Danes, S. (1994). Parental perceptions of children’s
financial socialization. Financial Counseling and Planning, 5, 127-146.
Parental Perceptions of Children’s Financial
Socialization
Sharon Danes (1)
Twenty-seven financial items
were included in a questionnaire and 182 parents responded to the age they felt
is most appropriate to share that family financial information or be involved
in the financial activity. The most consensus was among parents as to what the
very young are ready to learn and that children approximately 18 are ready for
credit experiences. The items related to knowing about family income, savings,
and indebtedness had the highest percentage of parents believing children
should never know about that information. Most of the parents believed that
children ages 12 to 14 and 15 to 17 were ready to be involved in family
finances. However, most parents thought children were not ready to establish
their own financial credibility or a credit history and build assets until 18
years of age or older.
Key Words: children and money, financial socialization, parents and
children’s money
1. Sharon M. Danes, Associate Professor, Department of Family Social
Science, College of Human Ecology, University of Minnesota, 290 McNeal Hall,
1985 Buford Ave., St. Paul, MN 55108. Phone: (612) 625-9273 Fax: (612)
625-4227. E-mail: sdanes@che2.che.umn.edu.