Spend as I say, not as I do: Children, families and household consumption in different socio‐economic contexts

Abstract

This article aims at contributing to a body of work about children and families by exploring the importance of socio‐economic context and social capital for understanding the ways in which money is perceived, obtained and used by children. Alleged contrasts in terms of money management, consumption priorities and postponement of gratification, especially among middle and working classes, have already been debated. It seems thus relevant to investigate if these presumable contrasts apply to children and why. Do children from different socio‐economic contexts reveal the traits that have been attributed to their households? To this end, a mixed methods research project was developed involving 245 children attending different primary schools in Portugal—one private school targeted at upper class children and one state‐sponsored school located in a working‐class area. The results revealed significant differences by school and household typology.

Impact of Financial Literacy and Parental Socialization on the Saving Behavior of University Level Students

“…Such types of parents do not involve their kids in different financial matter discussions. Second, there are some parents who try to educate their children about the different financial matters because they know that it is important for them to know about it to manage their budget and also to increase their savings (Leiser & Ganin, 1996;Ribeiro, Fonseca, & Soares, 2018). Homan (2016) argued that the parental education and socialization can help out in boosting the saving of individuals and decrease their borrowing.…”

Saving Model Under Financial Literacy

“…One of the main reason of insignificant results in current study about relationship of family background with saving decision could be the dual or categorical relationship of family members (parents) highlighted in literature. As stated by Ribeiro, Fonseca, and Soares (2018) that in one category parents want to teach their children about financial tasks and guide them in making financial decisions, which can be beneficial for children to make saving decisions rationally, while in category two, parents do not guide or teach their children about financial matters, which may adversely affect the children, so children may not become rational in making good financial decisions especially about saving. Beside parents, among family sibling effect can also be important factor which could lead to insignificant effect as Okudaira et.al.…”

“…Among family members parents play essential role for encouraging children for saving . Parents role has been categorized in two ways, some parents do not allow children to be involved in decision, as parents take all decisions, and other category of parents, are interactive in nature, they try to teach their children regarding financial matters (Ribeiro, Fonseca, & Soares 2018). Similarly, Afsar, Chaudhary, Iqbal, and Aamir (2018) also found that, parents with interactive characteristics also positively associated with saving.…”

“…Concerning to the current study framework, current study has attempted to know the effect of family background, and peer role on saving decisions, peer role and family background are treated as social factors that affects saving decisions. With regard to family background there is categorical and dual nature of parents (positive and negative) (Ribeiro, Fonseca, & Soares 2018;Robertson-Rose 2020). Due to this categorical nature from family, has different effect on saving.…”

A penny saved is a penny earned: How money‐view and self‐view jointly influence consumer financial behaviour

“…As a result, the role of money perceptions in financial behaviours is subject to social influences. For instance, the effect of children's money perceptions on their financial behaviours is heavily influenced by their parents (Casabayo et al., 2020; Ribeiro et al., 2018; Utkarsh et al., 2020). This logic suggests a possible interaction between money and social perceptions in influencing financial behaviour.…”