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1 PURPOSIVE BUDGETING SOCIALIZATION: FINANCIAL OUTCOMES By TAYLOR L. SPANGLER A THESIS PRESENTED TO THE GRADUATE SCHOOL OF THE UNIVERSITY OF FLORIDA IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE DEGREE OF MASTER OF SCIENCE UNIVERSITY OF FLORIDA 2013
2 2013 Taylor L. Spangler
3 To caffeine
4 ACKNOWLEDGMENTS I would like to thank my mom for her love and support I would like to thank m y committee who helped and guided me through this process the many professors who challenged me along the way, Nicole for her helpfulness and honesty, and my friends who encouraged me. Finally, I would like to tha nk my cat for his unconditional ambivalence.
5 TABLE OF CONTENTS page ACKNOWLEDGMENTS ................................ ................................ ................................ .. 4 LIST OF TABLES ................................ ................................ ................................ ............ 7 LIST OF FIGURES ................................ ................................ ................................ .......... 8 ABSTRACT ................................ ................................ ................................ ..................... 9 CHAPTER 1 INTRODUCTION ................................ ................................ ................................ .... 10 Household Situation ................................ ................................ ................................ 10 Student Situation ................................ ................................ ................................ .... 11 Maternal Socialization ................................ ................................ ............................. 12 Research Question ................................ ................................ ................................ 15 2 LITERATURE REVIEW ................................ ................................ .......................... 16 Family Financial Socialization ................................ ................................ ................. 16 Child and Mother Characteristics ................................ ................................ ............ 18 Maternal Bargaining Power ................................ ................................ ..................... 18 Maternal Attachment ................................ ................................ ............................... 19 Maternal Purposive Budgeting Socialization ................................ ........................... 20 Financial Delay of Gratification ................................ ................................ ............... 21 Financial Well being ................................ ................................ ................................ 22 Budgeting Behavior ................................ ................................ ................................ 23 Summary ................................ ................................ ................................ ................ 24 Purpose of Study ................................ ................................ ................................ .... 25 Hypotheses ................................ ................................ ................................ ............. 25 3 METHODS ................................ ................................ ................................ .............. 28 Research Design ................................ ................................ ................................ .... 28 Procedure ................................ ................................ ................................ ............... 28 Instrumentation ................................ ................................ ................................ ....... 29 Maternal Questionnaire ................................ ................................ .................... 29 Matern al bargaining power ................................ ................................ ......... 29 Purposive budgeting socialization ................................ .............................. 30 Gender ideology ................................ ................................ ......................... 31 Child Questionnaire ................................ ................................ .......................... 31 Maternal attachment ................................ ................................ .................. 31 Financial delay of gratification ................................ ................................ .... 32 Financial well being ................................ ................................ ................... 32
6 Budgeting behavior ................................ ................................ .................... 33 Analysis ................................ ................................ ................................ .................. 33 4 RESULTS ................................ ................................ ................................ ............... 36 Sample ................................ ................................ ................................ .................... 36 Hypotheses ................................ ................................ ................................ ............. 38 budgeting behavior will be positively correlated being. ................................ ................................ ..... 38 Hypothesis 2a). ................................ ................ 39 Hypothesis 2b). .......... 39 Hypothesis 3). Budgeting behavior by children will be predicted by higher financial responsibili ty, and having taken a personal finance course. ........... 40 Hypothesis 4). purposive budgeting socialization, moderated by maternal attachment. ....... 40 Purpose of Research ................................ ................................ .............................. 45 APPENDIX A CHILD CONSENT FORM ................................ ................................ ....................... 57 B MATERNAL CONSENT FORM ................................ ................................ .............. 59 C CHILD QUESTIONNAIRE ................................ ................................ ...................... 61 D MATE RNAL QUESTIONNAIRE ................................ ................................ .............. 68 REFERENCES ................................ ................................ ................................ .............. 73 BIOGRAPHICAL SKETCH ................................ ................................ ............................ 82
7 LIST OF TABLES Table page 4 1 Descriptive statistics for the sample. ................................ ................................ .. 41 4 2 Measures of central tendency and dispersion of key variables. .......................... 42 4 3 Results of bivariate correlations between child variables (n=323). ..................... 42 4 4 Results of bivariate correlations between maternal variables (n=84). ................ 43 4 5 behavior (n=287). ................................ ................................ ............................... 43 4 6 behavior, with moderation of maternal attachment (n=84). ................................ 44
8 LIST OF FIGURES Figure page 2 1 ....... 27 2 2 ................................ 27
9 Abstract of Thesis Presented to the Graduate School of the University of Florida in Partial Fulfillment of the Requirements for the Degree of M aster of Science PURPOSIVE BUDGETING SOCIALIZATION: FINANCIAL OUTCOMES By Taylor L. Spangler December 2013 Chair: David Diehl Major: Family, Youth, and Community Sciences This thesis examines the role of maternal characteristics on how frequently mothers intentionally taught budgeting behaviors to their children, a nd it investigates and behaviors. The Family Financial Socialization theoretical model and critical review developed by Gudmunson and Danes (2011) guided this thesis. D ata were collected using online survey responses from college students and their primary female caregivers during the summer and fall of 2013. Maternal characteristics including gender ideology and bargaining power in the household were not related to freq uency of budgeting to their children we re associated with increased budgeting behavior in college itive relationship financial responsibility and those who had taken a personal finance course also had more frequent budgeting behavior.
10 CHAPTER 1 INTRODUCTION College is a time of unique financial responsibility and freedom that some students are underprepared to handle. Students face a variety of financial challenges, including rising tuition costs, relatively limited income, and the prospect of borrowing to fi nance their education. Budgeting during school is a strategy that can help reduce debt and build positive financial habits for the future, but many students do not plan and track their spending (Stollak, Vandenberg, Steiner, & Richards, 2011). While financ ial educators can teach students how to budget, financial attitudes and behavior s are influenced by factors in addition to knowledge (Mandell & Schmid Klein, 2009). Money a ttitudes and spending and savings behavior s learned from parents during childhood can influence lifelong money management (Jorgensen & Salva, 2010). The current study defines financial socialization as Danes, 1994, p. 127). Parents are especially important influencers in the financial socialization of their children, and the specific role that mothers play in this development will be explored in the current study. Household Situation As A merican families face f inancial challenges financial experts should address how financial behavior is transferred between generations Researchers must give greater attention to how families have been affected by the recent economic recession and how family characteristics can While the economy is recovering, some families are still struggling w ith the consequences of the 2007 stock market crash American households lost $11.2 trillion in net worth in 2008 alone (Kaiser, 2009). Over 1.2 million households filed bankruptcy
