I Wish: Multigenerational Regrets and Reflections on Teaching Children About Money

Millennials are struggling to meet current financial challenges. As we strive to improve financial capability in future generations, it is important that we look to the primary source of financial education: parents. This qualitative, multigenerational study explored what Millennials and their paren...

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Bibliographic Details
Published in:Journal of family and economic issues 2018-06, Vol.39 (2), p.220-232
Main Authors: LeBaron, Ashley B., Hill, E. Jeffrey, Rosa, Christina M., Spencer, Travis J., Marks, Loren D., Powell, Joshua T.
Format: Article
Language:English
Subjects:
Children
Children & youth
Education
Families & family life
Family
Financial literacy
Grandparents
Management
Millennials
Money
Original Paper
Parenthood education
Parents & parenting
Personal finance
Personality and Social Psychology
Social Policy
Social Sciences
Sociology
Teachers
Teaching
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Summary:Millennials are struggling to meet current financial challenges. As we strive to improve financial capability in future generations, it is important that we look to the primary source of financial education: parents. This qualitative, multigenerational study explored what Millennials and their parents and grandparents ( N  = 153) wish they had been taught about finances by their parents, as well as what parents and grandparents wish they had taught their children. Thematic content coding of the interviews revealed three core “I Wish” themes: “Practical Knowledge,” “Financial Stewardship,” and “Open Communication.” These findings can assist researchers, family life educators, financial educators, parents, and future parents to enhance the financial education provided by parents in the home.
ISSN:1058-0476
1573-3475
DOI:10.1007/s10834-017-9556-1