Patterns of Parental Financial Socialisation in Adolescence: A Cross-Sectional Study

Financial socialization is a crucial stage of an adolescent’s life, helping to shape attitudes and readiness for independent financial management skills for the future. During this period of time, teenagers start to become more independent with their financial choices with family discussions surrounding financial topics having an impact. While existing studies have noted the prominence of Parental education, money management skills and the availability of monetary resources in relation to the outcome of adolescence Financial life, there still appears to be limited empirical evidence concerning the role of the structural aspects as opposed to relational processes and exercising influence. The present study aims to examine patterns of Parental Financial socialization among adolescents and to investigate whether maternal educational attainment and Adolescent access to personal banker savings accounts are associated with variations in Parental Financial socialization dimensions. The study uses cross sectional survey design and recruited 63 teenagers from secondary schools, ages 13 to 18. The survey was conducted by an online questionnaire, and it consisted of a demographic section and a parental Financial socialization scale. In the study, independent sample T tests were performed to evaluate the financial socialization results depending on the education of the mother and the possession of a bank account by the adolescent. Pearson correlation analysis were used to examine relationships among the financial socialization subscales The findings showed that there were no statistically significant differences in overall parental financial socialisation and its subscales depending on the level of education of the mothers or the adolescents having access to a bank or savings account. Correlation analyses, on the other hand, revealed that all three aspects of parental financial socialisation had strong, positive and statistically significant relationships. These results imply that family financial socialisation processes are intricately linked, with relational dynamics being more important than structural indicators by themselves. Financial socialization in adolescence has an effect on people’s attitudes, confidences and preparedness for independent money management skills as adults, and is a stage where adolescents experience more autonomy in terms of making financial decisions.