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Financial Socialization of College Students: Domain-General and Domain-Specific Perspectives

Author

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  • Ji Hyun Kim

    (Korea Institute of Child Care and Education)

  • Julia Torquati

    (University of Nebraska-Lincoln)

Abstract

This study investigated the association of domain-general and domain-specific parenting practices with college students’ financial attitudes and behaviors. Data came from a survey of college students (n = 585, 156 males) aged 19–32 attending a Midwestern University. Parents’ financial behaviors significantly predicted college students’ financial attitudes. Path analysis indicated that college students’ financial attitudes mediated the association between their perceptions of parents’ financial behaviors and their own financial behaviors. Parental avoidance of financial conversation was inversely associated with college students’ financial attitudes, and parental disclosure of financial information was positively associated with college students’ financial attitudes. Family communication pattern significantly predicted college students’ financial attitudes and moderated the association between parents’ financial behaviors and college students’ financial attitudes. These findings underscore the importance of examining both domain-general and domain-specific parenting practices in socialization and indicate that parental explicit financial communication may amplify or attenuate the influence of parental modeling.

Suggested Citation

  • Ji Hyun Kim & Julia Torquati, 2019. "Financial Socialization of College Students: Domain-General and Domain-Specific Perspectives," Journal of Family and Economic Issues, Springer, vol. 40(2), pages 226-236, June.
    • Handle: RePEc:kap:jfamec:v:40:y:2019:i:2:d:10.1007_s10834-018-9590-7
    DOI: 10.1007/s10834-018-9590-7
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    References listed on IDEAS

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    1. Clinton Gudmunson & Sharon Danes, 2011. "Family Financial Socialization: Theory and Critical Review," Journal of Family and Economic Issues, Springer, vol. 32(4), pages 644-667, December.
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    6. Bryce L. Jorgensen & Damon L. Rappleyea & John T. Schweichler & Xiangming Fang & Mary E. Moran, 2017. "The Financial Behavior of Emerging Adults: A Family Financial Socialization Approach," Journal of Family and Economic Issues, Springer, vol. 38(1), pages 57-69, March.
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    Cited by:

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    3. Suzanne Bartholomae & Jonathan J. Fox, 2021. "A Decade Review of Research on College Student Financial Behavior and Well-Being," Journal of Family and Economic Issues, Springer, vol. 42(1), pages 154-177, July.
    4. Adam Ndou & Sam Ngwenya, 2022. "The Influence of Parental Financial Socialization on Young Black African Adults’ Financial Behavior," Eurasian Journal of Economics and Finance, Eurasian Publications, vol. 10(4), pages 120-134.
    5. Kenneth White & Kimberly Watkins & Megan McCoy & Bertranna Muruthi & Jamie Lynn Byram, 2021. "How Financial Socialization Messages Relate to Financial Management, Optimism and Stress: Variations by Race," Journal of Family and Economic Issues, Springer, vol. 42(2), pages 237-250, June.
    6. Adam Ndou, 2023. "The Relationship between Culture and Parental Financial Socialization," Eurasian Journal of Economics and Finance, Eurasian Publications, vol. 11(1), pages 41-51.
    7. Ji Hyun Kim & Julia Torquati, 2021. "Are You Close with Your Parents? The Mediation Effects of Parent–Child Closeness on Young Adults’ Financial Socialization Through Young Adults’ Self-reported Responsibility," Journal of Family and Economic Issues, Springer, vol. 42(2), pages 314-324, June.

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