Financial Socialization for Black Emerging Adults: A Story of Empowerment and Disenfranchisement

• In Event: 72.050 - Poster Session 17
  In Poster Session: 72.050-2 - Adolescent and Early Adulthood: Effects on Adult Adjustment

Abstract

We are in a world where money management is a set of skills everyone needs. Yet, there are documented racial and socioeconomic differences in emerging adults’ financial literacy and education. The purpose of this study is to explore how Black college students develop financial knowledge, values, and behaviors. What are students’ major sources of financial information? How do these sources interact with each other? Through focus groups and interviews, we explore factors that influence student financial socialization, or the development of norms, values, behaviors, and emotions surrounding finance and money. By identifying factors that are malleable by educational institutions, we can help empower these emerging adults to be their own financial advocates.

Authors

• Karen Moran Jackson, Soka University of America

• Eunice Afenkhena, The University of Texas - Austin

• Roderick Taylor, The University of Texas - Austin

• Paul A Robbins, The University of Texas - Austin