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The objective of this study was to empirically examine how family financial socialization affects individuals' financial outcomes, including financial literacy, financial behavior and financial well-being, based on the family financial socialization theory (FFST).

Using a national representative sample of 6,311 US respondents from the 2016 National Financial Well-Being Survey, structural equation modeling (SEM) was conducted to test the hypotheses in this study. Sampling weights were incorporated into the structural model using the maximum likelihood estimation with robust standard errors and a Satorra-Bentler scaled test statistic (MLM estimation).

This study concludes the effectiveness of family financial socialization by showing that parental financial socialization has significant positive impacts on financial literacy, financial behavior and financial well-being. In addition, parents' education can significantly influence the quality of parental financial socialization.

The result underscores the importance of financial socialization in the family context and encourages parents to discuss financial matters with their children at home. Detailed implications have been provided to financial educators, practitioners and policymakers to incorporate parental involvement in the design of financial education programs, as well as financial services providers to improve marketing strategies for their banking services.

This research is amongst the first to empirically explore the relationships among parental financial socialization, financial literacy, financial behavior and financial well-being based on the FFST. The study also contributes to the literature by confirming the effects of parental socialization received in childhood on adults' later financial outcomes.

This study aims to examine the association between parental financial socialization and life satisfaction and the mediating roles of desirable financial behavior in the association between parental financial socialization and life satisfaction of college students in India. Furthermore, this research also explores the moderating effects of parents’ socioeconomic characteristics (education, income and professions) in the association between parental financial socialization and desirable financial behavior.

A sample of 1,161 college students was collected in India. Parental financial socialization is measured by direct parental teaching in this study. The first stage moderated mediation model is performed to examine the direct and indirect effects through financial behavior of parental financial on life satisfaction as well as the moderating role of parents’ socioeconomic characteristics.

The mediation analysis shows that parental direct teaching is positively associated with young adults’ financial behavior, which in turn contributes to their life satisfaction. Furthermore, this study also finds negative moderation effects of parental education on the association between parental direct teaching and children's financial behavior.

This study extends the knowledge of family financial socialization in the context of India. Moreover, it examines the mediation roles of desirable financial behavior in the association between parental direct teaching and children’s life satisfaction. Furthermore, this paper explores the potential influence of parents’ education, income and professions on children’s financial behavior and life satisfaction.

The purpose of this paper is to examine the relationship between financial socialisation experiences, socio-economic factors, demographic characteristics and the financial knowledge of first year undergraduate students.

Using a questionnaire, data were collected from a sample of 450 first year university students from both private and public universities. A multivariate regression method was adopted to examine the influence of financial socialisation among respondents of different ethnic groups and their social backgrounds on the individual's financial knowledge.

The findings indicate that: firstly, financial knowledge is low among first-year university students in Sarawak. Secondly, male respondents outperform female counterparts in terms of financial knowledge. Thirdly, parental financial socialisation remains the main source of financial knowledge among the students. Fourthly, there are significant differences in financial knowledge across ethnic groups.

It is paramount to implement financial education programmes to elevate the financial literacy for both youth and parents since parents remain the primary source of financial socialisation for young adults.

The study suggests that financial knowledge varies according to gender and ethnicity. Hence, financial education programmes should be designed to accommodate the differences between groups based on ethnicity and gender to achieve the best outcome.

This is the first study that draws a representative sample of university students in Sarawak that examines the effects of ethnicity, gender and parental financial socialisation on financial knowledge among first year university students.

This study aims to investigate the determinant factors of Islamic financial literacy (IFL) of the Z generation in Indonesia. As the role of family and social influence play an important role in shaping a person’s character, behavior and understanding, especially for the young generation in Indonesia, so this study proposed communication pattern in the family, financial socialization in family and social influence along with religiosity and sociodemographic factors as determinant factors of the IFL in Indonesia.

This study applied survey method with online questionnaire. There are 978 respondents from various provinces in Indonesia who were participated in this study. Then, data were analyzed by using Structural Equation Model.

