Parental Financial Socialisation and Parental Gender
DOI:
https://doi.org/10.51137/wrp.ijarbm.636Keywords:
Parents, Financial Socialisation, Young Adults, Parental GenderAbstract
This study examined how parental gender affected the financial socialization of their children in low-income and rural South African communities. In this study, a quantitative research approach was used. Fetakgomo Tubatse and Intsika Yethu, the most rural and impoverished regions of South Africa, serve as the research study areas. Information in these domains was gathered through a self-administered questionnaire. Parental financial behavior, financial monitoring, financial discussion, financial communication, and financial teaching were used as metrics for measuring parental financial socialization. Using Cronbach alpha and Exploratory Factors Analysis (EFA), validity and reliability were evaluated. Data analysis and hypothesis testing were done using ANOVA and Levene's test. The findings demonstrated that there is, in fact, a gender-based difference in the financial socialization of parents. Additionally, the findings showed that parents who are female are more likely than parents who are male to involve their children in financial socialization. To enhance parental financial socialization, this study offered suggestions to the government, financial educators, and parents.
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