Journal of Family and Economic Issues

, Volume 28, Issue 1, pp 3–22

Imagined interactions, family money management patterns and coalitions, and attitudes toward money and credit

  • Myria Watkins Allen
  • Renee Edwards
  • Celia Ray Hayhoe
  • Lauren Leach
Original Paper

Abstract

This study explores the imagined interactions college students have with their parents about money and credit, their attitudes toward credit and money, the ways they say their parents deal with financial decisions, and the communication coalitions regarding finances they perceive existing within their family. Students’ imagined interaction pleasantness is greatest when parents jointly form a plan for paying off credit card debt and lowest when parents argue. When family coalitions exist, students report more frequent imagined interactions. Imagined interaction frequency and pleasantness are related to credit and money attitudes.

Keywords

Credit cards Family differentiation Imagined interactions Money management patterns Parent–teen communication 

References

  1. American Savings Education Council (1999). Youth and money. Retrieved from http://www.asec.org/2001pym/highlite.htm. Accessed 30 January 2002.
  2. American Savings Education Council (2001). 2001 parents, youth and money survey. Retrieved from http://www.asec.org/2001pym/highlite.htm. Accessed 30 January 2002.
  3. Anderson, S. A., & Sabatelli, R. M. (1990). Differentiating differentiation and individuation: Conceptual and operating challenges. The American Journal of Family Therapy, 18, 32–50.Google Scholar
  4. Anderson, S. A., & Sabatelli, R. M. (1992). The differentiation in the family system scale (DIFS). The American Journal of Family Therapy, 20, 77–89.Google Scholar
  5. Anderson, S. A., & Sabatelli, R. M. (1995). Family interaction: A multigenerational developmental perspective. Boston: Allyn & Bacon.Google Scholar
  6. Bailey, W .C., & Lown, J. M. (1993). A cross-cultural examination of the etiology of attitudes toward money. Journal of Consumer Studies and Home Economics, 17, 391–402.Google Scholar
  7. Bartle, S. E., & Sabatelli, R. M. (1989). Family system dynamics, identity development, and adolescent alcohol use: Implication for family treatment. Family Relation, 38, 258–265.CrossRefGoogle Scholar
  8. Baumrind, D. (1968). Authoritarians vs. authoritative parental control. Adolescence, 3, 255–272.Google Scholar
  9. Baumrind, D. (1978). Parental disciplinary patterns and social competence in children. Youth and Society, 9, 239–276.Google Scholar
  10. Becker, G. S. (1974). A theory of marriage: Part II. Journal of Political Economy, 82(pt. 2), S11–S26.CrossRefGoogle Scholar
  11. Berkos, K. M., Allen, T. H., Kearney, P., & Plax, T. G. (2001). When norms are violated: Imagined interactions as processing and coping mechanisms. Communication Monographs, 68, 289–300.CrossRefGoogle Scholar
  12. Bomar, J. A., & Sabatelli, R. M. (1996). Family system dynamics, gender, and psychosocial maturity in late adolescence. Journal of Adolescent Research, 11, 421–439.Google Scholar
  13. Bowen, C. (1996). Informal money management education: Perceptions of teens and parents. Consumer Interests Annual, 42, 233–234.Google Scholar
  14. Carlson, L., Grossbart, S., & Tripp, C. (1990). An investigation of mothers’ communication orientations and patterns. Advances in Consumer Research, 17, 804–812.Google Scholar
  15. Chaffee, S. H., McLeod, J. M., & Atkin, C. K. (1971). Parental influences on adolescent media use. American Behavioral Scientist, 14, 323–340.Google Scholar
  16. Chun, Y., & MacDermid, S.M. (1997). Perceptions of family differentiation, individualism, and self-esteem among Korean adolescents. Journal of Marriage and the Family, 59, 451–462.CrossRefGoogle Scholar
  17. Cohen, E. A., Vasey, M. W., & Gavazzi, S. M. (2003). The dimensionality of family differentiation and the prediction of adolescent internalized distress. Journal of Family Issues, 24, 99–121.CrossRefGoogle Scholar
  18. Edwards, R., Honeycutt, J. M., & Zagacki, K. S. (1988). Imagined interaction as an element of social cognition. Western Journal of Speech Communication, 52, 23–45.Google Scholar
  19. Edwards, R., Honeycutt, J. H., & Zagacki, K. S. (1989). Sex differences in imagined interactions. Sex Roles, 21, 263–272.CrossRefGoogle Scholar
  20. Fitzpatrick, M. A., & Ritchie, L. D. (1994). Communication schemata within the family: Multiple perspectives on family interaction. Human Communication Research, 20, 275–301.CrossRefGoogle Scholar
  21. Fox, J. J., Bartholomae, S., & Gutter, M. S. (2000). What do we know about financial socialization? Consumer Interests Annual, 46, 217.Google Scholar
  22. Furnham, A. (1984). Many sides of the coin: The psychology of money usage. Personality and Individual Differences, 5, 501–509.CrossRefGoogle Scholar