11 in 2012 (Administrative Office of the U.S. Courts, 2012), and home foreclosure and eviction have affected over 8 million children nationwide during the economic recession (Isaacs, 2012, p.2). Families headed by women have fared the worst of all family types. The national poverty rate was 15 % in 2012, but female headed households face the highest rates of poverty in the country 30.9 %. (U.S. Census Bureau, 201 2 p. 14; p. 16). Debt has become the norm for families to subsidize their spending from borrowing to finance large purchases like homes to taking on consumer debt to pay for everyday items Median household income dropped 38.8 percent from 2007 to 2010 (Bricker, Kennickell, Moore, & Sabelhaus, 2012). The median credit card balance was $3,300 in 2009 and total debt was $75,600 for households up from $3,100 and $70,300 in 2007 (Bricker, Bucks, Kennickell, Mach & Moore, 2011, p. 27, Table 5). When crisis hit, many families did not have spending plans in place. Only 43% of American adults keep a formal budget to track their money and 22% do not know their typical monthly spending on basic needs and entertainment (The National Foundation for Cred it Counseling, 2012, p. 3). While college students may not have directly felt the financial impact of recent economic events, they may have been influenced by changing financial behaviors in the family. Since parents are the biggest influence on the financ ial behaviors of children, the past few years of economic hardship have had a great influence on a cohort of children and young adults around finances (Adrian & Coontz, 2010). Student Situation Most undergraduate students enrol led in 2013 (when this study took place) were in high school when the economic recession began, and most of them did not receive
12 formal financial education. Only 13 states mandate financial education in high school curricula, so many young adults make important financial decisions wi thout understanding the full implications of their choices (Council for Economic Education, 2012, p. 7). More young adults a re attending college than ever 41% of 18 24 y ear olds were enrolled in 2009 but they face the rising cost of tuition and must make c omplex financial decisions to reach their educational goals, which have lasting impacts on their financial goals (U.S. Department of Education, 2012a). The average annual cost for a four year degree was $15,014 in 2009 10, and the average graduate had $25, 250 in debt in 2010 (U.S. Department of Education, 2012b; Reed, 2011, p.1). Getting a college degree is especially challenging for those who are employed while taking classes; a study commissioned by the Bill and Melinda Gates Foundation found that balanci ng work and school is the leading reason college students drop out (Johnson, Rochkind, Ott & DuPont, 2011). In May, 2012, college graduates over 25 were less likely to be unemployed (3.7%) than those with only a high school diploma (7.7%) (U.S. Bureau of L abor Statistics, 2012). However, 53.6% of recent graduates those under 25 were either working in jobs that did not require their degree (Yen, 2012). Most student debt cannot be discharged through bankruptcy (Pottow, 2007 ), a nd potential employers in most states may also use credit history as a way to screen job candidates, which further increases the burden of debt after graduation for those who had to borrow to finance their education and struggle to repay their loans ( Socie ty for Human Resource Management, 2010). Maternal Socialization Parents are the primary socializing agents for their children
13 ( Moschis, 1985 ; Jorgensen & Salva, 2010 ). Mothers are the focus of this thesis, since women still spend mo re time on childcare and are responsible for more of the household purchasing ( Bureau of Labor Statistics, 2008 ). Parents have expectations about the age at which children should be engaged in discussions about financial issues, but they may not be aware o f when children begin to learn from their example (Danes, 1994). Seminal consumer socialization researcher George Moschis (1985) suggested that researchers focus on how communication between family members influences consumer behavior beyond mass media inf luences. He outlined three steps in the consumer socialization process: 1.) purposive consumer training, 2.) observation of parental behavior, and 3.) positive reinforcement of socially desirable behavior (1985, p.905). Children may receive lessons about m oney from school, but repeated behavior in the home influences much of their relationship with finances; when mothers budget for the next month or save for the future, their children are learning lessons about money management (Clarke, Heaton, Israelsen, & Eggett, 2005). Ward, Wackman, and Wartella (1977) listed five ways mothers can teach their children consumer skills, including prohibiting spending, lecturing, discussing, leading by example, and letting children learn from personal experience. Those guid elines are still applicable today. Recent research has found that parents who display warmth toward their children and discuss charitable don ations have adolescent children who are more likely to give and to save for their own schooling (Kim, LaTaillade, & Kim, 2011). As young adults begin to identify their role as adults, they learn from their family how to manage money, and a recent Creditcards.com poll of over 1,000 Americans found that mothers were the most
14 influential relative regarding finances ( GfK Roper Public Affairs & Media, CreditCards.com 2011). In the context of the family, mothers and fathers often divide household tasks by gender, and children and adolescents are likely to be assigned household chores based on traditional gender roles (Pet ers, 1994). D omestic socialization may influence the personal and occupational choices that boys and girls consider as they develop. Parents with traditional gender roles further encourage their children to excel at subjects based on gender, as well (Updeg raff, McHale, & Crouter, 1996). Women are socialized to participate in the private sphere of the home, but their voice is often muted in the public sphere. When young girls learn that they should not excel in math, science, certain competitive sports, or t ake leadership positions, those lessons carry over into their academic, professional, and personal lives (Eccles, 1994; Sahney, Benton & Ferry, 2010). American women fare worse than men in many areas of the labor force and financial marketplace: taking lo wer paying jobs ( The White House, 2011 ), not negotiating for their salary ( Babcock & Laschever, 2003 ), and avoid ing investment risk and neglect ing to plan for their own retirement ( Bajtelsmit & Bernasek, 1996 ). They are less financially literate than men i n this country, and they are less confident in their financial decisions (Lusardi, & Mitchell, 2006 ; Investment Weekly News, 2011). The uneven burden of caretaking by women (for children, parents, and through volunteer hours) creates further economic disad vantage (The White House, 2011) and perpetuates a cycle of gendered division of labor. However, women have made great
15 employment gains over the past 50 years, and they did not experience unemployment at the same rate as men during the recession (The White House, 2011) Women are moving toward parity in education and the labor force ( The White House, 2011) and they are the most influential source of information about money management in the eyes of their children. In the 5 th Annual T. Rowe Price survey on Parents, Kids, and Money, almost three fifths of children (59%) said they would go to their mom first with questions about money, and 35% perceive their mothers as being in charge of the money in the household (2013, p. 10). Children also reported that the ir parents have taught them the most about saving, spending, and investing (2013, p. 24). Since children first learn about finances from their parents, and turn to their mothers to learn about money management, this study examines the characteristics of mo thers that contribute to effective budgeting by their children. Research Question The following question guided How do the characteristics and actions of mothers influence their college
16 CHAPTER 2 LITE RATURE REVIEW Family Financial Socialization While early research on how children learn money management from their families focused on more passive observation opportunities, recent studies have brought attention to hands on teaching moments and the salie nce of the emotional nature of finances. 127). In contrast to more passive forms of socializat ion such as modeling, Gudmunson and Danes (2011) members use to financially social p. 649). Serido and her colleagues (2010) describe d two main ways that adolescents c an benefit from parental financial socialization the development of financial values and the development of financial responsibility ( p 454). Hira (2012) acknowledged the persistence of familial financial feelings, which influence how people behave for life, describing the family as the of financial res for financial literacy practitioners to include money values and personal reflectio n in their financial research and education (Hira, 2012). Shim and her colleagues (2010) distinguish ed between passive and purposive socialization, defining anticipatory socialization, as of financial knowledge, skills, attitudes and behavior that might be expressed, practiced, and/or intentionally taught by key socialization agents such as parents, school, and 9). They
17 describe d parental direct teachin Barber, Card, Xiao, & Serido, 2010, p. 1461). X iao, Ford and Kim (2011) stress ed the importance of parent child rel ationship quality through warmth and trust, rule setting, and communication when teaching financial behaviors (p. 407). Based on social science research showing the influence of the family on financial outcomes, Gudmunson and Danes (2011) created a concep tual model of Family Financial Socialization (Figure 2 1). Their goal was to examine the processes that lead to differential financial literacy outcomes across social and demographic variables. Rooted in social cognitive theory (Bandura, 1985), consumer so cialization theory (Moschis & Churchill, 1978), and economic socializatio n theory (Ward, 1974), their model tied the individual and family behaviors to larger financial outcomes. They proposed three categories of processes that occur in families: personal and family demographic characteristics; family interaction and relationships; and purposive financial socialization (p. 648). The interaction of these categories with each other influences the financial attitudes, knowledge, and capabilities; financial beh avior; and financial well being of family members (p. 648). Their model included proposed linkages between these constructs and a review of 100 research articles each examining at least one of those linkages. Figure 2 broad categories of characteristics, processes, and outcomes to be considered in a more holistic view of family financial socialization.
