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Journal of Family and Economic Issues

, Volume 40, Issue 1, pp 74–85 | Cite as

Financial Socialization, Financial Education, and Student Loan Debt

  • Lu FanEmail author
  • Swarn Chatterjee
Original Paper

Abstract

This study examines the role of financial socialization, financial knowledge, and receiving financial education on student loan repayment behaviors and related financial stress, as reported by the participants. From an analysis of the 2015 National Financial Capability Study dataset, we find that individuals who received financial education in an academic or professional setting were less likely to be late on student loan payments or worry about their student loan debt. Additionally, those who received both financial education and learned about finances from their parents were even less likely to worry about their student loan debt. The broader implications of the main findings for financial counselors, therapists, and planners are also discussed.

Keywords

Financial socialization Financial education Student loan debt Financial behavior Financial stress 

Notes

Compliance with Ethical Standards

Ethical Approval

This article does not contain any studies with human participants or animals performed by any of the authors.

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Copyright information

© Springer Science+Business Media, LLC, part of Springer Nature 2018

Authors and Affiliations

  1. 1.Department of Personal Financial PlanningUniversity of MissouriColumbiaUSA
  2. 2.Department of Financial Planning, Housing and Consumer EconomicsUniversity of GeorgiaAthensUSA

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