PARENTAL FINANCIAL SOCIALISATION AND SOCIOECONOMIC STATUS

Parental socioeconomic status (SES) is increasingly become important in parental financial socialisation. The main purpose of this study is to determine the difference in parental financial socialisation across parental SES. Parental financial socialisation is measured through parental financial tea...

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Bibliographic Details
Published inFinancial Studies Vol. 27; no. 1; pp. 39 - 58
Main Author Ndou, Adam
Format Journal Article
LanguageEnglish
Published Bucharest Victor Slavescu Centre for Financial and Monetary Research 01.03.2023
“Victor Slăvescu” Centre for Financial and Monetary Research
Subjects
Behavior
Education
education level
Ethnicity
Families & family life
Financial literacy
Financial management
financial teaching
Hypotheses
income level
Literature reviews
Parents & parenting
Socialization
Socioeconomic factors
Teaching
Young adults
South Africa
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Summary:Parental socioeconomic status (SES) is increasingly become important in parental financial socialisation. The main purpose of this study is to determine the difference in parental financial socialisation across parental SES. Parental financial socialisation is measured through parental financial teaching, while parental SES is measured through parental income levels and education levels. Two hypotheses are formulated and tested, H1 states that there is a significant difference in parental financial teaching across parental income levels. H2 states that there is a significant difference in parental financial teaching across parental levels of education. Descriptive statistics Levene's test, Welch robust test, Tukey HSD test and ANOVA are used to analysed data. The results showed that there is a significant difference in parental financial teaching across parental income levels. The results further showed that there is a significant difference in parental financial teaching across parental levels of education. Thus, the overall results indicated that there is a significant difference in parental financial socialisation across parental SES. The study concludes by suggesting interventions that could help parents, government, financial institutions, and other stakeholders to deal with parental SES to improve on parental financial socialisation, which will in turn have an impact on financial literacy and financial well-being of young adults.
ISSN:2066-6071