Based on data analysis, this study found that communication pattern in the family, social influence, religiosity and sociodemographic factors have a significant influence on the IFL. Meanwhile, financial socialization in the family has no significant influence on IFL.

The results can be useful for Indonesian government especially in making decision and policy to encourage the increase in IFL in Indonesia.

This study has a theoretical contribution in providing comprehensive framework regarding the relationship between IFL and its underlying factors such as individual factors, family and social factors. In addition, this study also focused on the IFL of generation Z − an aspect that has been overlooked in previous studies.

This paper aims not only to provide an insight into the nature of the relationship between parental financial role modelling and consumption behaviour of young people, but also to explore the consumer socialization process that children undergo in the parent‐child dyad.

Qualitative research in the form of personal in‐depth interviews was conducted in order to extract new knowledge and reach a greater understanding regarding the impact that this relationship may have on future consumption behaviours within the youth market.

It is clear that parents are able to exert a huge amount of influence over the financial behaviour of their children (although this obviously differs between families) and are able to do so through the informal teaching of financial lessons, by allowing children to observe their own financial patterns and by guiding their children through significant financial decisions by offering advice and approval (or disapproval) when asked. Key financial attitudes and behaviours of young home‐leavers are almost directly related to the parental financial education they received whilst growing up and still living at home and in many cases parental influence is still present even once the child has moved away from home and is responsible for making their own financial decisions.

Although there are limitations, the present study does have implications for the impact parents can have on the spending behaviour of their children; it may be that the most important thing parents can do is teach their children about financial responsibility and successful consumer decisions at a young age so that they grow up with these life skills.

In terms of practical implications, by identifying the specific areas where financial knowledge and awareness may be lacking, the research may help educational and financial institutions to design financial management courses in order to help young people achieve greater financial freedom.

The paper reveals the characteristics of the consumption relationship children enjoy with their parents, describing the role of financial education within families and conceptualising the various forms of consumption relationships that exist between young consumers and their parents.

The relationship between parental influence and youth consumption behaviour has already been identified using quantitative research methods but very little is known about the actual extent of this relationship, which is addressed by this paper.

The purpose of this paper is to examine the relationships between personal and family backgrounds, academic ability, childhood consumer experience, financial socialization, financial literacy, and perceived financial well‐being of college students.

Data were collected using a multi‐stage sampling technique from 11 public and private universities across Malaysia and the sample consists of 2,219 college students. Structural equation modelling was utilized to test the hypotheses.

Childhood consumer experiences such as savings habits contribute to students’ financial well‐being (money saved, current financial situation, and financial management skills). Financial socialization agents, for example, through parents and religion sources could increase college students’ financial well‐being. Financial literacy was related to financial well‐being. There were important differences between the Malay and Chinese ethnic groups in Malaysia.

Overall, implications and recommendations for future research, teaching, and public policy are also provided for parents, college administrators, counselors and educators.

This research provides meaningful information about how various factors (childhood experience, financial socialization, and financial literacy) predict students’ financial well‐being.

Prior work expresses concern about young people's rising debt and lack of financial preparedness. This study focuses on how financial socialization and psychological characteristics affect the personal financial management behavior (PFMB) of young professionals in India. The authors examine both the direct effect of these factors and the indirect effects through financial literacy and aforementioned psychological characteristics as mediators.

The authors develop a conceptual framework based on the extant literature and empirically test its hypotheses employing partial least squares structural equation modelling (PLS-SEM).

Attitude towards money, financial self-efficacy, financial risk tolerance, financial socialization through parental direct teaching and peers, and media are all positively associated with young professionals' PFMB, whereas external locus of control and procrastination are negatively associated with their PFMB. Almost all psychological characteristics partially mediate the association between financial socialization and PFMB. Finally, financial literacy plays a partially mediating role in the association between procrastination and PFMB as well as between financial socialization and PFMB.

