Practice Makes Perfect: Experiential Learning as a Method for Financial Socialization
AuthorLeBaron, Ashley B.
Runyan, Samuel D.
Jorgensen, Bryce L.
Marks, Loren D.
Hill, E. Jeffrey
MetadataShow full item record
PublisherSAGE PUBLICATIONS INC
CitationLeBaron, A. B., Runyan, S. D., Jorgensen, B. L., Marks, L. D., Li, X., & Jeffrey Hill, E. (2019). Practice Makes Perfect: Experiential Learning as a Method for Financial Socialization. Journal of Family Issues, 40(4), 435–463. https://doi.org/10.1177/0192513X18812917
JournalJOURNAL OF FAMILY ISSUES
Rights© The Author(s) 2018
Collection InformationThis item from the UA Faculty Publications collection is made available by the University of Arizona with support from the University of Arizona Libraries. If you have questions, please contact us at firstname.lastname@example.org.
AbstractMost financial socialization research focuses on two methods of learning: modeling and discussion. The purpose of this study is to qualitatively explore experiential learning as a third potential method of financial socialization used by parents. Specifically, we explored what children learned about finances through experiential learning and why parents used experiential learning as a financial socialization method. We used a multigenerational sample of emerging adults (ages 18-30 years) and their parents and grandparents (N = 115). Analyses revealed three core what themes (Working Hard, Managing Money, and Spending Wisely) and three core why themes (Learning Financial Skills, Acquiring Financial Values, and Becoming Financially Independent) related to experiential learning. These findings have implications for parents, researchers, and educators. In sum, we propose that experiential learning should be regarded as a principal method of financial socialization and should be considered in theory building, research, and pedagogy.
VersionFinal accepted manuscript
SponsorsCamilla Eyring Kimball professorship in the School of Family Life at Brigham Young University