This article tests a conceptual model of perceived parental influence on the financial literacy of young adults. Structural equation modeling was used to test whether (a) parents were perceived to influence young adults' financial knowledge, attitudes, and behaviors and (b) the degree to which young adults' financial attitudes mediated financial knowledge and perceived parental influence on young adults' financial behaviors. A sample consisting of 420 college students participated in the study. Findings by the College Student Financial Literacy Survey (CSFLS) indicated that perceived parental influence had a direct and moderately significant influence on financial attitude, did not have an effect on financial knowledge, and had an indirect and moderately significant influence on financial behavior, mediated through financial attitude. Financial issues are an important part of everyday life for individuals and families. The recent downturn in the economy provides numerous examples of how the lack of financial capability can impact family life. Negative economic trends

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Most financial socialization research focuses on two methods of learning: modeling and discussion. The purpose of this study is to qualitatively explore experiential learning as a third potential method of financial socialization used by parents. Specifically, we explored what children learned about finances through experiential learning and why parents used experiential learning as a financial socialization method. We used a multigenerational sample of emerging adults (ages 18-30) and their parents and grandparents (N = 115). Analyses revealed three core what themes (Working Hard, Managing Money, and Spending Wisely) and three core why themes (Learning Financial Skills, Acquiring Financial Values, and Becoming Financially Independent) related to experiential learning. These findings have implications for parents, researchers, and educators. In sum, we propose that experiential learning should be regarded as a principal method of financial socialization and should be considered in theory-building, research, and pedagogy.

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