Intergenerational model of financial satisfaction and parent-child financial relationship

Zupančič, Maja (author), Poredoš, Mojca (author), Lep, Žan (author)

The study examined an intergenerational model of financial socialization and its outcomes that connects parents’ and their children’s self-perceived financial learning outcomes to satisfaction with financial management and parent-child financial relationships. The conceptual model was based on models of financial socialization processes contributing to healthy financial development of emerging adult students (Shim et al., 2010; Sirsch et al., 2020), but extended the links across two generations within the same family. Considering perspectives of both generations in a single model, it was tested in a sample of 482 pairs of Slovenian first-year university students and one of their parents. Structural equation modeling revealed that parental healthy financial learning outcomes (knowledge, behavioral control, behavior) shaped their children’s positive financial development (financial learning outcomes and satisfaction) and promoted the parents’ satisfaction with financial management. In turn, both the students’ and the parents’ financial management satisfaction positively predicted a joint measure of satisfaction with parent-child financial relationship. Similar links of financial learning outcomes to satisfaction with financial management and parent-child financial relationships were observed for both generations, even though parents and their children were financially socialized under different socioeconomic conditions.

• Language: English
• Keywords: financial relationship, parent-child, financial satisfaction, intergenerational model, financial socialization, financial management, students, parents, financial functioning, financial management satisfaction, parent-child financial relationships, intergenerational links
• Work type: Article
• Typology: 1.01 - Original Scientific Article
• Organization: FF - Faculty of Arts; PEF - Faculty of Education
• Publication status: Published
• Publication version: Version of Record
• Year: 2023
• Number of pages: Str. 2568–2591
• Numbering: Vol. 40, iss. 8
• PID: 20.500.12556/RUL-148263
• UDC: 33: 347.61
• ISSN on article: 1460-3608
• DOI: 10.1177/02654075231153352
• COBISS.SI-ID: 139627523
• Publication date in RUL: 08.08.2023

Record is a part of a journal

• Title: Journal of social and personal relationships
• Publisher: SAGE, International Association for Relationship Research
• ISSN: 1460-3608
• COBISS.SI-ID: 518297113

Licences

• License: CC BY-NC 4.0, Creative Commons Attribution-NonCommercial 4.0 International
• Link: http://creativecommons.org/licenses/by-nc/4.0/
• Description: A creative commons license that bans commercial use, but the users don’t have to license their derivative works on the same terms.

Secondary language

• Language: Slovenian
• Keywords: finance, finančno zadovoljstvo, finančni odnosi, starši – otroci, medgeneracijski model, finančna socializacija, menedžment

Projects

• Funder: ARRS - Slovenian Research Agency
• Project number: P5-0062
• Name: Uporabna razvojna psihologija

• Funder: Other - Other funder or multiple funders
• Name: Financial Socialization of Emerging Adults: The Roles of Parents, Work and Personal Values