18 The current study will explore how speci fic characteristics and behaviors of mothers affect the budgeting outcomes of their college aged children. Each construct from the original model will be adapted to explore specific maternal characteristics and behaviors and specific characteristics, attit udes, and behaviors of their college aged children. Child constructs include demographic variables (i.e., age, gender, and ethnicity); financial characteristics (i.e., financial responsibility and having taken a personal finance course); family interaction and relationships (maternal attachment); financial attitudes (financial delay of gratification); financial behavior (budgeting behavior); and financial well being. Mother constructs include demographic variables (i.e., relationship to child, relationship status, education, household income, and contribution to household income); family interaction and relationships (maternal bargaining power) purposive financial socialization (purposive budgeting socialization), and gender ideology is examined to further u nderstand household dynamics. See Figure 2 2 for the model guiding the current research. Child and Mother Characteristics Several demographic variables and personal characteristics are thought to contribute to financial behavior. This study includes the age, ethnicity, relative financial responsibility and whether they have taken a personal finance course. In addition to basic demographic information, the study also includes the m relationship to the child (biological parent or oth er relationship) relationship to a partner, education, household income, and contribution to household income Maternal Bargaining Power Gudmunson and Danes (2011) described personal and family demographic c haracteristics as predictive in their model; instead of just using demographics of family
19 members to control for unexplained intergenerational trends, they suggest investigating the reasons family influence differs based on demographics (p. 647). The current study focuses on the finan cial control that mothers have in their household, not just the income of the household unit. Several theories and models have been proposed to explain how cou ples manage household resources. The Life Cycl e Hypothesis (Modigliani, 1966) assumes that indivi duals aim to smooth their consumption over their lifetimes, and borrow and save based on anticipated future income. Family Utility Models (Becker, 1981) consider production from each spouse in the labor market and in the hou sehold and households are viewe d as single economic units Bargaining models include cooperative models that view the contribution of each spouse pooled in one model (McElroy and Horney, 1981) and noncooperative bargaining which include (Lundberg & Pollack, 1993) When intra household bargaining theory considers a gendered division of labor, it assumes that partners have differential bargaining power based on inco me, wage potential, assets, wealth, legal rights, social norms, and caretaking roles (Agarwal, 1997). Researchers have tried to measure the bargaining power of women in many ways. The current research addresses how women share income and wealth in relation ships and if households manage money differently based on the earnings of each partner. Maternal Attachment Maternal parenting style may moderate the impact of financial socialization efforts in families; children may be less likely to take advice or mode l the behavior of their mothers if they do not have a good relationship. Researchers have identified maternal attachment as a possible protective factor for adolescent girls during family
20 stress. Girls with stronger attachment to their mothers had fewer co nduct problems when families experience conflict than girls with weak attachment to their mothers (Formoso, Gonzales & Aiken, 2000). Parent child relationships are complex and difficult to define, and there are many ways to categorize parenting, but this s tudy will use Inventory of Parent and Peer Attachment (IPPA) to measure maternal attachment Magoon and Ingersoll (2006) found that high school students were less likely to display problem behavior with gambling if they had a stronger attachment to their parents, and this relationship mod erated peer pressure to gamble. In addition to parents talking about money management, having a warm relationship with children has been found to increase how much the se children save for thei r own education (Kim, LaTaillade, & Kim, 2011). Maternal Purposive Budgeting Socialization distinction fr om most socialization measures which assess how behavior is implicitly modeled is important. This concept refers to financial messages that parents (and other relatives) send on purpose, not just the messages they transfer unknowingly They n ote that these overt, deliberate lessons vary across many family characteristics like SES or cultural differences. Parents are the primary influence on children, and mothers, specifically, have been found to play an important role in socializing children a round financ ial issues. Previous research on consum er socialization has focused on mothers as primary socializing agents due to their unique role in the marketplace, mediating role between others, and the lifelong influence on the financial behavior of the ir children (Carlson, Grossbart, & Stuenkel, 1992, p. 37). In Carlson, Grossbart, and
21 aged students) consume on financial instruction from parents may cause life long behavior change in children. College students who report learning about finances from their parents explicitly have been found to have better financial attitudes and behaviors than those who recall only implicit financial socialization (Jorgensen & Savla, 2010, p. 473). Financial Delay of Gratification Ray and Najman (2001) suggest that fi nancial delay of gratification has implications beyond money management, sa either by saving their financial resources or by engaging in protracted periods of self regulation researcher Walter Mischel Mauro and Harris described the need for adolescents to delay gratification, saying, The abilities to postpone immediate gratification because of future consequences, to impose delays of rewards on oneself, and to tolerate frustration are recognized as e ssential ingredients that facilitate the development of self control, self as cited in Mauro & Harris, 2000, p. 292). Adolescents who delay gratification have been found to exhibit fewer problem beha viors than their peers who seek immediate grati fication. For example, m iddle and high school students who delayed gratification in order to receive a higher financial incentive were found to have lower drug, alcohol, and tobacco use and performed better in school (Wulfert, Block, Santa Ana, Rodriguez, & Colsman, 2002). Mauro and Harris (2000) found that authoritative mothers were better able to teach their children how to delay gratification than mothers who had a
22 permissive parenting style. The gender of t he child is an important factor; in a meta analysis of 33 studies that tested delay of gratification in children around the world, Silverman ( 2003) found that girls were more likely than boys to wait for a larger/better future reward than to take the immed iate reward. Childhood lessons about delaying gratification have salient, long lasting effects. A Dutch study found that economic socialization efforts by parents positively influenced the future orientation of their children, which was measured using the Consideration of Future consequences scale, and this persisted into adulthood (Webley & Nyhus, 2006). Norvilitis and MacLean (2009) found that college students with higher financial delay of gratification had more responsible credit card behaviors when the ir parents taught them about finances, compared to students with lower financial delay of gratification. Financial Well being (2006) discussed how financial well (p. 34). The financial well being of college students is difficult to describe, since they are at a unique time in their financial lives. Most traditional college students are not employed full time, but many work to support themselves through school; 57 percent of college students are worki ng at least part time during their studies ( Orszag, Orszag, & W hitmore, 2001). Financial well being varies across subgroups of college students. For example, the e conomic well being of college students has been found to be predicted by different variables for males and females (Leach, Hayhoe, & Turner 1999). Women in the study had lower perceived economic well being if their parents argued about finances, but the
23 economic well being of men was not a ffected (Leach, Hayhoe, & Turner 1999). In a study of ov er 2,000 c ollege freshm e n those who perceived higher quality communication with their parents had higher financial well being than their peers as well as lower psychological distress and higher subjective well being (Serido, Shim Mishra, & Tang, 2010) Gutter and Copur (2011) found that students who exhibited risk y credit c ard use had lower self reports of financial well b e ing. In a study of Hong Kong U niversity students, Chan, Chan, and Chau (2012) found that college students who perceived financial well being (p. 114). Budgeting Behavior Budgeting behavior is a set of financial behaviors that occurs regularly (daily, weekly, bi monthly, monthly, seasonally, or annually). Families should set budgets to track e xpenses and to plan for spending needs and savings goals. Kapoor, Dlabay, and Hughes (2012) list ed seven steps in the budgeting process: 1). Setting Financial Goals, 2). Estimating Income, 3). Budgeting an Emergency Fund and Savings, 4). Budgeting Fixed Ex penses, 5). Budgeting Variable Expenses, 6). Recording Spending Amounts, and 7). Reviewing Spending and Saving Patterns (p. 89). Budgeting behaviors are often a part of money management behaviors that researchers examine to determine a ealth. Hayhoe, Leach, and Turner, (2000) described money management with a scale of financial practices that included items about writing a budget, making a shopping list, planning expenditures, paying and keeping track of bills, and saving (p. 119). They found that gender was a significant factor in most of the reported financial practices women were more likely to engage in both positive behaviors like making a written shopping list and negative behaviors like bouncing checks (2000). Walker (1996) found t hat new mothers were more likely to be better
24 financial managers if they were in more debt, compared to those with lower debt, possibly as a way to handle new financial stressors. Special attention has been paid to college students by financial education r esearchers, and there are several interesting findings about this population. In their study of over 16,000 college students, Gutter, Garrison, and Copur (2010) found that budgeting behaviors are influenced both by observation and discussion of money manag ement. College students who saw their parents model financial behavior and talked about financial issues with them budgeted and saved more than their peers who did not (p. 396). Financial literacy efforts by financial educators seem to be effective in prev enting risky borrowing in this population. For instance, Robb (2011) found a positive relationship between how much students knew about personal finance and more responsible credit card use. Peer influence is still very strong for these young adults, howev er; peer social support is negatively correlated with th e amount of credit card debt college stud ents carry (Wang & Xiao, 2009). Wand and Xiao (2009) also found that students with compulsive buying habits are often motivated by competitiveness with their peers, and sometimes overspend to fit in. Budgeting can affect not only the financial security of emerging adults, b ut may contribute to their mental health as well. satisfaction and higher life satisfaction than their peers (Xiao, Tang, & Shim, 2009, p. 53). Summary The topics covere d above are not an exhaustive list of possible financial relationships between mothers and their children, but focusing on these will add to the understanding of how mothers influence long term financial outcomes. The current
25 study considers parents to be lives long after they have left home and mothers are seen as especially powerful perception s of their ow n intentional efforts to teach money management to children. Financial education experts will benefit from a deeper understanding of how personal characteristics and demographic variables affect how mothers socialize their children, as well as how individu al characteristics and experiences of children shape their own financial outcomes. Purpose of Study The purpose of this study wa s to investigate financial socialization and the influence of mothers on the financial behavior of late adolescents. The focus w a s on budgeting behavior since it is a lifelong process that anyone c ould master, regardless of current financial situation. College students are building autonomy and becoming more financially independent, and this study attempts to understand what contri butes to budgeting behavior during this time. This research also s ought to fill a gap in the fina ncial socialization literature by investigating maternal characteristics and maternal self report s of purposive socialization with the reported financial behav ior s and attitudes of college students. Hypotheses To explore how mothers influence the budgeting behaviors of their children attending college own financial experience and attitudes. To examine the proposed relationships between variables, the following hypotheses were tested:
26 Hypothesis 1 Child budgeting behavior will be correlated with financial well being. Hypothesis 2 a. Mothers with a more egalitarian gender ideology will have a higher bargaining power in the household. Hypothesis 2b. Mothers with higher bargaining power in the household will engage in more purposive budgeting socialization with their children. Hypothesi s 3. Budgeting behavior by children will be predicted by higher financial delay of gratification, maternal attachment, higher % of financial responsibility, and having taken a personal finance course. Hypothesis 4. Budgeting behavior by children will be pr purposive budgeting socialization, moderated by maternal attachment.
