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Journal of Family and Economic Issues

, Volume 39, Issue 2, pp 220–232 | Cite as

I Wish: Multigenerational Regrets and Reflections on Teaching Children About Money

  • Ashley B. LeBaron
  • E. Jeffrey Hill
  • Christina M. Rosa
  • Travis J. Spencer
  • Loren D. Marks
  • Joshua T. Powell
Original Paper

Abstract

Millennials are struggling to meet current financial challenges. As we strive to improve financial capability in future generations, it is important that we look to the primary source of financial education: parents. This qualitative, multigenerational study explored what Millennials and their parents and grandparents (N = 153) wish they had been taught about finances by their parents, as well as what parents and grandparents wish they had taught their children. Thematic content coding of the interviews revealed three core “I Wish” themes: “Practical Knowledge,” “Financial Stewardship,” and “Open Communication.” These findings can assist researchers, family life educators, financial educators, parents, and future parents to enhance the financial education provided by parents in the home.

Keywords

Financial socialization Financial education Parenting Family finance Millennials Emerging adults Qualitative 

Notes

Compliance with Ethical Standards

Conflict of interest

The authors declare that they have no conflict of interests.

Ethical Approval

IRB approval for the research project was secured in February 2015.

Informed Consent

All participants signed a consent form prior to participation.

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Copyright information

© Springer Science+Business Media, LLC 2017

Authors and Affiliations

  1. 1.Brigham Young UniversityProvoUSA

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