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Financial socialization's impact on investment orientation and household net worth

This study investigates the role of financial socialization for investment orientation and household net worth. Combining consumer socialization literature with findings in the behavioural finance literature, survey data were analysed to (1) investigate the relationship among household net worth, fi...

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Main Authors: Hira, Tahira K., Sabri, Mohamad Fazli, Loibl, Cazilia
Format: Article
Language:English
Published: Wiley-Blackwell Publishing 2013
Online Access:http://psasir.upm.edu.my/id/eprint/28182/1/Financial%20socialization.pdf
http://psasir.upm.edu.my/id/eprint/28182/
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spelling my.upm.eprints.281822015-09-11T00:33:36Z http://psasir.upm.edu.my/id/eprint/28182/ Financial socialization's impact on investment orientation and household net worth Hira, Tahira K. Sabri, Mohamad Fazli Loibl, Cazilia This study investigates the role of financial socialization for investment orientation and household net worth. Combining consumer socialization literature with findings in the behavioural finance literature, survey data were analysed to (1) investigate the relationship among household net worth, financial socialization, indicators of investment orientation and socio-demographic investor characteristics; (2) examine the influence of socio-demographic investor characteristics and financial socialization on indicators of investment orientation; and (3) test whether financial socialization affects household wealth above and beyond socio-demographic and investment orientation factors. Parents emerged as a relevant socialization agent of investors, influencing investment regularity and household net worth above and beyond other factors. This result extends earlier findings about parents' role for a person's financial management and savings behaviour to the investment context. Based on our findings, educators may want to involve parents in their efforts. They may want to emphasize the importance of starting investing regularly at an early age and of continuing to increase involvement in investing over the years. Financial planners and financial counsellors may consider emphasizing these two practices for their clients and involve children of their clients when and where appropriate. Wiley-Blackwell Publishing 2013-01 Article PeerReviewed application/pdf en http://psasir.upm.edu.my/id/eprint/28182/1/Financial%20socialization.pdf Hira, Tahira K. and Sabri, Mohamad Fazli and Loibl, Cazilia (2013) Financial socialization's impact on investment orientation and household net worth. International Journal of Consumer Studies, 37 (1). pp. 29-35. ISSN 1470-6423; ESSN: 1470-6431 10.1111/ijcs.12003
institution Universiti Putra Malaysia
building UPM Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider Universiti Putra Malaysia
content_source UPM Institutional Repository
url_provider http://psasir.upm.edu.my/
language English
description This study investigates the role of financial socialization for investment orientation and household net worth. Combining consumer socialization literature with findings in the behavioural finance literature, survey data were analysed to (1) investigate the relationship among household net worth, financial socialization, indicators of investment orientation and socio-demographic investor characteristics; (2) examine the influence of socio-demographic investor characteristics and financial socialization on indicators of investment orientation; and (3) test whether financial socialization affects household wealth above and beyond socio-demographic and investment orientation factors. Parents emerged as a relevant socialization agent of investors, influencing investment regularity and household net worth above and beyond other factors. This result extends earlier findings about parents' role for a person's financial management and savings behaviour to the investment context. Based on our findings, educators may want to involve parents in their efforts. They may want to emphasize the importance of starting investing regularly at an early age and of continuing to increase involvement in investing over the years. Financial planners and financial counsellors may consider emphasizing these two practices for their clients and involve children of their clients when and where appropriate.
format Article
author Hira, Tahira K.
Sabri, Mohamad Fazli
Loibl, Cazilia
spellingShingle Hira, Tahira K.
Sabri, Mohamad Fazli
Loibl, Cazilia
Financial socialization's impact on investment orientation and household net worth
author_facet Hira, Tahira K.
Sabri, Mohamad Fazli
Loibl, Cazilia
author_sort Hira, Tahira K.
title Financial socialization's impact on investment orientation and household net worth
title_short Financial socialization's impact on investment orientation and household net worth
title_full Financial socialization's impact on investment orientation and household net worth
title_fullStr Financial socialization's impact on investment orientation and household net worth
title_full_unstemmed Financial socialization's impact on investment orientation and household net worth
title_sort financial socialization's impact on investment orientation and household net worth
publisher Wiley-Blackwell Publishing
publishDate 2013
url http://psasir.upm.edu.my/id/eprint/28182/1/Financial%20socialization.pdf
http://psasir.upm.edu.my/id/eprint/28182/
_version_ 1643829390669250560
score 13.211869

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