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2014 Conference

April 9–11, 2014

Intercontinental, Milwaukee, WI

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Financial Socialization and College Student Debt: Does Helicopter Parenting Breed Financial Ignorance?

Thursday, April 10, 2014 at 10:15 AM–11:45 AM Central Time (US & Canada)
Salon 4
Short Abstract

The influence of school-based financial education, work experience, and parental financial socialization on college students’ awareness of their financial obligation is investigated following the conceptual model of consumer socialization (Moschis & Churchill, 1978). The empirical analysis utilizes data from the 2010 Ohio Student Financial Wellness Survey and a sample of 4,923 college students. Two dependent variables were created to measure students’ awareness of their financial obligations. The first dependent variable is whether or not students know if they currently have debt from any source. The second dependent variable is whether or not students know how much they currently owe in student loans. The independent variables were classified into four groups: demographic variables, school-based financial education variables, employment variables, and parental financial socialization variables. The logistic regression results indicated that while school-based financial education was not an effective source for financial socialization, having worked while in high school lowered college students’ ignorance of their debt ownership, and working while in college lowered college students’ ignorance of the amount of student loan debt. Higher reliance on parents or family for financial advice and greater financial support from parents or family were negatively associated with college students’ awareness of their financial obligations.

First & Corresponding Author

HanNa Lim, Ph.D., lim.852@buckeyemail.osu.edu

Add'l Authors In The Order To Be Printed

Stuart J Heckman, M.S., The Ohio State University
Catherine P Montalto, Ph.D., The Ohio State University
Jodi Letkiewicz, Ph.D., York University
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