Article
Effect of Family Financial Socialisation on the Financial Attitude of College Students in Kerala
The role of family in the development of a person is beyond debate. Research shows that the mental growth of a person happens in the first few years as a child. Also, it is usually with the family that people spend most of their time. Hence the influence of family in the financial development of a person cannot be overlooked. Family financial socialization theory can be seen as a practical application of social learning theory, where children acquire financial habits by observing their parents' behaviors, engaging in personal experiences, and participating in direct discussions about finances with their parents. Financial attitude is the way a person sees money and its use. In this study, the impact of family financial socialisation on the financial attitude of college students are analysed. The data is collected through a questionnaire, from a sample of 120 undergraduate degree students studying in different colleges in Kozhikode, Ernakulam and Kollam districts representing the north, central and south zones of Kerala. College students represent a community of people who are on the brink of stepping into an adult life where they have to take charge of their financial decisions and therefore their financial well-being lies in their hands. This paper measures the level of family financial socialisation and financial attitude, and how the former impacts the latter among college students.