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Parental Influence on the Financial Literacy of Their School-Aged Children: An Exploratory Study

Faculty Mentor

Soo Hyun Cho

Abstract

The purpose of this research is to assess the parental perception about their financial habits and their children’s. This research was conducted through interviews, which were administered through email, on the phone, or in person, in October 2009. Financial literacy, promoting proper knowledge and habits, is very important in sustaining a healthy economy and in achieving a good personal financial situation. Danes (1994) points out that parents play an essential role in transferring knowledge of the realistic and sensitive aspects of money. Mandell (2009) states that the use or misuse of financial knowledge can affect an entire national economy. Clearly, more financial education is necessary for young adults to better the economy. The family is the source for most of a child’s financial knowledge. However, parents seem to pass only their own feelings about money on to their children. If more parents could factually educate their children about finance, children may be less likely to develop poor habits. If enough young adults entered the adult world with sound financial literacy, it could have a macroeconomic effect.

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