Revaluing the Role of Parents as Financial Socialization Agents in Youth Financial Literacy Programs

Abstract

This paper reviews the role of parents in young people's financial socialization process. Despite robust evidence illustrating the key role of parents in this process, parental involvement in financial education programs is not well‐developed. Hence, this study advocates a revaluation of their role in such programs and shows how this fits in with the development of youth financial literacy programs that are more proactive and aimed at raising adaptable financial consumers. Guidelines are provided for the design of such proactive financial literacy programs, which take into account the role of parents in the financial socialization process. In addition, consequences for the role of teachers are discussed. In conclusion, a number of suggestions for future research are formulated that are necessary in order to develop more effective delivery methods and to increase the effectiveness of financial education programs.

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