Parent’s Beliefs and Behaviours about the Economic Socialisation, through Allowances/Pocket Money, of Their Children

Abstract

This study aimed to examine the content, structure and correlates of parent's beliefs about how to educate their children about money and economic behaviour. 512 participants completed a questionnaire comprised of two scales assessing various beliefs and behaviours which was based on popular books on the topic. A principal component analysis was conducted on both questionnaire measures, yielding five interpretable factors from each scale. Regressions suggested that gender as well as religious and political orientation were key determinants of attitudes towards pocket money.

Age Specifics Of Economic Socialization Attributes And Criteria: Qualitative Study Results

“…Danes (1994) defined financial socialisation as "the process of acquiring and developing values, attitudes, standards, norms, knowledge, and behaviors that contribute to the financial viability and wellbeing of the individual" (Danes, 1994, p. 128). Economic socialization issues raise the interest of researchers in the field of economic psychology (Deyneka, 1999;Drobysheva, 2013Drobysheva, , 2017Furnham, 2008;Furnham & Milner, 2017;Webley & Nyhus, 2008, etc. ).…”

Characteristics of Economic Socialization of High School Students in the Northern Territories of Krasnoyarsk Krai and the Sakha (Yakutiya) Republic

“…In a collaborative study "Parent's Beliefs and Behaviors about the Economic Socialization, Through Allowances/Pocket Money, of Their Children" A. Furnham and R. Milner [7] address the content, structure and correlates of parents' beliefs in the way how to teach their children to deal with money and to economic behavior. There are 512 respondents engaged into a questionnaire consisting of two rating scales for different convictions and behaviors.…”

The Management of Student’s Pocket Money

“…If it continues to be ignored, it is feared that it will have a negative impact on the welfare or success of future students [1], [2]. Several studies have been conducted to socialize the management of pocket money [3]- [6]. For example, Furnham & Milner; Kirkcaldy, Furnham, and T. Martin in [3], [4] socialize pocket money in the community.…”

“…Several studies have been conducted to socialize the management of pocket money [3]- [6]. For example, Furnham & Milner; Kirkcaldy, Furnham, and T. Martin in [3], [4] socialize pocket money in the community. It is considered a social phenomenon [7].…”

“…Family environment dominates most of the activities at home. The establishment of financial capability in the family environment through interaction between parents and children [3], [10], [13]- [15]. On the other hand, most of the time students are spent outside with peers [16].…”