Shaping Financial Wisdom:: A Case Study on Financial Socialization in Filipino-Chinese Households

Rennlyn Esparagoza; Raigner Gil P  Dela Pena; Richard B Banay

Authors

Rennlyn Esparagoza South Philippine Adventist College
Raigner Gil P Dela Pena South Philippine Adventist College
Richard B Banay South Philippine Adventist College

Keywords:

financial socialization, Filipino-Chinese families

Abstract

This Research Documents The Process Of Financial Socialization Among Filipino-Chinese Students Living In Davao City. This Research Will Seek To Find Out The Effect Of Family Financial Socialization On The Children's Financial Learning Process. This Study Utilized A Case Study Design. This Design Was Used For The Study Because The Aim Was To Examine The Contemporary Phenomenon According To The Actual Context. The General Theoretical Principle Identified Was Tested Through Data Collection And Qualitative Analysis With The Interview Method. The Result Shows That Parents Can Have A Strong Influence In The Children About Financial Socialization. The Outcome Has Shown That Financial Socialization Is Unconsciously Influenced Through Modeled Financial Actions That Children Are Likely To Observe And Imitate. Financial Socialization Is Significant Because It Could Help In Achieving Financial Success And Freedom In Children. Financial Socialization Is Emphasized Through Direct Teachings And Verbalizations. This Research Can Be Of Significant Use For Students To Learn The Most Important Financial Practices, Parents To Acquire Effective Financial Methods To Get Responsible In Guiding And Monitoring Their Children's Financial Actions, To The Community To Adopt And Develop Proper Financial Practices, And Future Researchers To Get To Know The Particular Financial Socialization Those. The Study Has Important Implications For Parents Being An Influential Agent Of Financial Socialization In Determining Their Children's Financial Wisdom.

Article Metrics

Downloads

Download data is not yet available.

References

Anfara, V. A., Brown, K. M., & Mangione, T. L. (2002). Qualitative analysis on stage: Making the research process more public. Educational Researcher, 31(7), 28–38. https://doi.org/10.3102/0013189X031007028

Aspinwall, N. (2019). Retrieved from https://thechinaproject.com/2019/06/06

Britt, S.L., Jones, S.H., Mendiola, M.R. Schink, G.H., & Tibbets, RH. (2016). Financ6 stress, coping strategy, and academic achievement of college students. Journal of Financial Counseling and Planning, 27, 172-183. Retrieved from https://doi.or/70. 7891/1052-3073.27.2.172

Brown, R. (2023). Retrieved from https://wellbeingmagazine.stability-and-family-health-and-wellbeing/

Bunce, A., Guest, G. and Johnson, L. (2006). How Many Interviews Are Enough? An Experiment with Data Saturation and Variability. Retrieved from https://doi.org/ 10.1177/ 1525822X05279903

Chatterjee, S., & Kim, J. (2013). Childhood financial socialization and young adults’ financial management. Journal of Financial Counseling and Planning, 24(1), 61–79. Retrieved from https://psycnet.apa.org/record/2013-41258-004

Cruz, E. (2019). Retrieved from https://ww.philstar-com-cdn-ampproject.

Danes, S. M. (1994). Parental Perceptions of Children’s Financial Socialization. Financial Counselling and Planning, 5, 127-146. Retrieved from https://www.scirp.org/(S(vtj3fa45qm1ean45vvffcx55))/reference/References papers.aspx?Rrfrrnc6IF=2061636

Dixon-Woods, M., Agarwal, S., Jones, D.R., Young, B. and Sutton, A.J. (2005) Synthesising Qualitative and Quantitative Evidence: A Review of Possible Methods’, Journal of Health Services Research and Policy 10(1): 45-53

th ISC 2024 (Universitas Advent Indonesia, Indonesia)

“Research and Education Sustainability: Unlocking Opportunities in Shaping Today's

Generation Decision Making and Building Connections” October 22-23, 2024

Frazier, L. (2019). Retrieved from https://www forbes.com/sites/lizfrazierpeck)

/06/10/four-creative-ways-to-teach-kids-about-finance/? sh=405acea031a8

Hilgert, M. A., Hogarth, J. M., & Beverly, S. G. (2003). Household financial management: The connection between knowledge And behavior. Federal Reserve Bulletin(jul), 309-322.

