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This study was designed to explore financial literacy in low-to moderate-income households with regard to saving behavior. The study examined the low-to moderate-income household's decision to save regularly and their responses to three questions related to financial literacy and a self-reported perception of financial knowledge. Perceived financial knowledge and planning (usually or most of the time) were good indicators of the decision to save regularly.

Previous studies on financial socialization have focused on adolescents or college students. This study examined the effect of financial socialization on the financial behaviors of adults aged 24–66 from low‐ and moderate‐income households. Data from the NC‐1172 Complex Nature of Saving data set were analyzed using ordinary least squares regressions and logistic regressions. The four dependent variables were spending less than income, making financial plans, monitoring spending, and having savings goals. Among other results, the regression analyses showed that (i) discussions about money with parents as a child and (ii) learning from financial planners significantly influenced adults’ financial management behavior. The findings suggest that financial socialization has a significant effect beyond adolescent or college years.