27 Figure 2 model. Figure 2 Child & Mother Characteristics Maternal Bargaining Power Maternal Purposive Budgeting Socialization Financial Well being Financial Delay of Gratification, Personal Finance Course, & Financial Independence Budgeting Behavior Maternal Attachment Personal & Family Characteristics Family Interaction & Relationships Purposive Financial Socialization Financial Well being Financial Attitudes, Knowledge, & Capabilities Financial Behavior
28 CHAPTER 3 METHODS Research Design To test these hypotheses, the current study use d a non experimental, comparative, cross sectional design, using descriptive and inferential statistics. A cross (deV aus, 2001). The theoretical population for this study wa s mothers and their children who were undergraduate students. The accessible population wa s undergraduate students in the Family, Youth and Community Sciences and Agricultural Education and Communicat ion Departments at a large Southeastern university and their primary female caregivers. Procedure Before beginning the data collection process, permission was obtained from instructors of undergraduate courses to recruit participants from their classes. T hey either posted an announcement to the course website or forwarded an e mail with the study recruitment details. In class announcements were made for several fall courses. Student participants then completed an online survey with demographic information and four instruments. Participants were asked to electronically. Mothers were then contacted via telephone or e mail, and they completed an online survey. They were linked to their child using a unique code, and n o names or other identifying information we re disclosed. Mothers answered demographic questions and completed a survey assessing three concepts Participants were not given compensation; however, incentives were be provided
29 were the first respondent from each class. Instructors may have elected to offer extra credit for participation (not to exceed 2% of the final grade). An e quivalent alternative assignment was offered to those who did not choose to participate in the research Informed consent was given electronically at the introduction to the online survey, and participants could not continue without giving consent. The in formed consent described the purpose of the study, what was asked of participants, risks and benefits, compensation, confidentiality, and rights for participants. Please see Appendice s A and B for child and mother consent documents. Instrumentation St udents completed an online survey including demographic information, financial responsibility and education, and the four scales discussed below. Mothers completed an online survey with demographic information, financial situation, and three scales discuss ed below. See Appendices C and D for full questionnaires. Maternal Questionnaire The maternal questionnaire included demographic questions, one established scale, and two scales created for this study. The demographic section included questions about the Maternal bargaining power Maternal bargaining power was measured using an adaptation of the work of Phipps and Woolley (2008), who researched the intra household control over savings in Canadian hous eholds focusing on decision making about wealth, not income, since women in relationships typically live longer and earn less over their lifetime (p. 593). in the household this study use d
30 about budgeting. The scale ha d five items with response options that allow mothers to describe the relationship between themselves and their partner regarding everyday and long term savings and spending decisions. Example items include d the day to day spending decisions in your household? (Food spending, car maintenance, we re five response options: Partner On ly, Partner More Than Me, Both Equally, Me More Than Pa rtner, and Me Only. Higher mean scores indicate d higher maternal control on intra reliability (.61) was .89 once the item was removed. The sample mean for the new scale was 3.47. Purposive budgeting s ocialization To assess how much mothers intended to teach their children about budgeting while they were in high sc hool, this study used a seven item scale based on the budgeting process outlined in Kapoor, Dlabay, and Hughes (2012). This scale is called purposive budgeting socialization, and it focuse d on intentional behavior from mothers to pass budgeting behavior on to their child, instead of observation opportunities. An Financial Goals: Plans for future activities that require you to plan your spending, savings, saving, and investi d from never to frequently on a 5 point frequency response scale. Higher mean scores reflect ed more purposive budgeting socialization. The mean score for the sample was 3.29, a alpha was .92
31 Gender i deology To b etter understand personal characteristics that may have contribute d to using six items from the National Longitudinal Survey of Youth 1979 (NLSY 79), which has been used si nce 1979 (with the most recent panel in 2004) by the Bureau of Labor Statistics. Davis and Greenstein (2009) included six of the eight items from the survey in a review of international gender ideology instruments, and those are the items selected for use in this study. The scale is not a comprehensive gender ideology measurement, and the items specifically focus on the balance between work and family, asking happier if they sta sample was 4.07, a Child Questionnaire The child qu estionnaire included demographic questions, two items about personal financial responsibility and financia l education, three established scales measuring maternal attachment financial delay of gratification, and financial well being and one scale created for this study measuring budgeting behavior Maternal attachment Maternal attachment was used measure family interaction and relationships, using the maternal version of the Inventory of Parent and Peer Attachment (IPPA) (Armsden & Greenberg, 1986). The inventory contain ed three subscales: trust, communication, and alienation. The inventory was developed f or use with college students. The original inventory had 28 items, but the authors recommend using the Please read each
32 statement and circle the ONE number that tells how true the statement never or never true, not very often true, sometimes true, often true, almost always or d My mother respected w as .87 (p. 2). In this samp s .95 and the mean score was 4.01. Financial delay of gratification Financial delay of gratification was measured usin (2009 scale had 12 items, but Norvilitis and MacLean elim inated three items with the weakest relationship t o delaying gratification. Their 9 after t hat reduction. An example item wa riginal response options were yes, no, or unsure, but they were changed to a 5 point agreement scale to remain consistent with the other scales in the questionnaire. The Cr s .78 and the sample mean wa s 3.55. Financial well being Financial well being was measured using the InCharge Financial Distress/Financial Well Being Scale, which was developed by a team of financial experts and scholars using several rigorous verification processes (Prawitz, et al., 2006). It is an 8 ite m measure and the developers paid special attention to several validity measures. It is well cited in the literature, and has been used with college students (Gutter & Copur, 2011). Items include self assessment
33 of present f inancial situation, anxiety about financial matters, and confidence in facing financial emergencies. The original scale had 10 po i nt response scale, but the response categories were reduced to 5 to maintain consistency with other measures in this study, wi th a mean score of 3.05 Budgeting behavior Budgeting behavior was measured using a new scale based on the budgeting process outlined in Kapo or, Dlabay, and Hughes (2012) just like the maternal measure for purposive b udgeting socialization. The seven budgeting behaviors included are the same for both scales : 1). Setting Financial Goals, 2). Estimating Income, 3). Budgeting an Emergency Fund and Savings, 4). Budgeting Fixed Expenses, 5). Budgeting Variable Expenses, 6). Recordi ng Spending Amounts, and 7). Reviewing Spendi ng and Saving Patterns. Children were asked how often they do each, on a 5 point freque ncy response scale. Higher mean scores indicate d better budgeting behavior, with a sa mple a of .86 Analysis The online surveys were electronically collected by Qualtrics, and exported to a computer based statistical software package (SPSS). Mother child dyads were manually matched and then identifying information was strip ped. Since there was an unequal number of child and mother survey responses, there are child only, mother only, and mother child analyses. Each hypothesis is addressed below, and sample size for each analysis is presented in corresponding tables. The goals of this analysis we re to explore: 1) how personal characteristics of college students contribute to their budgeting behavior 2) how the characteristics of mothers contribute to their purposive
