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ERIC Number: EJ1162037
Record Type: Journal
Publication Date: 2017
Pages: 15
Abstractor: As Provided
ISBN: N/A
ISSN: ISSN-1052-3073
Review of Family Financial Decision Making: Suggestions for Future Research and Implications for Financial Education
Kim, Jinhee; Gutter, Michael S.; Spangler, Taylor
Journal of Financial Counseling and Planning, v28 n2 p253-267 2017
This article reviews the theories and literature in intrahousehold financial decisions, spousal partners and financial decision making, family system and financial decision process, children, and financial decisions. The article draws conclusions from the literature review and discusses directions for future research and educational programs. Most financial education and counseling takes place at the individual level, whereas financial decisions take place at household and intrahousehold levels. Family members, spouses/partners, children, and others play a key role in individuals' financial decisions. The article proposes the key programmatic implications for financial professionals and educators that need to be integrated into financial education and counseling. Understanding the unique dynamics of family financial decision making would help create effective educational and counseling strategies for the whole families.
Association for Financial Counseling and Planning Education. 1500 West Third Avenue Suite 223, Columbus, OH 43212. Tel: 614-485-9650; Fax: 614-485-9621; Web site: http://afcpe.org
Publication Type: Journal Articles; Reports - Evaluative; Information Analyses
Education Level: N/A
Audience: N/A
Language: English
Sponsor: Consumer Financial Protection Bureau
Authoring Institution: N/A