Bowen, Financial Knowledge of Teens and Their Parents

Bowen (2002).  Financial knowledge of teens and their parents. Financial Counseling and
, 13(2), 93-101.

Financial Knowledge of Teens and Their Parents

Cathy Faulcon Bowen

The purposes of this study were to determine the financial knowledge of high school juniors/seniors and their parents and the relationship between the teens’ and parents’ financial knowledge. Teens were knowledgeable about net incomes and endorsing checks. Parents were knowledgeable on all areas studied except, credit card liability for unauthorized use, W-4 forms, annual percentage rates, auto collision coverage, and interest accrual on outstanding credit card balances. Significant relationships were found between the teens’ and parents’ money knowledge.

Key words: Children and money, Financial education, Financial socialization, Teens and finances

1. Cathy Faulcon Bowen, Associate Professor, Department of Agricultural and Extension Education, The Pennsylvania State University, 323 Agricultural Administration, University Park, PA 16802-2601, Phone: 814-863-7870. Fax: 814-863-4753. E-mail:>

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