Abstract
How do youth and parents perceive their communication with each other? How do they perceive communication about money with each other? Are there differences between married-parent families and single-parent families? The reported study examined the discrepancies in perception between parents and youth and compares these differences between married and single-parent families. Although single-parent families had greater discrepancies in perceptions regarding communication in general, there was no evidence of such differences in discrepancies regarding communication about money. The finding suggests the importance of youth development programs to provide information and encouragement to both youth and their parents.
Highlights
There is a growing concern among public policy makers, educators, and researchers about financial literacy in the U.S population. These concerns are due in part to low and negative savings rates, record high levels of consumer debt and bankruptcy, risky mortgage borrowing coupled with abusive lending practices, and insolvent households (Bernanke, 2008; Bernheim, Garrett, & Maki, 2001; Braunstein & Welch, 2002; Greenspan, 2003; Warneryd, 1988)
Researchers have focused on family communication and consumer socialization of youth, but limited research has investigated communication between parents and youth about financial management
According to Mandell (2001), financial management discussions between parents and children were associated with the financial knowledge of the children
Summary
There is a growing concern among public policy makers, educators, and researchers about financial literacy in the U.S population. In 2003, Chairman of the Federal Reserve Board, Alan Greenspan cited rising financial stress as one reason for the growing need for financial and economic literacy education (Greenspan, 2003) Those same concerns have been expressed by Chairman Bernanke (2008). Studies of communication among parents and children on other topics (Carlson, Grossbart, Stuenkel, 1992; Moschins, 1985) suggest that family discussion of savings could improve the knowledge among youth (Carlson, Grossbart, Stuenkel, 1992; Moschins, 1985). Such discussion may have a significant impact on youth who currently do not see the importance of savings. While researchers have focused on the consumer socialization of children, little attention has been given to the impact of parents’ marital status and how it might affect consumer socialization. Mimura, Koonce, Mauldin, Rupured, and Jordan (2008) found that communication about saving within the family was influenced by the parent’s savings knowledge, parental selfefficacy, the marital status of the parent, and family (parent-youth) communication in general
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