34 budgeting socializat ion, and 3 ) how maternal attachment moderates maternal soci Bivariate correlations were run to test the strength, direction, and significance of th e relationships in the first three hypotheses: financial well being, m ideology and ba rgaining power in the household, and m and socialization. correlation coefficient (r), with value s from considered at p values less than .05 and is indicated in the results with asterisks for each level of significanc e (Nardi, 2006). To address hypotheses 3 and 4, multiple regression analyses were conducted Multiple regression requires several assumptions to be met for results to be meaningful. Osborne and Waters (2002) highlighted the four assumptions most critical to researchers: 1.) variables are normally distributed 2.) a linear relationship between the independent and dependent variables exists 3.) v ariables are measured without error (reliably) and 4.) the distributions of the variables are homoscedastic which While several of the variables are ordinal (frequency or agreement scales), Allison says using ordinal variables in multiple regression as if they continuous To test for multicollinearity, variance inflation factor analysis was run, and the variables all showed a variance inflation factor (VIF) less than
35 1.1, which indicated very low multicollinearity bet ween variables ; VIF less than or equal 4 is an acceptable range according to Pan and Jackson ( 2008). To address h ypothesis 3 the current study examine d the relationship between personal characteristics and budgeting behaviors of college students using regression (financial delay of gratification, maternal attachment, percentage of fin ancial responsibility, and having taken a personal finance course) multiple regression was run. H ierarchical multiple regression (Field, 2005) was run, with the first block of control variables ( gender and ethnicity ), and the second block of predictors ( f i nancial delay of gratification, maternal attachment, f inancial responsibility and having ta ken a personal finance course ) To test h ypothesis 4 only matched pairs of mothers and children were analyzed. Moderation was tested using multiple linear regressio n and an interaction term to test for moderation Child budgeting behavior was the dependent variable the predictor variable was purposive budgeting socialization and the moderator variable was maternal attachment. To test for moderation, the interaction between maternal attachment and maternal purposive budgeting socialization (the multiplication of the two variables) was also added to the regression Baron and Kenny (1986) indicate that moderator variables should not be correlated with either the predic tor or dependent variables.
36 CHAPTER 4 RESULTS This study s ought financial behaviors by focusing on how their own personal characteristics and socialization practices shape their budgeting behaviors. This chapter includes the results of data analysis performed on the child only, mother only, and mother child samples. Sample Participants in the sample were recruited from one of several Family, Youth and Community Sciences (FYCS) or Agricultur al Education and Communication (AEC) department courses in the summer and fall of 2013. Since there is overlap bet ween courses and semesters, it wa s unrea sonable to estimate how many total unique students were reached for participation or to calculate a re sponse rate. Participants were undergraduate students over 18 years of age who consented to participate and had mothers who were willing to participate as well. Since participants were not randomly selected and inferences were not made to a larger populati on, this is a nonprobability sample (Hade & Lemeshow, 2008). From 16 undergraduate courses, 403 students responded to the survey. Those who did not complete each instrument, repeat respondents, and those older than 25 were all eliminated. Older respondents were not included since this study is focused on traditional college students who are transitioning to independence (2000) conception of emerging adulthood, which is def ined as 18 25 This cutoff corresponded with an analysis of extreme values in the sample, supporting the removal of those outliers. This resulted in a child sample of 323 individuals
37 At the time of survey completion, students provided referral information for a primary female caregiver, who was then contacted through e m ail and/or phone. One hundred and four caregivers responded to the maternal survey, with 84 remaining in the final dataset after removing those with missing data and those who responded more than once. The maternal response rate was 26.0%. These female car egivers will be Chi square and ANOVA analyses were conducted to determine whether there were any statistically significant differences between the group in which mothers completed the survey and the group in which the mo thers did not complete the survey; these analyses were run on all demographic variables and all variables of interest available from the child survey. These two groups were significantly different on only two variables: maternal attachment and financial we ll being. The mean financial well being score was for students w hose mothers responded was 3.05 while the mean score for those who mothers did not respond was 2.95, F(32, 288) = 1.491, p< .05. The mean maternal attachment score for students whose mothers responded was 4.20, while the mean score for those who mothers did not respond was 3.94 F(1, 298) = 8.149, p < .005 Thi s is logical, since mothers who responded may be more likely to have a close relationship with the child. All other demographic and pred ictor variables were not significantly different. Chi square analysis was conducted to determine if any variables differed by gender of students. Only two variables differed significantly by gender in the sample. Girls in the sample were older than their male peers X 2 ( 7, N=323) = 23.99, p=.001 and
38 girls were more likely to have mothers who responded to the maternal survey X 2 ( 1, N=323)= 2.91 p=.057 See Table 4 1 for complete descriptive statistics for the sample. The child sample was about 75% female (75 .2%), and 60.4% white, 14.6% Hispanic or Latino, 11.8% black or African American, and 6.2% Asian; the mean age was 20.84 years. A majority of mothers in the sample were the biological mothers of child participants (96.4%) and married or living with a partn er (84.5%). Almost 90% of mothers had at least some college (89.2%), and the mean househol d income was $97, 509 The median household income was $90,000, indicating that the mean was pulled higher due to a few large values in the sample. According to census data, the median household income in the United States was $51,371 in 2012 (Noss, 2013, Table 1). The descriptive statistics for key variables can be found in Tables 4 3 and 4 4. Hypotheses Hypothesis 1). budgeting behavior will be positively c orrelated with being. The results of the correlation did not support the hypothesis of a significant relationship between budgeting behavior and financial well being, with a correlation of .018 (p =.751). Correlations of other child generated variables were also run (Table 4 3), with several interesting relationships being evident. Financial well being wa s positively associated with financial delay o f gratification .304 (p< .001); and maternal attachment .193 (p< .001). Financial well being wa s negatively associated with relative financial responsibility .282 (p< .001). Budgeting behavior was not significantly associated with gender or ethnicity. Budgeting behavior wa s positively associated with
39 f inancial d elay of g ratif ication .465 (p< .001) m aternal a ttachment .106 (p<. 05), financial responsibility .278 (p<. 001), and having taken a personal finance course .198 (p<.001). Hypothesis 2a). er in the household. The results of the correlation did not support the hypothesis of a significant relationship between egalitarian gender ideology and bargaining power in the household, with a correlation of .176 (p =.144). This negative relationship is an interesting finding, and it may indicate that the gender ideology of wives is not the primary factor influencing how much bargaining power each spouse has over finances in the household. Hypothes is 2b). bargaining power in the household will be positively purpos ive budgeting socialization The results of the correlation did not support the hypothesis of a significant relationship between bargaining power and purposive budgeting socialization, with a correlation of .184 (p=.105). While this did not meet the threshold for statistical significance, this p value (.105) is approaching significance, and a larger sample may indicate a statistically significant relationship Correlations of other mother generated variables were also run (Table 4 4), with several interesting relationships. None of the demographic or predictor variables were significantly associated with maternal purposive budgeting socialization. The strongest positive association was between maternal bargaining power and maternal proportion of income .441 (p< .001). Maternal proportion of income was negatively associated with total household income .324 ( p < .01). Maternal gender ideology was not significantly associated with any other variable.
