Review of Family Financial Decision Making: Suggestions for Future Research and Implications for Financial Education

• Published in: Financial counseling and planning Vol. 28; no. 2; pp. 253 - 267
• Main Authors: Kim, Jinhee, Gutter, Michael S., Spangler, Taylor
• Format: Journal Article
• Language: English
• Published: Westerville Springer Publishing Company 2017; Association for Financial Counseling and Planning Education
• Subjects: Behavioral Sciences; Children; Conflict Resolution; Counseling; Counseling Techniques; Couples; Decision Making; Expenditures; Family (Sociological Unit); Family Financial Resources; Family Income; Financial literacy; Gender Differences; General Counseling; Households; Husbands; Investment; Literature Reviews; Marriage and Family Counselling; Money Management; Personal finance; Problem Solving; Sex Role; Socialization; Spouses; Wives; United States > US; financial decision; family financial decision; financial socialization; family system
• ISSN: 1052-3073; 1947-7910
• DOI: 10.1891/1052-3073.28.2.253

This article reviews the theories and literature in intrahousehold financial decisions, spousal partners and financial decision making, family system and financial decision process, children, and financial decisions. The article draws conclusions from the literature review and discusses directions for future research and educational programs. Most financial education and counseling takes place at the individual level, whereas financial decisions take place at household and intrahousehold levels. Family members, spouses/partners, children, and others play a key role in individuals' financial decisions. The article proposes the key programmatic implications for financial professionals and educators that need to be integrated into financial education and counseling. Understanding the unique dynamics of family financial decision making would help create effective educational and counseling strategies for the whole families.