Early family experiences and the financial behavior of college students: the impact of gender and gambling

Abstract

The ability of early family experiences to predict college student's financial behavior was explored and potential moderating effects of gambling status and gender were examined. Multiple family factors including child participation, maternal and paternal communication, maternal and paternal influence, and the age at which the child knew about and was involved in financial matters were utilized. Regression models attempting to predict student's financial impulsiveness, financial satisfaction, financial stress, and credit card debt were examined while ANOVA models were utilized to examine potential moderating effects. Results provided a mixed picture of the relationship of early family influences and later financial traits. The data indicates that males and females continue to be socialized differently. Paternal influence was found to be a significant predictor of impulsive spending, financial satisfaction, and credit card debt of college students. Maternal communication was significant in predicting financial satisfaction and financial stress. Childhood participation is related to impulsive spending and financial satisfaction. The age of financial involvement demonstrated a main effect for financial satisfaction. Financial satisfaction was also related to paternal communication. And finally, credit card debt for males alone was related to the level of maternal influence. General support for a social cognitive theory was found and the mixed findings point to a new model for explaining financial learning.