40 Hypothesis 3). Budgeting behavior by children will be predicted by higher financial responsibility, and having taken a personal finance course. Table 4 5 summarizes the results of the regression. Ne ither demographic variable showed a significant relationship with the dependent variable, budgeting behavior. In this study, gender and ethnicity were not significantly associated with the budgeting behaviors of college students. Three of the predictor var iables, financial delay finance course, were all positively associated with budgeting behavior. Maternal attachment did not have a significant relationship with s budgeting behavior. Hypothesis 4 ). purposive budgeting socialization, moderated by maternal attachment. budgeting socialization 6 summarizes the effect of maternal attachment as a moderator of purposive budgeting socialization. In the regression, neither purposive budgeting socialization nor maternal attac
41 Table 4 1. Descriptive statistics for the sample.
42 Table 4 2. Measures of central tendency and dispersion of key variables. Table 4 3. Results of bivariate correlations between child variables (n=323). 1. 2. 3. 4. 5. 6. 7. 8.
43 Table 4 4. Results of bivariate correlations between maternal variables (n=84). 1. 2. 3. 4. 5. 6. 7. 8. Table 4 5. Results of hierarchical regression for child variables on budgeting behavior (n=287). Variable B SEB R 2 R 2 Step 1 .003 .022 .119 .011 .029 .034 .049 Step 2 .314 .311*** .034 .100 .017 .005 .029 .009 Financial Delay of Gratification .544 .064 .427*** Maternal Attachment .105 .062 .088 Financial Responsibility .006 .001 .268*** Personal Finance Course .358 .115 .156* *p<.05, **p<.01 ***p<.001
44 Table 4 6. Results of hierarchical regression for behavior with moderation of maternal attachment (n=84). Variable B SEB Purposive Budgeting Socialization .464 .819 .499 Maternal Attachment .325 .577 .246 Purposive Budgeting Socialization x Maternal Attachment .165 .187 .901 R 2 .107 *p<.05, **p<.01 ***p<.001
45 CHAPTER 5 SUMMARY AND CONCLUSIONS Purpose of Research The purpose of this study was to examine the role of family financial socialization the financial socialization literature, contributing to what is known about maternal purposive socialization and its effects on the budgeting behavior of college students. Theoretical Model and Discussion of Results Using the theoretical model of family financial socialization developed by Gudmunson and Danes (2011), the current study explored maternal influences on the budgeting behavior of college students. The adaptation of the model developed for this study propos ed that maternal characteristics and intra household dynamics would predict how mothers would behave as financial socializing agents toward their children. Next, the model predicted that mothers would have a unique influence on the budgeting behavior of th eir college personal characteristics. The gender ideology of mothers was not associated with their bargaining power in the household, nor was it associated with any other maternal variable of interest. The gender ideology m easure used in this study was specifically focused on work/home life gender ideology was not sufficient to understand household dynamics. Previous research has found th necessary to understand household division of labor (Greenstein, 1996). In his study of share of housework only i ncreased when they held an egalitarian gender ideology and
46 were married to wives who shared an egalitarian gender ideology. Knowing only the labor (Greenstein, 1996). Th e prediction that maternal purposive budgeting socialization would be was supported Mothers in the sample who reported teaching their children about budgeting behaviors while the child was in high school had children who engaged in more budgeting behaviors during college. budgeting behavior than mother s self report. Previous research has shown a negative relationship between maternal attachment and financial problem behaviors (Magoon & Ingersoll, 2006). From the full iated management (Kim, LaTaillade, & Kim, 2011). It was predicted that the quality of the mother child relationship would affect that budgeting behavior in the sample, which was n ot supported. From the sample of matched mothers and children, maternal attachment behavior, but purposive budgeting behavior alone was still positively associated with budgeti ng behavior. From the complete student sample, student reported maternal attachment was significantly higher for students whose mothers responded. Moderation may not have occurred in this sample because it contained the subgroup of students with the closes t relationships to their mothers, allowing for few cases of low attachment
47 to analyze. Potentially, a complete sample of maternal responses from all students would include a greater range of maternal attachment, and moderation would be evident. Including a measure of student perception of the budgeting lessons their mothers taught them could have captured a greater range of responses, since all students could have responded. The outcome of most interest in the current study was the budgeting behaviors of college students. The adaptation of the theoretical model predicted that budgeting behavior would be associated with financial well being, which was not supported, but many of the other predicted relationships were supported. In the regression model of ch behavior was their own financial delay of gratification, and the two predictor characteristics of children (having taken a personal finance course and paying for more of their own expenses) were also significant predictors. his/her own financial delay of gratification. Past research has shown that adolescents who have higher financial delay of gr atification exhibit fewer problems behaviors (Wulfert et al., 2002) and less risky credit use (Norvilitis & MacLean, 2009). Compulsive buying tendencies are associated with higher credit card debt in college students, especially if the student also has low consideration of future consequences (Jo ireman, Kees, & Sprott, 2010). Gutter and Copur (2011) identified a negative relationship between compulsive buying and financial well being. In this sample, financial delay of gratification was also positively asso ciated with financial well being.
48 Financial experiences like having a greater share of financial responsibility and having taken a personal finance course were associated with better budgeting behaviors in college students in the current study. Students w ho pay a greater share of their own expenses may face more financial challenges than their peers who have financial support from parents. Financial independence has been linked to risky credit use in college students (Lyons, 2008). While financial literacy and knowledge about finances are necessary but insufficient for behavior change, research indicates that students may practice what they learn outside of the classroom. College students who participated in a seminar style personal finance course reported a greater intention to avoid risky behaviors than before the class (Borden, Lee, Serido, & Collins, 2007). Financial well being is not related with budgeting behaviors, but it does have a negative association with financial responsibility. While past res earch has discovered a being in Hong Kong college students (Chan, Chan, & Chau, 2012), the findings from this study do not indicate that college students in the Southeast Unite d States exhibit the same outcome. College students who do not have to worry about financing their education or paying for their expenses during school might be expected to have a better outlook on their financial situation than those who are borrowing or working to support themselves. The scale developed in this study to measure budgeting behavior of college students only evaluated the frequency with which students are practicing budgeting behaviors, not how successfully they are mastering budgeting skills While setting financial goals is a necessary budgeting behavior, this study did not discover how successful students were at reaching their own goals. If students are making
49 budgets and overspending every month, they may perceive this as a financial fail ing, and have lower financial well being despite frequent budgeting behaviors. Gutter and Copur (2011) found that budgeting was negatively associated with financial well being, while saving was positively associated with financial well being in college stu dents. Perhaps savings are the positive result of good budgeting. They also found that students who had higher self efficacy and engaged in less frequent compulsive buying had higher financial wel l being (Gutter & Copur, 2011) The measure used in the curr ent study was subjective, and it primarily assessed how students felt about their financial situation. More objective measurements of financial well being could identify subgroups of students based on their current financial situation, not just their perce ption. In the current study, financial well being did have a strong positive relationship with financial delay of gratification and a positive relationship with maternal attachment as well as a negative relationship with relative share of financial respons ibility. Implications for Practitioners Results from the current study suggest many practical actions for practitioners and educators. Considering the powerful role of financial delay of gratification on budgeting behaviors, financial interventions shoul d include methods of reducing the opportunities for financial decisions to be made under emotionally charged circumstances. If consumers proactively take control of their finances, they can plan for needs and budget for spending money on wants, satisfying desire for impulse purchasing without overspending. It is unclear if students who already had a lower financial delay of gratification budget more frequently naturally or if the practice of ication. It is possible that students who have budgeted successfully have increased their financial delay of
50 gratification due to the feedback gained by tracking expenses and setting goals. Conversely, another variable, like self control or impulsiveness, may influence both. Budgeting curricula should encourage automating savings and necessary spending, which can reduce overspending by those who have lower financial delay of gratification. Removing the conscious decision to save may help individuals with lo wer financial delay of gratification avoid mistakes due to impulse purchases. Financial therapists may include financial delay of gratification measures in their assessment of clients to better understand this important financial attitude. Researchers rece ntly conducted experimental research with Taiwanese college students to test whether delay of gratification could be influenced by mental priming, which involved leading students through guided imagery of their future life (Cheng, Shein, & Chiou, 2012). Wh en given scenarios describing different short term investments, students in the experimental group were more likely to choose larger payments in the future over smaller payments immediately (Cheng, Shein, & Chiou, 2012, p. 133). Another experiment with 72 adults recruited from the community tested the effect of priming using a sentence unscrambling task on desire to participate in hedonic activities (like drinking and gambling); those in the experimental group were less likely to report desire for hedonic activities ( Cheng, Shein, & Chiou, 2012, p.136). Practi tioners working on goal setting with clients could incorporate priming techniques from these experiments, such as creating images of future selves, to possibly shift them toward a more future oriented mindset. Having taken a personal finance course was positively associated with budgeting behavior in this study, which may ind icate that financial education wa s effective for the