  23. Gavazzi, S. M., Sabatelli, R. M., & Reese-Weber, M. (1999). Measurement of financial, functional, and psychological connections in families: Conceptual development and empirical use of the multigenerational interconnectedness scale. Psychological Reports, 84, 1361–1371.Google Scholar
  24. Goldscheider, F., Thornton, A., & Yang, L. (2001). Helping out the kids: Expectations about parental support in young adulthood. Journal of Marriage and the Family, 63, 727–741.CrossRefGoogle Scholar
  25. Gotcher, J. M., & Edwards, R. (1990). Coping strategies of cancer patients: Actual communication and imagined interactions. Health Communication, 2, 255–266.CrossRefGoogle Scholar
  26. Hanley, A., & Wilhelm, M. S. (1992). Compulsive buying: An exploration into self-esteem and money attitudes. Journal of Economic Psychology, 13, 5–18.CrossRefGoogle Scholar
  27. Hayhoe, C. R. (2002). College students’ use of credit: At two points in time. Journal of Family and Consumer Sciences: From Research to Practice, 94, 71–77.Google Scholar
  28. Hayhoe, C. R., Leach, L. J., & Turner, P. R. (1999). Discriminating the number of credit cards owned by college students’ credit and money attitudes. Journal of Economic Psychology, 20, 643–656.CrossRefGoogle Scholar
  29. Hayhoe, C. R., & Wilhelm, M. S. (1998). Modeling perceived economic well-being in a family setting: A gender perspective. Financial Planning and Counseling, 9, 21–33.Google Scholar
  30. Hock, E., Eberly, M., Bartle-Haring, S., Ellwanger, P., & Widaman, K. (2001). Separation anxiety in parents of adolescents: Theoretical significance and scale development. Child Development, 72, 284–298.CrossRefGoogle Scholar
  31. Honeycutt, J. M. (1991). Imagined interactions, imagery, and mindfulness/mindlessness. In R. Kunzendorf (Ed.), Mental imagery (pp. 121–128). New York: Plenum.Google Scholar
  32. Honeycutt, J. M. (2003). Imagined interactions: Daydreaming about communication. Cresskill, NJ: Hampton Press.Google Scholar
  33. Honeycutt, J. H., Zagacki, K. S., & Edwards, R. (1990). Imagined interaction and interpersonal communication. Communication Reports, 3, 1–8.Google Scholar
  34. Jump$tart Coalition (1997). High school seniors lack financial smarts shows survey. American savings education news release. Retrieved from http://jumpstartcoalition.org.Google Scholar
  35. Jump$tart Coalition (2000). Financial literacy among 12th graders. Jumpstart coalition news release. Retrieved from http://jumpstartcoalition.org.Google Scholar
  36. Klein, M. (1998). Hot topics: Family chats. American Demographics, 20, 37–38.Google Scholar
  37. Lachance, M. J., Legault, F., & Bujold, N. (2000). Family structure, parent-child communication, and adolescent participation in family consumer tasks and decisions. Family and Consumer Sciences Research Journal, 29, 125–152.Google Scholar
  38. Lundberg, S. J., & Pollack, R. A. (1993). Separate spheres bargaining in the marriage market. Journal of Political Economy, 101, 988–1010.CrossRefGoogle Scholar
  39. Mangleburg, T. F., & Grewal, D. (1997). Socialization, gender, and adolescents’ self-reports of their generalized use of product labels. Journal of Consumer Affairs, 31, 255–280.CrossRefGoogle Scholar
  40. Mannix, M. (1999). The credit card binge. US News and World Report, 127, 89.Google Scholar
  41. Mano-Negrin, R., & Katz, R. (2003). Money management patterns of dual-earner families in Israel. Journal of Family and Economic Issues, 24, 49–72.CrossRefGoogle Scholar
  42. Masuo, D. M., Miroutu, Y. L., Hanashiro, R., & Kim, J. H. (2004). College students’ money beliefs and behaviors: An Asian perspective. Journal of Family and Economic Issues, 25, 469–481.Google Scholar
  43. McMurtrie, B. (1999). Study documents the extent of students’ credit-card debt. The Chronicle of Higher Education, 45(41), A44.Google Scholar
  44. Mead, G. H. (1934). Mind, self and society. Chicago: University of Chicago.Google Scholar
  45. Moschis, G. P. (1985). The role of family communication in consumer socialization of children and adolescents. Journal of Consumer Research, 11, 898–913.CrossRefGoogle Scholar
  46. Moschis, G. P., & Moore, R. L. (1984). Anticipatory consumer socialization. Journal of the Academy of Marketing Science, 12, 109–123.Google Scholar
  47. Moschis, G. P., Moore, R. L., & Smith, R. B. (1983). The impact of family communication on adolescent consumer socialization. In T. C. Kinnear (Ed), Advances in consumer research (pp. 314–319). Provo, UT: Association for Consumer Research.Google Scholar
  48. O’Guinn, T. C., & Faber, R. J. (1988). Mass mediated consumer socialization: Non-utilitarian and dysfunctional outcomes. Advances in Consumer Research, 14, 473–477.Google Scholar