Hill, E. J., Jorgensen, B.L., LeBaron, A. B., Li, X., Marks, L., Runyan, S. (2019). Practice makes perfect: Experiential learning as a method for financial socialization. Journal of Family Issues, 40(4), 435–463. Retrieved from https://doi.org/10.1177/0192513X18812917

Jorgensen, B. L., & Savla, J. (2010). Financial Literacy of Young Adults: The Importance of Parental Socialization. Retrieved from https://doi.org/10.1111/j.1741-3729.2010.00616 https://doi.org/10.1111/j.1741-3729.2010.00616.x

Kim, H., Kim, J., & LaTlaillade, J. (2011). Family processes and adolescents’ financial behaviors. Journal of Family and Economic Issues, 32. Retrieved from https://business.inquirer.net/251498/many-filipinos-seen-still-financially-illiterate

Kothari, C. R. (2004). Research methodology: Methods and techniques. New Age International Publishers.

LeBaron, A. B., Hill, E. J., Rosa, C. M., Spencer, T. J., Marks, L. D., Powell, J. T. (2018). I wish: Multigenerational regrets and Reflections on teaching children about money. Journal of Family and Economic Issues, 39(2), 220–232.Retrieved from https://scholarsarchive.byu.edu/facpub/4853

LeCompte, M. D., & Schensul, J. J. (1999). Analyzing and interpreting ethnographic data (Vol. 5). AltaMira Press.

Leedy, P. & Ormrod, J. (2001).Practical research: Planning and design (7Th Ed.). Upper Saddle River, NJ: Merrill Prentice Hall. Thousand Oaks: SAGE Publications.11

th ISC 2024 (Universitas Advent Indonesia, Indonesia)

“Research and Education Sustainability: Unlocking Opportunities in Shaping Today's

Generation Decision Making and Building Connections” October 22-23, 2024

Maclean, M.G., & Norvilitis, J.M. (2010). The Role of Parents in college Students Financial Behaviors and Attitudes. Journal Economic Psychology, 31, 56-63. Retrieved from https://doi org/10.1016)j.joep.2008.10.003

Manu, B. (2018). 3 Qualitative Research Methods You Should Know. Retrieved from https://humansofdata.atlan.com/2018/03/3-qualitative-research-methods/

Maskara, A. (2014). A process framework for managing quality of service in private cloud (Doctoral Dissertation). Retrieved from ProQuest Dissertations and These

Marshall, H & Magruder, L. (1960). Retrieved from https://doinorg/10/2307/1125902

Mitchell, C. (1983). Case and situation analysis. Retrieved from https://doi.org/10.1111/ j.1467-954X.1983.tb00387.x

Moschis, G. P. (1985). The Role of Family Communication in Consumer Socialization of Children and Adolescents. Journal of Consumer Research, 11(4).

Obi-Anike, H. O., Daniel, O. C., Onodugo, I. J., Attamah, I. J., & Imhanrenialena, B. O. (2023). The role of financial information literacy in strategic decision-making effectiveness and sustainable performance among agribusiness entrepreneurs in Nigeria. Sustainability, 15(13), 10416. https://doi.org/10.3390/su151310416 PERSONAL FINANCE. (2019). Retrieved from https://personal-finance-extension.org/financial-security-children-and-money

Pervaiz, M. (2024). Retrieved from https://medium.com/@majid.pervaiz1982/teaching-financial-literacy-to-children-practical-tips-for-parents-acca85fbcf1d

Ritchie, J., & Spencer, L. (1994). Qualitative data analysis for applied policy research. In A. Bryman & R. G. Burgess (Eds.), Analyzing qualitative data (pp. 173–194). Routledge

th ISC 2024 (Universitas Advent Indonesia, Indonesia)

“Research and Education Sustainability: Unlocking Opportunities in Shaping Today's

Generation Decision Making and Building Connections” October 22-23, 2024

Romo, L. K. (2014). Much ado about money: Parent–child perceptions of financial disclosure. Communication Reports, 27(2), 91–101. Retrieved from https://doi.org/10.1080/08934215.2013.859283

Serido, J., Shim, S., & Tang, C. (2013). A developmental model of Financial capability A framework for promoting a successful transition to adulthood. International Journal of Behavioral Development, 37(4), 287-297.

Social Wealth Management. (2023). Retrieved from https://enriched thinking.

scotiawealth-management.com/2023/05/1/caught-in-the-middle-financial-strategies-fir-the-sandwich-generation

Taguines, A. (2024). Retrieved from. https://news.abs.cbn.com/business/2024/2/8/what-s-the-secret-to-chinese-filipimo-business-success-1413

Tang, N. (2017). Like father like son: How does parents’ financial behavior affect their children’s financial behavior? Journal of ConSumer Affairs, 51(2), 284–311.https://doi.org/10.1111/joca.12122

Vien, C. (2015). Retrieved from https://www.journalofaccountancy.com/news/ 2015/sep/ financial-literacy-skills-201512981.html

Yin, R. (1994). Case study research: Design and methods. Sage Publications

Yin, R. (2015). Qualitative Research from the Start to Finish. Guilford Publications, New York