Much Ado about Money: Parent–Child Perceptions of Financial Disclosure

Can We Talk About Money? Financial Socialization Through Parent–Child Financial Discussion

“…These parental attitudes seemed to be influencing emerging adults' financial attitudes and behaviors. Romo (2011Romo ( , 2014 qualitatively examined financial disclosure and found that both parents and children were aware of family "rules" about when to share and when to conceal financial information; parents were hesitant to disclose personal financial information with their children, and common reasons for concealing included perception that disclosing was culturally unacceptable and perception that risk of disclosing outweighed reward.…”

“…Solheim and colleagues (2011) qualitatively examined both positive and negative family financial discussion (e.g., open discussion vs. finances as taboo) and identified principles or attitudes that some participants internalized, such as “money is a source of stress and conflict” and “money is a secret, private matter.” These parental attitudes seemed to be influencing emerging adults’ financial attitudes and behaviors. Romo (2011, 2014) qualitatively examined financial disclosure and found that both parents and children were aware of family “rules” about when to share and when to conceal financial information; parents were hesitant to disclose personal financial information with their children, and common reasons for concealing included perception that disclosing was culturally unacceptable and perception that risk of disclosing outweighed reward.…”

Handbook of Consumer Finance Research

“…Recent fi nancial socialization research has devoted some attention to studying family interactions during the developmental stages of childhood and adolescence (e.g., Kim, Lee, & Tomiuk, 2009 ;Romo, 2014 ). However, there has been a much greater focus on gathering retrospective data from young adult populations, and especially college student populations about childhood fi nancial experiences or interactions with their parents and connecting them to outcomes such as fi nancial knowledge, behaviors, or attitudes (e.g., Clarke, Heaton, Israelson, & Egett, 2005 ;.…”

Financial Conflict Messages and Marital Satisfaction: The Mediating Role of Financial Communication Satisfaction

“…However, we already know that the way in which couples communicate during conflict is more strongly associated with marital dissolution than the mere frequency in engaging in conflict (Gottman, 1994 Another important phenomenon that needs to be considered is the financial socialization effect (Danes, 1994). This suggests that children are socialized to treat money as private information, and views about how one should save, spend, and manage money are shaped by observations of how parents deal with these financial decisions (Romo, 2014). Solheim, Zuicker, and Levchenko (2011) analyzed this financial socialization effect when studying college students' narratives.…”

“…If financial conflicts can erode marital relationships, then it seems reasonable to suggest better communication about finances would seem to help minimize the negative consequences. Several studies have acknowledged the key to managing finances is better communication (e.g., Romo, 2011Romo, , 2014Romo, , 2015Romo & Vangelisti, 2014). For example, Archuleta, Britt, Tonn, and Grable (2011) argued:…”