[go: up one dir, main page]
IDEAS home Printed from https://ideas.repec.org/a/vls/finstu/v28y2024i3p46-63.html
   My bibliography  Save this article

Reconnoitering And Mapping An Effect Of Financial Socialisation On Financial Literacy: A Critical Literature Review

Author

Listed:
  • NDOU, Adam

    (Department of Finance, Risk Management and Banking. University of South Africa, Pretoria, South Africa.)

Abstract
The financial industry is complicated, with a wide range of goods, services, and ideas that people may find challenging to understand independently without the right training and direction. Many consumers lack the knowledge to comprehend financial language, investment possibilities, and debt management measures. The foundation of financial literacy is laid by financial socialisation. Parental money management education imparts the fundamental knowledge and abilities required to successfully manage one's own finances. Through a literature review, this study investigated the impact of parental financial socialisation on financial literacy globally. This study adopted an exploratory research design where an empirical review of the literature was undertaken. The results showed that generally parental financial socialisation has an influence on financial literacy globally, despite some few studies that contradicted this view. The current study makes a unique contribution to the body of knowledge as is among the first to investigate the influence of parental financial socialisation on financial literacy of young adults globally. This study recommends that parents be keenly aware that their actions and behaviours around money and their own financial decision-making will likely leave a lasting impression on their children.

Suggested Citation

  • NDOU, Adam, 2024. "Reconnoitering And Mapping An Effect Of Financial Socialisation On Financial Literacy: A Critical Literature Review," Studii Financiare (Financial Studies), Centre of Financial and Monetary Research "Victor Slavescu", vol. 28(3), pages 46-63, September.
    • Handle: RePEc:vls:finstu:v:28:y:2024:i:3:p:46-63
    as

    Download full text from publisher

    File URL: http://www.icfm.ro/RePEc/vls/vls_pdf/vol28i3p46-63.pdf
    Download Restriction: no
    ---><---

    More about this item

    Keywords

    Financial education; parents; financial knowledge; financial behaviour; financial teaching; financial discussions;
    All these keywords.

    JEL classification:

    • G51 - Financial Economics - - Household Finance - - - Household Savings, Borrowing, Debt, and Wealth
    • G53 - Financial Economics - - Household Finance - - - Financial Literacy
    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:vls:finstu:v:28:y:2024:i:3:p:46-63. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Daniel Mateescu (email available below). General contact details of provider: https://edirc.repec.org/data/cfiarro.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.