The Effect of Family Financial Socialization Levels on Money Attitudes of University Students

Öz

The purpose of the study is to manifest university students' relationships with money not only in terms of their family financial socialization levels, but also in terms of their demographic and socio-economic characteristics. Moreover, in order to measure family financial socialization levels of university students, a new two-dimensional scale, which is composed of “financial experience and learning” and “money management skills”, is developed. The study is crucial in that it is most likely to create positive financial behaviours between parents and students by means of developing informal education in family. Besides, the research is highly likely to become beneficial for creating new financial education programs in educational institutions particularly on the issues of money attitudes and financial socialization. As far as the cause and effect relationships are concerned, it is detected that students’ worries about savings and financial literacy decreased inasmuch as their financial experiences and learning increased. In addition to this result, it is observed that students’ mindful and responsible attitude increased in that their money management skills increased. Finally, it is ascertained significant differences between family financial socialization and demographic and socio-economic characteristics and also between money attitudes and demographic and socio-economic characteristics. 

Anahtar Kelimeler

• Family Financial Socialization
• Money Management Skills
• Financial Experience
• Financial Literacy
• Money Attitude

Üniversite Öğrencilerinin Aile Finansal Sosyalleşme Düzeylerinin Para Tutumlarına Etkisi

Öz

Araştırmanın amacı, üniversite öğrencilerinin parayla olan ilişkilerini; yalnızca ailelerindeki finansal sosyalleşme düzeyleri açısından değil, aynı zamanda demografik ve sosyo-ekonomik özellikleri açısından açıkça ortaya koymaktır. Bunun dışında, üniversite öğrencilerinin aile finansal sosyalleşme düzeylerini ölçmek için “finansal deneyim ve öğrenme” ile “para yönetimi becerilerinden” oluşan iki boyutlu yeni bir ölçek geliştirilmiştir. Bu araştırma, ailede yaygın eğitimin geliştirilmesi yoluyla ebeveynler ve öğrenciler arasında olumlu finansal davranışlar yaratma olasılığının yüksek olması sebebiyle önem arz etmektedir. Ayrıca, araştırma, eğitim kurumlarında, özellikle para tutumları ve finansal sosyalleşme konularında yeni finansal eğitim programları oluşturmak için büyük olasılıkla faydalı olacaktır. Neden-sonuç ilişkilerine gelince, öğrencilerin finansal deneyimleri ve öğrenmeleri arttıkça birikim ve finansal okuryazarlık konusundaki endişelerinin azaldığı tespit edilmiştir. Bu sonuca ilave olarak, öğrencilerin para yönetimi becerilerinin artmasıyla dikkatli ve sorumlu tutumlarının arttığı görülmüştür. Son olarak, aile finansal sosyalleşmesi ile demografik ve sosyo-ekonomik özellikler arasında ve ayrıca parasal tutumlar ile demografik ve sosyo-ekonomik özellikler arasında önemli farklılıklar tespit edilmiştir. 

Anahtar Kelimeler

• : Aile Finansal Sosyalleşme
• Para Yönetimi Becerileri
• Finansal Deneyim
• Finansal Okuryazarlık
• Para Tutumu

Kaynakça

1. Antoni, Z.L., Rootman, C. and Struwig, FW. (2019). The influence of parental financial socialisation techniques on student financial behaviour. International Journal of Economic and Finance Studies, 11(2), 72-88. doi: 10.34109 / İJEFS.201911205.
2. Bowen, C. F. (2002). Financial knowledge of teens and their parents. Financial Counselling and Planning, 13(2), 93-101.
3. Chui, C. T. B. and Sidin, S. Md. (2011). Satisfying women’s status desires: Role of money attitude and consumer vanity in status consumption. Asia Pacific Advances in Consumer Research, 9(329), 328-335.
4. Cwynar, A., Cwynar, W., Baryla-Matejczuk, M. and Betancort, M. (2019). Sustainable debt behavior and well-being of young adults: The role of parental financial socialisation process. Sustainability, 11(24), 1-26. doi: 10.3390 / su11247210.
5. Danes, S. M. (1994). Parental perception of children’s financial socialization. Counselling and Planning, 5, 127-146, Access address: https://www.afcpe.org/wp-content/uploads/2018/10/vol-58-1.pdf, (04.05.2020).
6. Dilworth, J. L., Chenoweth, L. C. and Engelbrecht, J. (2000). A qualitative study of the money goals of college students and their parents. Financial Counselling and Planning, 11(2), 33-42.
7. Doğan, V. and Torlak, Ö. (2014). The relationship between symbolic money meanings and materialism. Business and Economics Research Journal, 5(2), 1-17.
8. Dowling, N. A., Corney, T. and Hoiles, L. (2009). Financial management practices and money attitudes as determinants of financial problems and dissatisfaction in young male Australian workers. Journal of Financial Counselling and Planning, 20(2), 5-13.

