychology, 19, 111–125.

    Article  Google Scholar 

  • Leiser, D., & Halachmi, R. B. (2006). Children’s understanding of market forces. Journal of Economic Psychology, 27(1), 6–19.

    Article  Google Scholar 

  • Lèvy-Garboua, L., Lohèac Y., & Fayolle, B. (2006). Preference formation, school dissatisfaction and risky behavior of adolescents. Journal of Economic Psychology, 27(1), 165–183.

    Article  Google Scholar 

  • Lunt, P., & Furnham, A. (1996). Economic socialization: The economic beliefs and behaviors of young people. Cheltenham, UK: Edward Elgar.

    Google Scholar 

  • Mangleburg, T. F., & Grewal, D. (1997). Socialization, gender, and adolescents’ self-reports of their generalized use of product labels. Journal of Consumer Affairs, 31, 255–280.

    Article  Google Scholar 

  • Marshall, H. R. (1964). The relation of giving children an allowance to children’s money knowledge and responsibility and to other practices of parents. The Journal of Genetic Psychology, 104, 35–51.

    PubMed  Google Scholar 

  • Marshall, H. R., & Magruder, L. (1960). Relations between parent money education practices and children’s knowledge and use of money. Child Development, 31, 253–284.

    PubMed  Google Scholar 

  • Masuo, D. M., Miroutu, Y. L., Hanashiro, R., & Kim, J. H. (2004). College students’ money beliefs and behaviors: An Asian perspective. Journal of Family and Economic Issues, 25, 469–481.

    Google Scholar 

  • McNeal, J. U. (1999). Kids market: Myths and realities. Ithaca, NY: Paramount Market Publishing.

    Google Scholar 

  • Meeks, C. B. (1998). Factors influencing adolescents’ income and expenditures. Journal of Family and Economic Issues, 19(2), 131–150.

    Article  Google Scholar 

  • Miller, G. A., & Johnson-Laird, P. N. (1976). Language and perception. Cambridge, MA: Cambridge University Press.

    Google Scholar 

  • Miller, J., & Yung, S. (1990). The role of allowances in adolescent socialization. Youth Society, 22(2), 137–159.

    Article  Google Scholar 

  • Mortimer, J. T., Dennehy, K., Lee, C., & Finch, M. D. (1994). Economic socialization in the American family: The prevalence, distribution and consequences of allowance arrangements. Family Relations, 43, 23–29.

    Article  Google Scholar 

  • Nada Raja, S., McGee, R., & Stanton, W. (1992). Perceived attachments to parents and peers and psychological well-being in adolescence. Journal of Youth and Adolescence, 21, 471–485.

    Article  Google Scholar 

  • Ng, S. H. (1983). Children’s ideas about the bank and shops’ profit: Developmental stages and the influence of cognitive contrasts and conflict. Journal of Economic Psychology, 4, 209–221.

    Article  Google Scholar 

  • Ng, S. H., & Cram, F. (1990). Effects of cognitive conflict on children’s understanding of public ownership. Paper presented at the 22nd International Congress of Applied Psychology, Kyoto, Japan.

    Google Scholar 

  • Ng, S. H., & Jhaveri, N. (1988). Young people’s understanding of economic inequality: An Indian–New Zealand comparison. Paper presented at the XXIV International Congress of Psychology, Sydney, Australia.

    Google Scholar 

  • Piaget, J. (1932). The moral judgment of the child. London: Routledge and Kegan Paul.

    Google Scholar 

  • Pliner, P., Freedman, J., Abramovitch, R., & Drake, P. (1996). Children as consumers: In the laboratory and beyond. In P. Lunt & A. Furnham (Eds.), Economic socialization: The economic beliefs and behaviors of young people (pp. 11–34). Cheltenham, UK: Edward Elgar.

    Google Scholar 

  • Pollio, H., & Gray, T. (1973). Change-making strategies in children and adults. Journal of Psychology, 84, 173–179.

