Revaluing the Role of Parents as Financial Socialization Agents in Youth Financial Literacy Programs

Campenhout, Geert Van

doi:10.1111/joca.12064

Cited by 108 publications

(82 citation statements)

References 102 publications

(183 reference statements)

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“…A second conclusion, in accordance with those of other international studies (see Van Campenhout, ), is the importance of the family on the financial literacy of 15‐year‐old Spanish students. The family, a first‐order determinant in reading, science and math scores, is also a key variable in the development of financial skills.…”

Section: Discussionsupporting

confidence: 89%

Factors that influence the financial literacy of young Spanish consumers

Mancebón-Torrubia

Ximénez-de-Embún

Mediavilla

et al. 2019

Int J Consumer Studies

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This study examines the development of mathematical and financial literacy skills amongst 471 students in Spain. Most studies on this topic have looked at either one or the other skill but they have not examined the relationship between the two. The use of simultaneous equations has enabled us to do so. The aim of the paper is to disentangle the factors determining the financial skills of young consumers in Spain. To do this, the PISA Financial Literacy Assessment conducted by the OECD in 2012 is used. Our paper’s main contribution lies in the methodological way to deal with the empirical challenges overshadowing our study. Particularly, our methodological strategy is defined by the application of a multi‐level model of simultaneous equations (MSiEM). This method allows us to take into account the simultaneous determination of math and financial skills at school and the nested structure of the database. This MSiEM permits the identification of the determinants of financial skills, differentiating between the influences operating at school level from those at student level. A first conclusion is that the development of financial abilities of young consumers is mediated by their mathematical skills. A second conclusion, in accordance with those of other international studies, is the importance of the family on the financial literacy of 15‐year‐old Spanish students. The family, a first‐order determinant in reading, science and math scores, is also a key variable in the development of financial skills. Finally, school type (public vs. private) does not display any effect on either the financial or math performance of Spanish young people.

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Section: Discussionsupporting

confidence: 89%

Factors that influence the financial literacy of young Spanish consumers

Mancebón-Torrubia

Ximénez-de-Embún

Mediavilla

et al. 2019

Int J Consumer Studies

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“…In other words, Italian citizens having the same socioeconomic profile may show different financial attitudes and financial knowledge depending on the social and economic characteristics of the region where they live. Our findings suggest that people can also improve their financial knowledge and financial attitude through informal mechanisms rather than only through financial education and advice—for exmple, the socialization among family components (Tang ; Van Campenhout ), or in the workplace, or during the leisure activities that may allow people to maintain relationship with others and acquire their skills. Considering that many financial decisions are made several years after attending school, it is rational to think that factors other than formal education may contribute to financial literacy development.…”

Section: Discussionmentioning

confidence: 93%

Financial Literacy: The Role of the Local Context

Cucinelli

Trivellato

Zenga

2019

Journal of Consumer Affairs

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In this article, we investigate the role of local factors associated with the financial literacy of Italian adults (no. 945). Using a multilevel regression model, together with the common socioeconomic and sociodemographic variables already used in previous studies, we also add certain environmental variables at the local level. We separately analyze the three indexes that define the OECD financial literacy index—Financial Attitude Index (FAI), Financial Knowledge Index (FKI), and Financial Behavior Index (FBI)—because they show a dynamic of their own in each region. Our findings confirm that the FKI and the FAI are associated to some extent with environmental traits, while the FBI is not. We conclude that not only the sociodemographic and socioeconomic conditions of individuals but also certain features of the regional context where they live have an impact on their financial literacy. Consequences for financial education programs are highlighted.

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“…In addition to Drever et al (), who underscore the important role of parents in preparing children for financial functioning, another contribution in the special issue discusses parental influence. Van Campenhout (), in “Revaluing the Role of Parents as Financial Socialization Agents in Youth Financial Literacy Programs,” examines the parental role in helping youth develop financial capability. He recommends that financial literacy programs for youth integrate parents as vitally important supports.…”

Section: Action For Financial Capabilitymentioning

confidence: 99%