9. Falahati, L. and Paim, L. H. (2011). A comparative study in money attitude among university students: A gendered view. Journal of American Science, 7(6), 1144-1148.
10. Fenton-O’Creevy, M. and Furnham, A. (2019). Personality, ideology, and money attitudes as correlates of financial literacy and competence. Financial Planning Review, 3(1), 1-14. doi: 10.1002/cfp2.1070.
11. Furnham, A. (1984). Many sides of the coin: The psychology of money usage. Personality and Individual Differences, 5(5), 501-509.
12. Furnham, A. (2019). The personality disorders and money beliefs and behaviors. Financial Planning Review, 2(5), 1-9. doi: 10.1002/cfp2.1046.
13. Furnham, A. and Milner, R. (2017). Parent’s beliefs and behaviors about the economic socialisation, through allowances/pocket money of their children. Scientific Research Publishing, 8(8), 1216-1228.
14. Furnham, A., Stumm, S. and Fenton-O’ Creevy, M. (2014). Sex differences in money pathology in the general population. Social Indicators Research, 123(3), 701-711. doi: 10.1007/s11205-014-0756-x.
15. Furnham, A., Stumm, S. and Milner, R. (2014). MoneyGrams: Recalled childhood memories about money and adult money pathology. Journal of Financial Therapy, 5(1), 40-54. doi: 10.414/1944-9771.1059.
16. Garrison, S. T. (2010). Gender differences in financial socialization and willingness to take financial risks. (Unpublished master’s thesis), University of Florida.
17. Gasiorowska, A. (2015). The impact of money attitudes on the relationship between income and financial satisfaction. Polish Psychological Bulletin, 46(2), 197-208. doi: 10.1515/ppb-2015-0026.
18. Gasiorowska, A. and Helka, A. M. (2012). Psychological consequences of money and money attitudes in dictator game. Polish Psychological Bulletin, 43(1), 20-26. doi: 10.2478/v10059-012-0003-8.
19. Glenn, C. E. (2018). The influence of financial socialization on young adults. Doctoral Dissertation, Personal Financial Planning College of Human Ecology, Kansas State University, Manhattan, Kansas.
20. Gudmunson, C. G. and Danes, S. M. (2011). Family financial socialization: Theory and critical review. Journal of Family and Economic Issues, 32(4), 644-667. doi: 10.10077s10834-011-9275-y.
21. Hilgert, M. A., Hogart, J. M. and Beverly, S. G. (2003). Household financial management: The connection between knowledge and behavior. Federal Reserve Bulletin, 89(7), 309-322.
22. Juneman, A., Eko, M., and Wahyu, R. (2012). Symbolic meaning of money, self-esteem, and identification with Pancasila values. Social and Behavioral Sciences, 65, 106-115. doi: 10.10167J.sbspro.2012.11.099.
23. Kim, J. and Chatterjee, S. (2013). Childhood financial socialization and young adults’ financial management. Journal of Financial Counseling and Planning, 24(1), 61-79.
24. Klontz, B. T., Bivens, A., Klontz, P.T., Wada, J. and Kahler, R. (2008). The treatment of disordered money behaviors: Results of an open clinical trial. Psychological Services, 5(3), 295-308. doi: 10.1037/1541-1559.5.3.295.
25. Klontz, B. T., Britt, S. L. and Mentzer, J. (2011). Money beliefs and financial behaviors: Development of the Klontz money script inventory. Journal of Financial Therapy, 2(1), 1-22. doi: 10.4148/jft.v2i.451.
26. Klontz, B. T., Seay, M. C., Sullivan, P. and Canale, A. (2014). The psychology of wealth: Psychological factors associated with high income. Journal of Financial Planning, 27(12), 46-53.
27. Klontz, B., Britt, S., L. Archulate, K. L. and Klontz, T. (2012). Disordered money behaviors: development of the Klontz money behavior inventory. Journal of Financial Therapy, 3(1), 17-42. doi: 10.4148/jt.v3i1.1485.
