Money education in the business family: a perspective article

Abstract

Purpose

The primary aim is to renew academic discourse on financial education in business families. It emphasizes the need for effective financial literacy programs to foster a healthier relationship with money, addressing both technical aspects of finance and its psychological and relational impacts among family members.

Design/methodology/approach

This perspective article explores the impact of money education within business families. It discusses the psychological effects of money education on family dynamics and decision-making in family businesses. The research draws on previous studies, surveys and practical examples to highlight the importance of financial education and its implications on family and business sustainability.

Findings

Financial education is essential in business families as it enables more meaningful discussions on money and wealth, fostering informed decisions and decreasing conflict. Yet, it is often overlooked. There is a need for academic research into effective strategies for financial education for family members and the effects of financial literacy, or its absence, on various aspects of the business and the family system. The article presents a selection of pertinent questions for future research in this domain.

Originality/value

This article contributes to the family business field by underscoring the gap in scholarly research on money education within family businesses. It advocates for comprehensive financial education strategies that balance technical knowledge with an understanding of the psychological and relational aspects of money.

Citation

Michiels, A. and Binz Astrachan, C. (2024), "Money education in the business family: a perspective article", Journal of Family Business Management, Vol. ahead-of-print No. ahead-of-print. https://doi.org/10.1108/JFBM-01-2024-0006