The Role Of Parental Instruments Of Financial Socialization In Forming The Tendency To Repeat Parents’ Saving Patterns

Abstract :

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The main area of interest in this contribution is parental financial socialization, which includes the following two types of socialization: parental role-modelling and parental teaching. Of particular interest here is the tendency to repeat parents' patterns, in which the financial attitudes and behaviors imitate those of parents/guardians. The purpose of this paper is to identify the factors determining the adoption of saving attitudes by children, where it is identical to the attitudes of their parents/guardians - i.e. adoption of the propensity to save by children raised by parents/guardians with the same propensity. Based on the review of previous studies, the following research hypothesis was formulated: parental role-modelling and parental teaching determine the children’s tendency to repeat parents' saving patterns. The following research methods were used to verify the hypothesis: CART algorithm, review and critical analysis of the subject literature and the descriptive method. The? necessary? empirical? data? of? quantitative? and? qualitative? nature? were? collected? through? surveys? carried? out? in? the middle of 2019 through CAWI? on? a? sample? of? 800? Poles. The study results have demonstrated that the following instruments of parental teaching are particularly important in the context of the problem analyzed: the transfer of knowledge and skills regarding expenditure planning and money management by parents/guardians, encouraging saving and offering pocket money for performing household chores, as well as the children’s perception of as people who managed the household budget well (parental role-modelling).

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