Antecedents of financial behaviors and financial distress of college students: Parental socialization and other sources of influence

This study examined the influence of parental socialization about money and sources of information about money on financial management practices and financial distress/financial well-being in 227 college students at a midwestern university. Students were asked to complete a survey. Students who perceived greater parental expectations about money experienced less financial distress/more financial well-being but also engaged in fewer positive financial behaviors and experienced a greater frequency of exhaustion of liquid funds than did other students. Students who reported that informal sources influenced them strongly experienced more frequent exhaustion of liquid assets. Further, such students who were also African American/Black were found to experience more frequent negative bill paying events. Students strongly influenced by parental sources of information about money were found to practice more types of positive financial behaviors. Implications for further research and parent education practices are discussed.