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Intergenerational Influences on Young Adults' Financial Behavior: A Study from Budapest

This study explores the intergenerational factors shaping the financial behavior of young adults. Research questions focus on interpreting these influences, understanding their nature and extent, dynamics through family communication patterns, and the role of psychological factors. Examining financial outcomes, definitions, attitudes, and materialism, the roles of vertical, oblique, and horizontal influences are analyzed. The study delves into parental practices, transmission of financial behavior and attitudes, materialistic values, and family communication patterns. Psychological factors like emotional intelligence, locus of control, and financial education's role are investigated for improving knowledge, attitude, and behavior. The research method involves a mixed approach combining quantitative surveys and qualitative in-depth interviews, aiming for a comprehensive understanding. The study's goal is to develop a conceptual framework integrating static and dynamic results to shed light on intergenerational influences on financial behavior among young adults in Hungary.

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Intergenerational Influences on Young Adults' Financial Behavior: A Study from Budapest

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  1. Intergenerational influences on the financial behaviour of young adults Boglárka Zsótér Corvinus University of Budapest EMAC Regional Conference, Belgrade 12th September 2012 Supervisor: Anrdás Bauer, PhD

  2. Agenda • Research questions • Theoretical background • Proposed research methodology • Summary

  3. Research questions Discovering and understanding the key intergenerational factors and dynamics which form and influence youth’s financial behaviour • How can we interpret the different ways of intergenerational influence on youth’s financial behaviour? • What is the nature and extent of intergenerational influence on youth’s financial behaviour? • What can we say about the dynamics of intergenerational influence with using the family communication patterns? • What kind of relationship exists between the oblique and vertical intergenerational transmission? • What kind of role do the psychological factors playin this process?

  4. Financial behaviour of young adult’s • Focus on outcomes • Different definitions • Responsible Financial Behaviour (Perry & Morris, 2005; Danes et al, 1999) • + Financial Attitudes and Materialism (Yamauchi & Templer,1982; Richins & Dawson, 1992)

  5. Intergenerational influences • Vertical – Oblique- Horizontal (Trommsdorff, 2009) • Outcomes –Process- Direction • Consumer socialization • Role of parents and schools

  6. Role of parents • Parental practice and teaching • Modelling of behaviours • Rules and monitoring • Parental lenience • Giving allowance • Direct communication (Shim et al, 2010) • Transmission of financial behaviour • Transmission of financial attitudes • Transmission of materialistic values • Family communication patterns (Carlson et al, 1990)

  7. Role of psychological factors • Emotional Intelligence • Locus of Control • Future Orientation • Delay of Gratification • Mediator of FCP (Farahati et al, 2011; Keaten-Kelly, 2008)

  8. Role of financial education • Importance of financial education programs • Improving knowledge, attitude and behaviour • Pre- and post-tests • Long-term effects • Focus on attitude and behaviour • Case of Hungary

  9. TIME

  10. Conceptual framework

  11. Research method • Mixed method • Quantitative survey • Qualitative in-depth interviews • Interpretative approach • Paired sample → Outcome →Process

  12. Summary • Integrated research framework • Interdisciplinary approach • Mixed and interpretative method • Static and dynamic results

  13. Thank you very much for your time!

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