Abstract
Financial literacy research of the past 40 years (1970–2010) has largely ignored the reasons for sociodemographic differences in financial outcomes. The primary purpose of this paper is to initiate a theoretical discussion
regarding family financial socialization—what it is; why it is important; and how its tenets could help advance understanding
of individual differences in financial literacy. To this end, we propose a conceptual model that integrates family socialization
theory and recent trends in financial literacy research. The study concludes with an interdisciplinary critical review of
100 articles which provide illustrations, highlight gaps, and present opportunities for further research with many practical
guidelines for advancing deeper understanding of financial literacy from a socialization perspective.
regarding family financial socialization—what it is; why it is important; and how its tenets could help advance understanding
of individual differences in financial literacy. To this end, we propose a conceptual model that integrates family socialization
theory and recent trends in financial literacy research. The study concludes with an interdisciplinary critical review of
100 articles which provide illustrations, highlight gaps, and present opportunities for further research with many practical
guidelines for advancing deeper understanding of financial literacy from a socialization perspective.
- Content Type Journal Article
- Category Review Article
- Pages 1-24
- DOI 10.1007/s10834-011-9275-y
- Authors
- Clinton G. Gudmunson, Iowa State University, 4380 Palmer Building, Suite 1323, Ames, IA 50011, USA
- Sharon M. Danes, University of Minnesota, 275F McNeal Hall, 1985 Buford Ave, St. Paul, MN 55108, USA
- Journal Journal of Family and Economic Issues
- Online ISSN 1573-3475
- Print ISSN 1058-0476