28. Kowalczyk, A. and Chudzian, J. (2015). Money attitudes vs. Economic socialization in Poland. Review of Agricultural and Applied Economics, 18(1), 11-18. doi: 10.15414/raae.20155.18.01.11-18.
29. Lay, A. and Furnham, A. (2018). A new money attitudes questionnaire. European Journal of Psychological Assessment, 35(6), 813-822, Advance online publication. 1-10. Access address: http://dx.doi.org/10.1027/1015-5759/a000474, (01.05.2020).
30. Lee, J. C. and Mortimer, J., T. (2009). Family socialization, economic self-efficacy and the attainment of financial independence in early adulthood. Longitudinal and Life Course Studies, 1(1), 45-62.
31. Mitchell, T. R. and Mickell, A. E. (1999). The meaning of money: An individual-difference perspective. Academy of Management Review, 24(3), 568-578.
32. Moreno, C. P., Salcedo, M., Rebellon, M. F. and Anzelin, I. (2018). An approach to the economic socialization of university students: The origin, uses and meaning on money. International Educations Studies, 11(7), 1913-9039. doi: 10.5539/ies.v11n7p92.
33. Ramirez, R. M. and Torres, V. (2014). From one generation to the next: The role of parents in the financial inclusion of young people. Freedom from Hunger Mastercard Foundation. Access address: https://www.findevgateway.org/paper/2014/05/one-generation-next-role-parents-financial-inclusion-young-people, (01.05.2020).
34. Roberts, B. W., Kuncel, N. R., Shiner, R. L., Avshalom, C., and Goldberg, L. R. (2007). The power of personality the comparative validity of personality traits, socioeconomic status, and cognitive ability for predicting important life outcomes. Perspective on Psychological Science, 2(4), 313-345. doi: 101111/j.1745-6916.2007.00047.x.
35. Roberts, J. A. and Cesar, J., S., M. (1999). Demographics and money attitudes: A test of Yamauchi and Templer’s (1982) money attitude scale in Mexico. Personality and Individual Differences, 27(1), 19-35. doi: 10.1016/S0191-8869(98)00241-4.
36. Roberts, J. A. and Jones, E. (2001). Money attitudes, credit card use and compulsive buying among American college students. The Journal of Consumer Affairs, 35(2), 213-240. doi: 10.1111/j.1745-6606.2001.tb00111.x.
37. Solheim, C. A., Zuiker, V. S. and Levchenko, P. (2011). Financial socialization family pathways: Reflections from college students’ narratives. Family Science Review, 16(2), 97-112.
38. Stumm, S., Fenton-O’Creevy, M. and Furnham, A. (2013). Financial capability, money attitudes and socioeconomic status: Risks for experiencing adverse financial events. Personality and Individual Differences, 54(3), 344-349. doi: 10.1016 / j.paid2012.09.019.
39. Taneja, R. M. (2012). Money attıtude-an abridgement. Researchers World Journal of Arts, Science & Commerce, 3(3), 94-98.
40. Tang, T. L. (1992). The meaning of money revisited. Journal of Organizational Behavior. 13(2), 197-202. doi: 10.1002/job.4030130209.
41. Tang, T. L. and Chiu, R. K. (2003). Income, money ethic, pay satisfaction, commitment, and unethical behavior: Is the love money the root of evil for Hong Kong employees?. Journal of Business Ethics, 46(1), 13-30. doi: 10.1023 / A: 1024731611490.
42. Yamauchi, K. T. and Templer, D. I. (1982). The development of a money attitude scale. Journal of Personality Assessment, 46 (5), 522-528. doi: 10.1207 / s15327752jpa4605_14.
43. Zhou, X., Vohs, K. D. and Baumeister, R. F. (2009). The symbolic power of money: Reminders of money alter social distress and physical pain. Psychological Science, 20(6), 700-706. doi: 10.1111/j.1467-9280.2009.02353.x.