I Wish: Multigenerational Regrets and Reflections on Teaching Children About Money

• Published in: Journal of family and economic issues Vol. 39; no. 2; pp. 220 - 232
• Main Authors: LeBaron, Ashley B., Hill, E. Jeffrey, Rosa, Christina M., Spencer, Travis J., Marks, Loren D., Powell, Joshua T.
• Format: Journal Article
• Language: English
• Published: New York Springer US 01.06.2018; Springer Nature B.V
• Subjects: Children; Children & youth; Education; Families & family life; Family; Financial literacy; Grandparents; Management; Millennials; Money; Original Paper; Parenthood education; Parents & parenting; Personal finance; Personality and Social Psychology; Social Policy; Social Sciences; Sociology; Teachers; Teaching; Parenting; Emerging adults; Family finance; Millennials; Financial socialization; Financial education; Qualitative
• ISSN: 1058-0476; 1573-3475
• DOI: 10.1007/s10834-017-9556-1

Millennials are struggling to meet current financial challenges. As we strive to improve financial capability in future generations, it is important that we look to the primary source of financial education: parents. This qualitative, multigenerational study explored what Millennials and their parents and grandparents ( N  = 153) wish they had been taught about finances by their parents, as well as what parents and grandparents wish they had taught their children. Thematic content coding of the interviews revealed three core “I Wish” themes: “Practical Knowledge,” “Financial Stewardship,” and “Open Communication.” These findings can assist researchers, family life educators, financial educators, parents, and future parents to enhance the financial education provided by parents in the home.