Financial teaching by parents and financial education at school or workplace

Abstract

This study investigates the differential roles of financial socialization within the family versus fi- nancial education at school or the workplace, using data from a representative sample of 25,000 Japanese individuals. The results indicate that different platforms may play different roles. While the adults’ short-term financial behaviors, which involve regular feedback and immediate consequences for deviation, are primarily related to their parent’s financial advising in childhood, long-term finan- cial behaviors, which require complex planning and decision-making, are primarily related to finan- cial education received at school or the workplace. The results also suggest the benefits of accumulating financial experiences and education in different stages.