Abstract
Drawing on Annette Lareau’s conceptual framework of concerted cultivation versus accomplishment of natural growth this qualitative study examines the impact of parental practices on children’s exposure to financial topics and offers insight into how parents socialize their children on financial matters. Lareau’s model suggests that middle- and upper-class families tend to provide more opportunities for their children to socialize with institutions than working class families, thus, better preparing children to navigate, interact, and thrive in complex social systems as adults. Though the study’s findings don’t precisely align with Lareau’s theory, they suggest that mothers’ education level plays a role in financial socialization of children.
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Notes
There are many instances where a child, for whatever reason, does not have a biological parent present in their life, and other adults step into this role (e.g., guardian, grandparent, sibling, etc.). Throughout this review section the term parent is intended to be all encompassing, and not restricted to just a biological mother or father.
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Kardash, N., Coleman-Tempel, L.E. & Ecker-Lyster, M.E. The Role of Parental Education in Financial Socialization of Children. J Fam Econ Iss 44, 143–155 (2023). https://doi.org/10.1007/s10834-021-09806-z
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DOI: https://doi.org/10.1007/s10834-021-09806-z