51 students in this sample Alternatively, students may seek out elective personal finance courses if they are experiencing financial challenges or anticipate increased responsibility in the near future. College students may learn about financial behavior from many sources, but mig ht only able to apply lessons when they are actually faced with decisions about their own finances. Timing financial education with the addition of financial responsibility may increase the effectiveness of lesson. Hands on application of lessons to studen learned in courses and allow students to receive feedback from their own spending habits. NEFE (National Endowment for Financial Education) offers a series of web based workshop kits for col f inancial workshop kits: College series, 2013). Educators should include multi generational financial lessons when parents (or guardians) and child ren are preparing for life transitions, like graduations or orientations when both are present. Timing financial education with applications for student aid for incoming college students may open communication about expectations about paying for school and living expenses. While many of the predicted relationships between supported, the current study did find a positive relationship between maternal lessons about budgeting and future budgeting behavior of college students. Practitioners should recognize the importance of family financial socialization and the power of inter generational messages about money. Financial educators should include takeaway lessons for parents and g ua rdians to teach children. Practitioners may need to begin
52 development of their children. The National Financial Educators Council created to encourage parents to discuss finances with their children with the same significance as drugs or alcohol (NFEC, 2013). Financial experts may be especially helpful for families with first generation college students. Limitations The results from this s tudy are not generalizable to all mothers and college age children in the United States, since the sample was constrained due to time and practical considerations and is therefore not representative. The sample includes currently enrolled undergraduates in two departments at one large university and mothers who were available and willing to participate. The maternal response rate (26%) is a limitation, especially since there are limited differences between the group of students who had participating mothers and the group who did not. Students with mothers who responded to the survey had higher maternal attachment and financial well being than those whose mothers did not respond. The results are constrained in terms of economic breadth and family structure of the sample; the median income was $90,000, and almost 85% of mothers were married or living with a partner. Results also may be limited due to the retrospection required for several responses. Mothers were required to reflect back on money management skil ls they intended to teach their children while they were in high school, and children required to reflect back to that time to report maternal attachment. The web based survey method may have also deterred some participants. The measures used in this stud y have never been used in combination before, and some were developed for use for the first time here. Another limitation is the use of
53 self reported data, which makes results less reliable and valid, especially when items are more complex (Takalkar, Waugh & Micceri, 1993). Since most Americans know they should be budgeting, another limitation is Social Desirability Bias (SDB), but usually small, and more prominent with potentially intimidating or anxiety invoking Social desirability is real, however, and Gonyea stressed the importance of considering cultural forces and the social context of survey responses 2005). The cross sectional design mak es it difficult to determine direction of causality. Relationships between variables do not indicate which occurred first or if one caused another to occur, just that they are associated now. Future Research Even though this study did not identify any pred ictors of maternal purposive budgeting socialization, mothers who engaged in more intentional efforts to teach their children how to budget did have children with better budgeting behavior. Additionally, college students in this sample who reported a close r relationship with their mother when they were in high school had better budgeting behaviors than those with lower attachment. Future researchers should also explore how different types of families teach children about finances, since there was not a dive rsity of f amily structure in this sample. Future researchers may consider investigating the ways students budget, depending on how financially independent they are. It may look different for those who are working and borrowing to finance college than for those who are not. The measurement of financial responsibility was not normally distributed in the sample, and
54 responses were cluster ed at each end of the distribution for this variable. Future research should explore how family socialization influences th ose students who are most responsible for t heir own expenses. The current study did not investigate whether students could rely on parental financial assistance if they needed it. Norvilitis and MacLean (2009) found that college students who thought their parents would bail them out of credit card debt totaling over $10,000 carried lower levels of debt. This may have more to do with parental contribution to living expenses than debt strategies of students. If st udents are not financially independent from their parents, they may not need to borrow to pay for expenses. Additionally, while college students are an easily accessed population for researchers from colleges and universities, much is unknown about the fi nancial behaviors of young adults who are not students Special attention on low wage earning families could help policymakers and practitioners implement effective programs to this group. In a study of over 2,000 low and moderate income homeowners, credi t scores were found to be higher for adults who had received parent teaching of money management (Grinstein Weiss, Spader, Yeo, Taylor &Books Freeze, 2011). Homeowners who achieved higher levels of formal education but did not have parents who taught them about money when they were growing up did not show the same credit score increase as those who receive childhood financial lessons and formal education (Grinstein Weiss, et al., 2011). Cho, Gutter, Kim, and Mauldin (2012) explored an exciting new area of s tudy by examining socialization and money management among low and moderate during childhood influenced how adults in the sample planned spending and set goals
55 (Cho, Gutter, Kim, & Mauldin, 2 012). This indicates that parents are important socializing agents in the financial lives of their children well into adulthood, and should motivate more research focus on Americans of all ages and income levels. This cross sectional research design can o nly allow limited conclusions to be drawn about the relationships between variables (deVaus, 2001). Future research should include stronger emphasis on longitudinal design s which should include a more precise understanding of family types and could uncove r a more refined understanding of family processes involved in family financial socialization. Researchers could track family behavior and observe cyclical patterns between generations. Longitudinal studies that take place during times of economic crisis l ike the recent recession could illustrate ways families cope with financial setback and may uncover protective factors that make families more resilient. Experimental designs are also important for the future of financial education and intervention. Expe rimental research could identify the most effective strategies for budgeting depending on the financial gratification of participants, and an experimental design could explore whether this is a fixed personality trait or the result of financial experience. The work of Cheng, Shein, and Chiou (2012) offers promising evidence that financial delay of gratification can be shaped by priming tasks before financial decision making occurs. Practitioners could garner support for programming through rigorous evaluat i on of financial interventions. Programs that create lasting behavior change in positive results. The Financial Literacy and Education Commission released the National Stra
56 building public awareness of available resources;2). developing tailored, targeted materials and dissemination strategies;3). tapping into effective partnerships; and 4). suppo recommendations include establishment of a clearinghouse to house evidence based research and studies that compare the behavioral outcomes from financial education and other inter ventions (National Strategy for Financial Literacy, 2011, p. 12). The findings from the current study allow financial experts to draw several conclusions about the budgeting be havior of college students and provide greater understanding of the lifelong inf luence of maternal socialization. While more research is needed to predict the frequency of budgeting lessons taught by mothers, the current study indicates that children benefit from those lessons as emerging adults. Educators can be encouraged by results indicating more frequent budgeting by students who have taken a personal finance course. Researchers should continue investigating personal characteristics like financial delay of gratification to better understand differences in financial behavior. Polic ymakers should address strategies to help students who are shouldering the cost of college alone.
57 APPENDIX A CHILD CONSENT FORM
59 APPENDIX B MATERNAL CONSENT FORM
61 APPENDIX C CHILD QUESTIONNAIRE Agreement: I have read the procedure described above. I voluntarily agree to participate in the procedure, and I have received a copy of this description. I accept Thank you for taking the time to complete this survey. Your responses will remain confidential, and your mother will never see your responses. Please provide your name ensure that the data can be matched. Please provide your course abbreviation and nu mber (e.g., FYC3001). My primary female caregiver during high school was: Her preferred method of contact is e mail ____________________ phone ____________________ mail ____________________ Thank you for taking the time to complete this survey! Please fill in each response to the best of your ability some questions will ask you to think back to when you were in high school, while some will ask for current beliefs and behaviors. With which gender do you self identify? Female Male Other (please specify) ____________________ How old are you? With which racial/ethnic group do you identify? (check all that apply). American Indian or Alaska Native Asian Black or African American Hispanic or Latino Native Hawaiian or Other Pacific Islander White Other ______ ______________ How much of your financial expenses do you pay for yourself? Indicate the percentage of your expenses that you pay on your own (from 0 100%).