    Article  Google Scholar 

  • Rettig, K. D. (1983). Family as economic socialization agent. Illinois Teacher of Home Economics 27 (1), 5–7.

    Google Scholar 

  • Rettig, K. D., & Mortenson, M. (1986). Household production of financial management competence. Paper prepared for the Human Resources Symposium, St. Louis, Missouri.

    Google Scholar 

  • Richins, M. L., & Dawson, S. (1992). A consumer values orientation for materialism and its measurement: Scale development and validation. The Journal of Consumer Research, 19(3), 303–316.

    Article  Google Scholar 

  • Roberts, J. A., & Jones, E., (2001). Money attitudes, credit card use, and compulsive buying among American college students. The Journal of Consumer Affairs, 35, 213–240.

    Article  Google Scholar 

  • Schor, J. B. (2004). Born to buy: The commercialized child and the new consumer culture. New York: Scribner.

    Google Scholar 

  • Steinberg, L. (1996). Adolescence. Dubuque, IA: McGraw-Hill.

    Google Scholar 

  • Thompson, D. R., & Siegler, R. S. (2000). Buy low, sell high: The development of an informal theory of economics. Child development, 71, 660–677.

    Article  PubMed  Google Scholar 

  • Wallendorf, M., & Arnould, E. J. (1988). “My favorite things”: A cross-cultural inquiry into object attachment, possessiveness and social linkage. The Journal of Consumer Research, 14(4), 531–547.

    Article  Google Scholar 

  • Wärnyard, K. E. (1999). The psychology of saving. A study on economic psychology. Cheltenham, UK: Edward Elgar.

    Google Scholar 

  • Webley, P. (1996). Playing the market: The autonomous economic world of children. In P. Lunt & A. Furnham (Eds.), Economic socialization: The economic beliefs and behaviors of young people (pp. 149–161). Cheltenham, UK: Edward Elgar.

    Google Scholar 

  • Webley, P., & Nyhus, E. K. (2006). Parent’s influence on children’s future orientation and saving. Journal of Economic Psychology, 27(1), 140–164.

    Article  Google Scholar 

  • Webley, P., & Young, B. (2006). Forward. Journal of Economic Psychology, 27(1), 1–5.

    Article  Google Scholar 

  • Wood, M. (1998). Socio-economic status, delay of gratification, and impulse buying. Journal of Economic Psychology, 19, 295–320.

    Article  Google Scholar 

  • Wosinki, M., & Peitras, M. (1990). Economic socialization of Polish children in different macro-economics conditions. Journal of Economic Psychology, 11, 515–529.

    Article  Google Scholar 

  • Xiao, J. J., Noring, F. E., & Anderson, J. G. (1995). College students’ attitudes towards credit cards. Journal of Consumer Studies and Home Economics, 19, 155–174.

    Article  Google Scholar 

  • Zimmer-Gembeck, M. J., & Locke, E. M. (2007). The socialization of adolescent coping behavior: Relationships with families and teachers. Journal of adolescence, 30, 1–16.

    Article  PubMed  Google Scholar 

Download references

Author information

Authors and Affiliations

  1. School of Family Life, Brigham Young University, 2048 JFSB, Provo, UT 84602, USA

    Beutler Ivan

Authors
  1. Beutler Ivan
    View author publications

    You can also search for this author in PubMed Google Scholar

  2. Lori Dickson
    View author publications

    You can also search for this author in PubMed Google Scholar

Editor information

Editors and Affiliations

  1. University of Rhode Island Transition Center, 2 Lower College Rd., Kingston, RI 02881, USA

    Jing Jian Xiao Ph.D.

Rights and permissions

Reprints and permissions

Copyright information

© 2008 Springer Science+Business Media, LLC

About this chapter

Cite this chapter

Ivan, B., Dickson, L. (2008). Consumer Economic Socialization. In: Xiao, J.J. (eds) Handbook of Consumer Finance Research. Springer, New York, NY. https://doi.org/10.1007/978-0-387-75734-6_6

Download citation

Publish with us

Policies and ethics

Search

Navigation