  49. Olson, D. H., & DeFrain, J. (2003). Marriages and families: Intimacy, diversity, and strength (4th ed.). Boston, MA: McGraw-Hill.Google Scholar
  50. Olson, D. H., McCubbin, H. I., Barnes, H. L., Larsen, A. S., Muxen, M. J., & Wilson, M. A. (1983). Families: What makes them work? Beverly Hills, CA: Sage.Google Scholar
  51. Pahl, J. (1989). Money and marriage. London: Macmillan Education.Google Scholar
  52. Parrott, T., & Bengtson, V. (1999). The effects of earlier intergenerational affection, normative expectations, and family conflict on contemporary exchanges of help and support. Research on Aging, 21, 73–106.Google Scholar
  53. Picard, D. E., & Fullmer, H. (1999, February 1). Learning curve: With the help of some planners, teens are getting a head start on their financial futures. Financial Planning, 2, 110–113.Google Scholar
  54. Ritchie, L. D. (1991). Family communication patterns: An epistemic analysis and conceptual reinterpretation. Communication Research, 18, 548–565.Google Scholar
  55. Ritchie, L. D., & Fitzpatrick, M. A. (1990). Family communication patterns: Measuring intrapersonal perceptions of interpersonal relationships. Communication Research, 17, 523–544.Google Scholar
  56. Roedder-John, D. (1999). Consumer socialization of children: A retrospective look at twenty-five years of research. Journal of Consumer Research, 26, 183–213.CrossRefGoogle Scholar
  57. Rosenblatt, P. C., & Meyer, C. (1986). Imagined interactions and the family. Family Relations, 35, 319–324.CrossRefGoogle Scholar
  58. Sabatelli, R. M., & Anderson, S. A. (1991). Family system dynamics, peer relationships, and adolescent psychological adjustment. Family Relations, 40, 363–369.CrossRefGoogle Scholar
  59. Sabatelli, R. M., & Mazor, A. (1985). Differentiation, individualism, and identity formation: The integration of family system and individual developmental perspectives. Adolescence, 79, 619–633.Google Scholar
  60. Schank, R., & Abelson, R. (1977). Scripts, plans, goals and understanding: An inquiry into human knowledge structures. Hillsdale, NJ: Erlbaum.Google Scholar
  61. Teenage Research Unlimited (1998). Teens spend $141 billion in 1997. Teenage Research unlimited news release. Retrieved from www.teenresearch.com.Google Scholar
  62. Varcoe, K. R., Peterson, S., Garrett, C., & Martin, A. (2001). What teens want to know about financial management. Journal of Family and Consumer Sciences, 93, 30–34.Google Scholar
  63. Viswanathan, M., Childers, T. L., & Moore, E. S. (2000). The measurement of intergenerational communication and influence on consumption: Development, validation, and cross-cultural comparison of the IGEN scale. Academy of Marketing Science Journal, 28, 406–424.Google Scholar
  64. Wilhelm, M. S., & Varcoe, K. (1991). Assessment of financial well-being: Impact of objective economic indicators and money attitudes on financial satisfaction and financial progress. In S. M. Danes (Ed.), Proceedings of the fourth annual conference of the association of financial counseling and planning education (pp. 184–201). Kansas City: MO.Google Scholar
  65. Woods, B. L., & Edwards, R. (1990). Intrapersonal communication and the family life cycle: Imagined interactions of parents and college-bound students. Paper presented at the annual meeting of the Southern States Communication Association, Birmingham, AL.Google Scholar
  66. Xiao, J. J., Noring, F. E., & Anderson, J. G. (1995). College students’ attitudes towards credit cards. Journal of Consumer Studies and Home Economics, 19, 155–174.Google Scholar
  67. Yamanchi, K. T., & Templer, D. I. (1982). The development of a money attitude scale. Journal of Personality Assessment, 46, 523–528.Google Scholar
  68. Yang, B., & Lester, D. (2001). Predicting the number of credit cards held by college students. Psychological Reports, 89, 667–668.CrossRefGoogle Scholar
  69. Zagacki, K. S., Edwards, R., & Honeycutt, J. M. (1992). The role of mental imagery and emotion in imagined interaction. Communication Quarterly, 40, 56–68.Google Scholar
  70. Zollo, P. (1999). Wise up to teens: Insights into marketing and advertising to teenagers (2nd ed.). Ithaca, NY: New Strategist.Google Scholar

Copyright information

© Springer Science+Business Media, LLC 2006

Authors and Affiliations

  • Myria Watkins Allen
    • 1
  • Renee Edwards
    • 2
  • Celia Ray Hayhoe
    • 3
  • Lauren Leach
    • 4
  1. 1.Department of CommunicationUniversity of ArkansasFayettevilleUSA
  2. 2.Department of Communication StudiesLouisiana State UniversityBaton RougeUSA
  3. 3.Department of Apparel, Housing and Resource ManagementVirginia Polytechnic Institute and State UniversityBlacksburgUSA
  4. 4.Family and Consumer Sciences DepartmentNorthwest Missouri State UniversityMaryvilleUSA

Personalised recommendations