Exploring the Role of Financial Socialization on Financial Planning Students’ Financial and Career Confidence: A Thematic Analysis

Watkins, Kimberly; McCoy, Megan; White, Kenneth J.; Reiter, Miranda; Liu, Yingyi

doi:10.1007/s10834-023-09892-1

Cited by 3 publications

(3 citation statements)

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“…The financial socialization process takes place with the help of socialization agents. Socialization agents include parents and other family members, peers, schools, and media (Watkins et al, 2023). These are often referred to as the primary socialization agents that impact young individuals' psychological and behavioral development (LeBaron-Black et al, 2022;Nandan and Saurabh, 2019;Shim et al, 2010Shim et al, , 2015.…”

Section: Review Of Literature and Hypothesis Developmentmentioning

confidence: 99%

Section: Theoretical Background and Related Literaturementioning

confidence: 99%

“…Among the socialization agents, media offers the scope to individuals to intentionally seek, process, and use information that they deem relevant. Intentional financial socialization will lead to increased financial knowledge and, in turn, lead to better financial outcomes (Watkins et al. , 2023).…”

Section: Theoretical Background and Related Literaturementioning

confidence: 99%

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Financial planning propensity in working adults: exploring the role of media

Godase,

Supriya

2023

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PurposeThe study aims to explore the role of media in enhancing financial knowledge, financial self-efficacy, and financial planning propensity among working adults in India.Design/methodology/approachPrimary survey-based data (n = 542) were analyzed using covariance based-structural equation modeling.FindingsMedia has a positive impact on financial knowledge. Financial knowledge positively mediates the relationship between media usage and financial self-efficacy and financial planning propensity. Also, financial knowledge and financial self-efficacy positively mediate the relationship between media usage and financial planning propensity.Originality/valueThe role of media as a significant agent of consumer socialization is an under-researched area. The authors contribute to the existing literature by demonstrating the role of media in improving financial knowledge and financial self-efficacy to promote financial planning propensity among working adults.

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Section: Review Of Literature and Hypothesis Developmentmentioning

confidence: 99%

Section: Theoretical Background and Related Literaturementioning

confidence: 99%

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Financial planning propensity in working adults: exploring the role of media

Godase,

Supriya

2023

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The Link between Family Financial Socialization in Adulthood and Investment Literacy of P2P Investors

Legenzova,

Leckė

2024

J Fam Econ Iss

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This paper examines how family financial socialization in adulthood is linked to the development of investment literacy among individual family members within the context of innovative financial services, specifically peer-to-peer (P2P) lending. Our findings revealed that P2P lending investors engage in a moderate level family financial socialization suggesting that family, as a key financial socialization agent in childhood and adolescence, maintains its role in adulthood. Additionally, such investors possess a high-level investment knowledge, skills, and attitudes. Explicit family financial socialization has a significant and positive effect on the individuals’ investment knowledge, skills, and attitudes, while the effect of implicit financial socialization is significant but negative for knowledge and attitudes. Such findings suggest that family discussion among adult members result in higher, while observations of family members’ investment behavior led to lower investment literacy. Our study found no significant moderating effect of the strength of social ties indicating that dynamics of family relations neither strengthen nor weaken proximal socialization outcomes. The analysis of differences across demographic groups unveiled statistically significant distinctions concerning respondents’ gender, income, and education. These results provide important insights for stakeholders, underscoring the significant role family socialization in adulthood plays in shaping individuals’ investment literacy, particularly of those investing on P2P lending platforms.

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Financial anxiety: a systematic review

Ahamed,

Limbu

2024

IJBM

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Purpose Financial anxiety has become a global concern and a growing research area with significant potential to contribute to the behavioral and personal finance literature. Despite this, the literature is fragmented and inconsistent. Prior studies vary greatly in the breadth of definitions and measures of financial anxiety. There has been no systematic evaluation of literature on financial anxiety antecedents, consequences, and coping strategies. This systematic review fills this gap. Design/methodology/approach We followed the Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA) guidelines. We searched Scopus and Web of Science and identified 55 eligible studies published between 2009 and 2024. Findings Financial anxiety is defined and measured differently in different research domains. We identified several antecedents, including socio-demographic factors (e.g. gender, age, ethnicity, income, employment, racial background, and language proficiency), personality traits, compulsive and impulsive buying behavior, depression or other mental issues, family health issues, and the COVID-19 pandemic and consequences of financial anxiety, including psychological and psychic health, societal and personal relations, financial behavior and well-being, and job-related outcomes. In addition, the literature presents six financial anxiety coping strategies (self-imposed coping mechanisms, spiritual and theological resources, increased financial capability, social and family support, seeking professional help, and language proficiency training). Several future research directions are presented. Originality/value This review represents the first systematic compilation and evaluation of the research findings on financial anxiety.

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Exploring the Role of Financial Socialization on Financial Planning Students’ Financial and Career Confidence: A Thematic Analysis

Cited by 3 publications

References 32 publications

Financial planning propensity in working adults: exploring the role of media

Financial planning propensity in working adults: exploring the role of media

The Link between Family Financial Socialization in Adulthood and Investment Literacy of P2P Investors

Financial anxiety: a systematic review

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