Does Parental Financial Socialization for Emerging Adults Matter? The Case of Austrian and Slovene First-Year University Students

Author(s)

Ulrike Sirsch, Maja Zupančič , Mojca Poredoš, Katharina Levec, Mihaela Friedlmeier

Abstract

The study tested a model of first-year university students’ financial socialization focusing on parents as financial socialization agents and students’ present financial outcomes. Results from 395 Austrians (70% females) and 412 Slovenes (55% females) revealed significant pathways from recollected socialization experiences to students’ self-perceived financial learning outcomes (adopting parental role modeling and financial knowledge) and financial behavior control. Financial knowledge and behavioral control partly mediated the effect of prior socialization experiences on students’ financial behavior, financial relationship with parents, and financial satisfaction. Among country-specific pathways, adopting parental role modeling indirectly influenced financial outcomes in the Slovene students, whereas for the Austrian students, it was directly associated with better financial relationships with parents. Our findings on the pathways to healthy financial outcomes provide important suggestions to parents and emerging adult students.

Organisation(s)

Department of Clinical and Health Psychology, Department of Occupational, Economic and Social Psychology

External organisation(s)

University of Ljubljana, Grand Valley State University

Journal

Emerging Adulthood

Volume

8

Pages

509-520

No. of pages

12

ISSN

2167-6968

DOI

https://doi.org/10.1177/2167696819882178

Publication date

10-2019

Peer reviewed

Yes

Austrian Fields of Science 2012

501005 Developmental psychology

Keywords

ASJC Scopus subject areas

Experimental and Cognitive Psychology, Developmental and Educational Psychology, Life-span and Life-course Studies

Portal url

https://ucrisportal.univie.ac.at/en/publications/664c4deb-7bbe-4f6b-814f-9fb06afe5699