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Influence of family financial socialization on academic success in college


Sabri, Mohamad Fazli and Gudmunson, Clinton G. and Griesdorn, Timothy S. and Dean, Lukas R. (2020) Influence of family financial socialization on academic success in college. Journal of Financial Counseling and Planning, 31 (2). 267 - 283. ISSN 1052-3073; ESSN: 1947-7910


Explicit parent–child financial socialization is one way that parents may help children feel less stress in college and increase their academic performance. To test this assumption, we used family financial socialization theory to inform multivariate analysis of variance (MANOVA) and structural equation models (SEM). The results largely support the theory. Participants were 752 college students from a U.S. university. Specific findings indicate that students from more affluent families were more often taught to budget. Parent–child teaching/training was strongly associated with felt parental–financial influence and fewer worrisome academic behaviors because of economic pressure. Students who felt greater parent–financial influence and experienced fewer effects of economic pressure, achieved higher college grade point averages (GPAs). An implication of this study is the importance of strengthening support for financial learning in families.

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Additional Metadata

Item Type: Article
Divisions: Faculty of Human Ecology
DOI Number: https://doi.org/10.1891/JFCP-18-00052
Publisher: Springer Publishing Company
Keywords: Academic achievement; College students; Economic pressure; Financial counseling; Financial socialization; Parenting
Depositing User: Ms. Nuraida Ibrahim
Date Deposited: 20 Sep 2021 22:25
Last Modified: 20 Sep 2021 22:25
Altmetrics: http://www.altmetric.com/details.php?domain=psasir.upm.edu.my&doi=10.1891/JFCP-18-00052
URI: http://psasir.upm.edu.my/id/eprint/89365
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