The Influence Of Parental Money Management On The Development Of Financial Literacy Skills In Children

Abstract

Have you ever wondered how your parents’ money management affected yours? This research project aims to explore how parental money management influences financial literacy skills in children. In addition to a review of selected scholarly literature, an original survey was conducted to measure the impacts of parental money management on children’s financial literacy skills. Preliminary findings show that parental money management has both positive and negative impacts. For instance, good parental money management modeling leads to good financial literacy in their children, and vice versa.