The Intergenerational Transfer of Money Attitudes and Behaviors
Journal of Consumer Affairs, 2016
29 Pages Posted: 26 Sep 2016
Date Written: September 22, 2016
The purpose of this report is to provide resources to financial educators working with consumers surrounding intergenerational influences in the development of financial attitudes and behaviors. Financial decisions are influenced by our attitudes, which are highly influenced by cultural issues, including family, ethnicity, gender, and socioeconomic status. Understanding these influences is important as financial educators implement effective intervention techniques. This paper was completed under contract with the Consumer Financial Protection Bureau's Office of Financial Education, in support of its mission to improve the effectiveness of financial education. Consumers would benefit from financial educators of all kinds implementing effective soft skills in financial education practice. This report outlines strategies financial planners and educators can incorporate into their practice to assist clients in identifying the intergenerational patterns of money attitudes and behaviors.
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