Family Financial Socialization and Financial Attitudes for LGBTQ and Heterosexual Young Adults

• In Event: 30860 - Section on Aging and the Life Course Roundtables
  In Refereed Roundtable (90 minute): Table 5. Gender, Sexuality, and Aging

Abstract

This paper explores the attitudes that young adults have towards money, with a focus on how those attitudes are shaped by family socialization processes. Drawing from a sample of both LGBTQ and heterosexual young adults, this paper explores how those differences (both in socialization, and in subsequent attitudes towards finances) are mechanisms of economic inequality. To do so, this work draws on family financial socialization theory (Gudmunson & Danes, 2011 ; Danes & Yang, 2014) to examine young adults’ perceptions of financial messages they received from parents or guardians growing up, and how that shapes their beliefs regarding money in young adulthood.

Author

• Emma Ryan Bosley-Smith, Alma College