A Qualitative Study Of The Nuances Of Financial Socialisation Within High-Income Families.

A Qualitative Study Of The Nuances Of Financial Socialisation Within High-Income Families.

Familial financial socialisation

12 October

Wen Chi Low

Financial socialisation within families contributes to the development of financial values, attitudes and behaviours. While existing research has established the importance of parental influence, less attention has been given to how parents’ own financial experiences shape the values they subsequently seek to communicate to their children. This study explores how parents interpret their financial experiences, negotiate financial values inherited from their families, and draw on these values in purposive financial socialisation. A qualitative research design was adopted, using semi-structured interviews with three parents from relatively economically advantaged households in the UK. Thematic analysis examined participants’ accounts of financial experiences, value formation and parental financial socialisation. Findings suggest that financial experiences influenced parental values through participants’ interpretations of the consequences associated with financial decisions and circumstances. Both direct experiences and observations of others contributed to the development and refinement of financial values. Financial socialisation was also adaptive and bidirectional, with children’s behaviours and responses influencing parental approaches. The findings suggest that financial values are not simply transmitted across generations but continually reconstructed through experience, interpretation and family interaction. These findings have implications for understanding variation in parental financial socialisation and suggest that financial education should consider the diverse experiences and contexts through which financial values develop.