Saving of freshmen and their parents in Slovenia : saving motives and links to parental financial socialization

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

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.
• PID: 20.500.12556/RUL-131187
• UDC: [159.922.8-053.81]:336.722.14
• ISSN on article: 1573-3475
• DOI: 10.1007/s10834-021-09789-x
• COBISS.SI-ID: 76424451
• Publication date in RUL: 23.09.2021

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

Secondary language

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

Projects

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