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Saving of freshmen and their parents in Slovenia : saving motives and links to parental financial socialization
ID Lep, Žan (Author), ID Zupančič, Maja (Author), ID Poredoš, Mojca (Author)

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Abstract
Spending money within the budget, financial planning, and saving represent important positive financial behaviors that contribute to financial satisfaction of emerging adults, which in turn predicts their satisfaction with life. In a mixed method study of Slovenian first-year university students (N = 515) and one of their parents, we qualitatively and quantitatively analyzed multi-informant survey data collected online on their motivation to save money and the factors that influence the students' choice (demographics, parental saving, and parental financial socialization). More than half of the freshmen and their parents saved money, mostly for long-term financial goals, larger investments, financial security in the future, and with self-gratification motives. Saving and the motives for saving were moderately associated within the student-parent dyads: The students whose parents saved tended to save themselves, and the saving motives of parents and their emerging adult children also showed similarities. The role of parents as agents of financial socialization in the students' healthy financial behavior was supported by significant associations between the students' recollection of parental socialization practices (direct financial teaching and financial monitoring) and their money saving.

Language:English
Keywords:finance, money, money saving, financial litaracy, management, socialization, emerging adulthood, young adults, students, parents, Slovenia, motives for saving
Typology:1.01 - Original Scientific Article
Organization:FF - Faculty of Arts
Year:2021
Number of pages:[18] str.
UDC:[159.922.8-053.81]:336.722.14
ISSN on article:1573-3475
DOI:10.1007/s10834-021-09789-x This link opens in a new window
COBISS.SI-ID:76424451 This link opens in a new window
Publication date in RUL:23.09.2021
Views:188
Downloads:50
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Record is a part of a journal

Title:Journal of family and economic issues
Shortened title:J. fam. econ. issues
Publisher:Kluwer
ISSN:1573-3475
COBISS.SI-ID:513187609 This link opens in a new window

Secondary language

Language:Slovenian
Keywords:finance, denar, varčevanje, finančna pismenost, upravljanje, socializacija, finančna socializacija, prehod v odraslost, mladi odrasli, študenti, starši, Slovenija

Document is financed by a project

Funder:ARRS - Agencija za raziskovalno dejavnost Republike Slovenije (ARRS)
izpis_stevilka_projekta:P5.0062
Name:Uporabna razvojna psihologija

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