This study helps regulators and policymakers understand PFMB among young professionals. Interventions should build on the positive role of financial socialization, cultivating a good attitude towards money and financial self-efficacy, and reducing reliance on an external locus of control and procrastination. This study also helps policymakers and financial educators develop societally beneficial personal finance programs.

This research investigates social, psychological and cognitive characteristics in a comprehensive framework to further the authors’ understanding of the topic of PFMB.

This paper aims to use the age of a child when pocket money is first received, a savings account is first opened and financial discussions between parent and child commence as factors to assess financial socialisation of children by parents in the home. The impacts on financial knowledge, attitudes and behaviour of young teenagers of each of the three age-related variables mentioned above were then examined.

Using a questionnaire, data were collected from a sample of 1,247 14 and 15 year olds. Regressions were run to calculate how the ages children first received pocket money, had a savings account and started having financial discussions with parents correlated with impulsive spending behaviour, financial quiz scores, saving intentions and whether parents were seen as role models.

Financial discussions between parent and child were found to be an important influence on future financial knowledge, attitudes and behaviour. In addition, savings accounts can provide young teenagers with access to funds, which could be spent unwisely without associated financial awareness. Financial discussion in the home between parent and child was the most influential of the three factors examined. Putting money into a savings account and the giving of pocket money can provide further opportunities to engage in financial socialisation.

Limitations of this study include the self-reported nature of the age variables. Future projects could use social research techniques, such as personal interviews of family members or keeping financial diaries. Rich qualitative data could further inform the findings of the current study.

Educational finance courses should include an objective of incorporating and stimulating financial discussions in the home, as talking about finances appears to be one of the most effective financial socialisation factors for children.

While previous research has identified the process of financial socialisation, the originality of this paper is its examination of the influence of individual financial socialisation factors in the home on financial attitudes, knowledge and behaviour.

This study examined the relationship between financial information seeking behavior and financial literacy, as well as the relationship between parents' teaching and behavior with financial information seeking behavior through the factors of the risk information seeking and processing model among youth.

A sample of 802 tertiary education students participated in this cross-sectional study. Using covariance-based structural equation modeling, the model was assessed and hypotheses were tested.

The results revealed that financial information seeking behavior contributed to youth's financial literacy. While parents' sound financial behavior was directly related to seeking financial information, both parents' financial teaching and behavior indirectly, through the risk information seeking process, encouraged youth to actively seek for financial information. Moreover, parents' financial socialization directly and also indirectly through the risk information seeking and processing model explained youth's financial information avoidance. Among the two parts of the risk information seeking and processing model, planned behavior factors played a more salient role than cognitive need for financial information.

This study extends the risk information seeking and processing model by integrating family financial socialization to the model and applies it in the context of consumers' financial behavior. The results improve our understanding of the social and psychological mechanism that drives consumers' financial literacy and decision-making.

The purpose of this paper is to examine the relationships between financial knowledge, socialization and financial satisfaction with financial risk attitude and financial behavior as a mediator after demonetization and introduction of GST.

The sample consisted responses of 286 individuals from the city of Allahabad, Uttar Pradesh, India and making financial decisions for the household for at least last two years. The data were analyzed using exploratory factor analysis and mediation regression analysis.

All sub-scales used to measure constructs had satisfactory reliabilities and internal consistencies. It was found that financial risk attitude and financial behavior both mediate the relationship between financial socialization and financial satisfaction as well as between financial knowledge and financial satisfaction.

This research is based upon survey method and voluntary participation. Hence one can question generalization of findings to larger samples. Moreover, the study is limited to a restricted geographical region which could affect the generalization of findings.

Results provide insights into the antecedents of financial satisfaction of individuals from tier II city of India. Financial planners may utilize this study for enhancement of financial satisfaction of their clients and hence retention of the same.

A majority of researchers use survey without evaluation validity of instruments in the selected context and sample. This research contributed to the literature and practice by testing validation of constructs of financial satisfaction in India.