FINANCIAL SOCIALIZATION OF CHILDREN - Naruči svoju knjigu

FINANCIAL SOCIALIZATION OF CHILDREN

Using education to encourage lifetime saving
Autor: Lučić, Andrea; Barbić, Dajana; Erceg, Nikola
Područje: Financije i računovodstvo
Karakter: priručnik
Godina izdanja: 2020
Broj stranica: 140
Uvez: Meki

165,00 kn

Recommend to all who work in the field of financial education, but also to students and educators who are searching for a more detailed insight into children’s behavior and attitudes towards money

SKU: 13369 Kategorija:

Opis

O knjizi:

Financial socialization of children is imperative in the context of consumer protection policies, but also in improving the financial well-being of individuals. Today more than ever, our personal and family safety depends on personal saving. Even though children are told they should save, many of them together with their parents relate saving only to bank savings or just never develop a solid savings habit. The times we live in offer different types of saving and, more importantly, more reasons to save. One of the most important reasons for saving is certainly a safer future, and from today’s perspective of a financially developed market, which offers us a large selection of products, savings is not just money deposited in a bank, it also includes payments in the second and third pension pillars or investment funds, that is, it refers to giving up instant gratification for something in the future.

This book is recommend to all who work in the field of financial education, but also to students and educators who are searching for a more detailed insight into children’s behavior and attitudes towards money.

Iz sadržaja:

FOREWORD. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3

ACKNOWLEDGEMENTS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5

CONTENTS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7

Abstract. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11

1. INTRODUCTION. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13

2. FINANCIAL SOCIALIZATION OF CHILDREN . . . . . . . . . . . . . . . . . . . . . . . 17

2.1 Consumer culture as motive for financial socialization. . . . . . . . . . . . 17

2.1.1. Marketing aimed at children. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18

2.2 Definition and elements of financial socialization of children. . . . . . 19

2.3 Mechanisms and agents of financial socialization of children. . . 22

2.3.1. Parents as agents of financial socialization. . . . . . . . . . . . . . . . . 22

2.3.2. Peer influence. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25

2.3.3. Teacher influence. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26

3. CHILDREN SPENDING AND SAVING. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29

3.1 Definition of saving . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29

3.2 Development of children’s ability to save. . . . . . . . . . . . . . . . . . . . . . . 31

3.3 Children’s income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33

3.4 Children’s saving and spending motives and behavior . . . . . . . . . . . . 34

3.5 Application of the Theory of planned behavior in saving. . . . . . . . . . 36

3.5.1. Overview of the Theory of planned behavior . . . . . . . . . . . . . . 37

3.5.2. Criticism of the Theory of planned behavior. . . . . . . . . . . . . . . 40

3.5.3. Application of the Theory of planned behavior . . . . . . . . . . . . . 41

4. CONTENTS

4. DETERMINANTS OF FINANCIAL EDUCATION OF CHILDREN . . . . . . . . 45

4.1 Definition of financial education. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46

4.2 Importance of providing early financial education . . . . . . . . . . . . . . . 47

4.3 Development of children’s financial literacy through

school curricula. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49

4.4 Effectiveness of financial education programs . . . . . . . . . . . . . . . . . . . 51

4.5 Use of behavioral interventions in financial education . . . . . . . . . . . . 55

4.5.1. Engaging children in experiential learning programs . . . . . . . . 55

4.5.2. Psychological factors relevant for the improvement

of financial education. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56

5. METHODOLOGY AND RESULTS OF PRIMARY RESEARCH. . . . . . . . . . . . 61

5.1 Project description and experimental design. . . . . . . . . . . . . . . . . . . . 62

5.2 Sample/participants. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63

5.3 Instruments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67

5.3.1 Development and implementation of behavioral

intervention . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67

5.3.2 Questionnaire . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70

5.4 Procedure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74

6. RESULTS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77

6.1 Descriptive statistics. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77

6.2 Children’s saving and spending habits. . . . . . . . . . . . . . . . . . . . . . . . . . 82

6.2.1 Differences in children’s spending habits with respect

to gender, age, residence, and parents’ education levels . . . . . 83

6.2.2 Differences in saving attitudes, norms, self-efficacy,

perceived control, intent, and financially responsible

behavior with respect to gender, age, residence,

and parents’ education levels . . . . . . . . . . . . . . . . . . . . . . . . . . . . 86

6.3 Predictors of children’s saving intentions and behaviors:

testing the extended Theory of planned behavior with saving

attitudes, parental and peer norms, perceived behavioral

control, self-efficacy, materialism, and self-control as predictors

of saving intentions and responsible financial behavior. . . . . . . . . . . 88

6.4 Efficiency of financial education and behavioral intervention. . . . . . 91

7. DISCUSSION AND CONCLUSION. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97

7.1 Children’s spending and saving habits and attitudes . . . . . . . . . . . . . 97

7.2 Predictors of children’s saving behavior within the

TPB framework. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100

7.3 Effectiveness of experimental financial education. . . . . . . . . . . . . . . 102

7.4 Limitations and future research recommendations. . . . . . . . . . . . . . 103

7.5 Concluding remarks. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 105

REFERENCES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 107

List of tables. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 132

List of figures. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 133

Authors’ biographies. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 135

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