62 Have you ever taken a personal finance course? Yes No These questions ask you to reflect back on the time when you were in high school. Please consider that time as you answer. Maternal Attachment Some of the following statements ask about your feelings about your mother or the person who has acted as your mother. If you had more than one person act ing as your mother (e.g. a natural mother and step mother) answer the questions for the one you feel has most influenced you. Please read each statement and circle the ONE number that tells how true the statement was for you while you were in high sc hool. Almost Never or Never True Not Very Often True Sometimes True Often True Almost Always or Always True My mother respected my feelings. I felt my mother did a good job as my mother. I wished I had a different mother. My mother accepted me as I was. I liked to get my mother's point of view on things I was concerned about. I felt it was no use letting my feelings show around my mother. My mother could tell when I was upset about something. Talking over my problems with my mother made me feel ashamed or foolish. My mother expected too much from me. I got upset easily around my mother. I got upset a lot more than my mother knew about. When we discuss things, my mother cares about my point of view. My mother trusted my judgment.
63 My mother had her own problems, so I didn't bother her with mine. My mother helped me to understand myself better. I told my mother about my problems and troubles. I felt angry with my mother. I don't get much attention from my mother. My mother helped me to talk about my difficulties. My mother understands me. When I was angry about something, my mother tried to be understanding. I trusted my mother. I could count on my mother when I needed to get something off my chest. If my mother knew something was bothering me, she asked me about it. My mother didn't understand what I was going through those days. Financial Delay of Gratification The remaining questions ask you to think about your current attitudes and behaviors. Please answer the following questions based on how much you agree with each of the statements: Strongly Disagree Disagree Neither Agree nor Disagree Agree Strongly Agree I am good at saving my money rather than spending it straight away. I tended to save my pocket money as a child. When I am in a supermarket I tend to buy.
64 drink, and be merry, for tomorrow we may all be dead." I would describe myself as often being too impulsive for my own good. I fairly often find that it is worthwhile to wait and think things over before deciding. I like to spend my money as soon as I get it. I am good at planning things way in advance. Budgeting Behavior How frequently do you currently do the following? Almost Never Rarely Sometimes Often Almost Always Setting Financial Goals: planning for future activities that require you to plan your spending, savings, and/or investing Estimating Income: approximating how much money is coming in, from any source. Budgeting an Emergency Fund and Savings: setting aside money for unexpected expenses and future financial security. Budgeting Fixed Expenses: planning for the costs that do not vary much and occur regularly (usually monthly). For example, rent, car payments, insurance, etc. Budgeting Variable Expenses: planning for the costs that can vary with each payment and may occur irregularly. For example, cell phone bill, utilities, food and clothing purchases, etc. Recording Spending Amounts: using a system to keep track of actual income and expe nses (written or electronic). Reviewing Spending and Saving Patterns: evaluating budget plan periodically (monthly or seasonally) to
65 make adjustments if actual spending differs from budgeted amounts. Financial Well Being Select the responses that are most appropriate for your situation.
66 Overwhelming Stress High Stress Neutral Low Stress No Stress at All What do you feel is the level of your financial stress today? Dissatisfied Somewhat Dissatisfied Neutral Somewhat Satisfied Satisfied How satisfied are you with your present financial situation? Feel Overwhelmed Sometimes Feel Worried Neutral Not Worried Feel Comfortable How do you feel about your current financial situation? Worry All the Time Sometimes Worry Neutral Rarely Worry Never Worry How often do you worry about being able to meet normal monthly living expenses? No Confidence Little Confidence Neutral Some Confidence High Confidence How confident are you that you could find the money to pay for a financial emergency that costs about $1000? All the Time Sometimes Neutral Rarely Never How often does this happen to you: You want to go out to eat, go to a movie, or
67 All the Time Sometimes Neutral Rarely Never How frequently do you find yourself just getting by financially and living paycheck to paycheck? Overwhelming Stress High Stress Neutral Low Stress No Stress at All How stressed do you feel about your personal finances in general? Thank you for completing this survey! Please leave any comments you feel would be useful in understanding how financial behaviors are passed from mothers.
68 APPENDIX D MATERNAL QUESTIONNAIRE Agreement: I have read the procedure described above. I voluntarily agree to participate in the procedure, and I have received a copy of this description. I accept Thank you for taking the time to complete this survey. Your child completed a survey about their financial behavio rs in an undergraduate course at the University of Florida. Your responses will remain confidential, and your child will never see your responses. Please provide the name of that child to ensure that the data can be matched. What is your relationship to the student about whom you are answering these questions? Biological mother Adoptive mother Grandmother Aunt Other (please specify) ____________________ What is your current relationship status? Single, never married Married or in a domestic partnership Living with partner Widowed Divorced Separated Did your relationship status change while your child was in high school? If so, describe: No Yes ____________________ With which racial/ethnic group do you identify? (check all that apply). o American Indian or Alaska Native o Asian o Black or African American o Hispanic or Latino o Native Hawaiian or Other Pacific Islander o White o Other ____________________
69 What is the highest level of education you have achieved? Less than high schoo l High school diploma/ GED Some college/ Associate's degree Bachelor's degree Master's degree Doctoral or professional degree These questions ask you to reflect back on the time when your child (who is currently at the University of Florida) was in high school. Please consider that time as you answer. When your child was in high school, which of the following would have best described your employment status? Working full time paid employment (35 or more hours per week) Working part time paid employment (less than 35 hours per week) Not in paid employment Other ____________________ During the time your child was in high school, what was your estimated total annual household income? You may give an average, but please report a single figure, not a range. Approximately how much did you contribute to your total annual household income before taxes during that period? You may give an average, but please report a single figure, not a range or percentage. These questions are designed to measure the actions y ou deliberately took to teach your child about budgeting. Please answer each of the questions about your child during high school.
70 Purposive Budgeting Socialization How frequently did you TEACH your child about the following? Never Rarely Sometimes Often Frequently Setting Financial Goals: planning for future activities that require you to plan your spending, savings, and/or investing Estimating Income: approximating how much money is coming in, from any source. Budgeting an Emergency Fund and Savings: setting aside money for unexpected expenses and future financial security. Budgeting Fixed Expenses: planning for the costs that do not vary much and occur regularly (usually monthly). For example, rent, car payments, insurance, etc. Budgeting Variable Expenses: planning for the costs that can vary with each payment and may occur ir regularly. For example, cell phone bill, utilities, food and clothing purchases, etc. Recording Spending Amounts: using a system to keep track of actual income and expenses (written or electronic). Reviewing Spending and Saving Patterns: evaluating budget plan periodically (monthly or seasonally) to make adjustments if actual spending differs from budgeted amounts.
71 Maternal Bargaining Power Please answer the following based on your household situation while your child was in high school: Partner Only Partner More Than Me Both Equally Me More Than Partner Me Only Who was responsible for day to day money management tasks in your household? (Paying bills, cashing checks, and depositing money into accounts) Who made the day to day spending decisions in your household? (Food spending, car maintenance, clothing) Who did the longer term planning of money matters in your household? (Saving for retirement, buying insurance, opening new accounts) Who had to justify spending decisions in your household? Who really controlled the money in your household?
72 Gender Ideology Please rate your level of agreement for the following questions: Strongly Agree Agree Neutral Disagree Strongly Disagree place is in the home, not in the office or shop. A wife who carries out her full family responsibilities does not have time for outside employment. The employment of wives leads to more juvenile delinquency. It is much better for everyone concerned if the man is the achiever outside the home and the woman takes care of the home and family. Men should share the work around the house with women, such as doing dishes, cleaning, and so forth. Women are much happier if they stay at home and take care of their family. Thank you for completing this survey! Please leave any comments you feel would be useful in understanding how financial behaviors are passed to children.
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82 BIOGRAPHICAL SKETCH Taylor Spangler graduated from the University of Florida in 2011 with a Bachelor of Science degree in f amily, y outh, and c ommunity s ciences with a minor in s ustainability s tudies. She graduated with Master of Science degree in f amily, y outh, and c ommunity s ciences and received a certificate in gender and development, in the fall of 2013.