Parrotta, J. L. & Johnson, P. J. (1998).
The impact of financial attitudes and knowledge on financial management
and satisfaction of recently married individuals. Financial Counseling
and Planning, 9(2), 59-74.
The Impact Of Financial Attitudes And Knowledge On
Financial Management And Satisfaction Of
Recently Married Individuals
Jodi L. Parrotta(1)
and Phyllis J. Johnson(2)
Using a financial management model derived from the
Deacon and Firebaugh Family Resource Management Model, this study examined
the impact of financial attitudes and knowledge on financial management
and satisfaction with financial status in a sample of 194 recently married
individuals. Higher income and positive attitudes about finances, but not
the amount of financial knowledge, predicted use of recommended financial
management practices. Financial knowledge did not moderate the relationship
between attitudes and practices, i.e., the relationship was not stronger
when financial knowledge was high. Higher income and the use of recommended
financial practices were related to increased satisfaction with financial
status.
Key Words: Financial attitudes, Financial knowledge,
Financial management, Financial satisfaction, Newlyweds
1. Jodi L. Parrotta, Research Assistant, Alberta
Cancer Board, Edmonton, Alberta, Canada., E-mail: jparrott@compusmart.ab.ca
2. Phyllis J. Johnson, Associate Professor,
School of Social Work and Family Studies, 2205 East Mall, University of
British Columbia, Vancouver, B.C., Canada V6T 1Z4. E-mail: pjohnson@interchange.ubc.ca
Research was funded by a UBC Humanities and Social
Sciences Small Grant. Research reported is based on the first author’s
master’s thesis in Family Studies. The authors thank Daniel Perlman for
his assistance with the study.