Financial Socialization, Financial Education, and Student Loan Debt
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.
KeywordsFinancial socialization Financial education Student loan debt Financial behavior Financial stress
Compliance with Ethical Standards
This article does not contain any studies with human participants or animals performed by any of the authors.
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