The Role of Socioeconomic Status in Financial Socialization Practices of African American Women in the United States
This study delves into the influence of socioeconomic status on the financial socialization practices of African American women in the United States. Financial socialization, defined as the process by which individuals acquire financial knowledge, skills, and behaviors, is impacted by various factor...
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| Format: | Article |
| Language: | English |
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Academic Research and Publishing UG
2024-12-01
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| Series: | Financial Markets, Institutions and Risks |
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| Online Access: | https://armgpublishing.com/wp-content/uploads/2025/01/FMIR_4_2024_1.pdf |
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| author | Anita Johnson Karina Kasztelnik |
| author_facet | Anita Johnson Karina Kasztelnik |
| author_sort | Anita Johnson |
| collection | DOAJ |
| description | This study delves into the influence of socioeconomic status on the financial socialization practices of African American women in the United States. Financial socialization, defined as the process by which individuals acquire financial knowledge, skills, and behaviors, is impacted by various factors, including family dynamics, cultural values, and socioeconomic conditions. However, there is a lack of research specifically focusing on how socioeconomic status affects the financial socialization practices among African American women, who have historically encountered unique economic challenges and systemic inequalities. Employing a qualitative approach, this research integrates the analysis of national survey data with qualitative interviews conducted with African American women from diverse socioeconomic backgrounds. The study explores how socioeconomic status impacts the ways these women educate their children about money management, savings, credit use, and overall financial responsibility. The findings highlight significant variations in financial socialization practices based on socioeconomic status, indicating that women from higher socioeconomic backgrounds tend to utilize more structured and proactive financial education strategies, while those from lower socioeconomic backgrounds often encounter barriers such as limited access to financial resources and education. Furthermore, the study reveals how African American women across all socioeconomic status levels employ culturally specific strategies to overcome systemic barriers and cultivate financial resilience in their families. The results underscore the importance of considering socioeconomic status in developing tailored financial literacy programs and policies that address the distinct needs and challenges faced by African American women. By offering a nuanced understanding of how socioeconomic status influences financial socialization, this research contributes to broader discussions on economic empowerment and financial inclusion within African American communities in the United States. |
| format | Article |
| id | doaj-art-0ed95e96f2db4353aba476460a87a31e |
| institution | Kabale University |
| issn | 2521-1250 2521-1242 |
| language | English |
| publishDate | 2024-12-01 |
| publisher | Academic Research and Publishing UG |
| record_format | Article |
| series | Financial Markets, Institutions and Risks |
| spelling | doaj-art-0ed95e96f2db4353aba476460a87a31e2025-01-15T12:57:56ZengAcademic Research and Publishing UGFinancial Markets, Institutions and Risks2521-12502521-12422024-12-018413410.61093/fmir.8(4).1-34.2024The Role of Socioeconomic Status in Financial Socialization Practices of African American Women in the United StatesAnita Johnson0https://orcid.org/0009-0008-8831-9927Karina Kasztelnik1https://orcid.org/0000-0002-1090-3700PhD, University of Maryland Global Campus, Adelphi, USAPhD, Assistant Professor, Accounting Department, Tennessee State University, USAThis study delves into the influence of socioeconomic status on the financial socialization practices of African American women in the United States. Financial socialization, defined as the process by which individuals acquire financial knowledge, skills, and behaviors, is impacted by various factors, including family dynamics, cultural values, and socioeconomic conditions. However, there is a lack of research specifically focusing on how socioeconomic status affects the financial socialization practices among African American women, who have historically encountered unique economic challenges and systemic inequalities. Employing a qualitative approach, this research integrates the analysis of national survey data with qualitative interviews conducted with African American women from diverse socioeconomic backgrounds. The study explores how socioeconomic status impacts the ways these women educate their children about money management, savings, credit use, and overall financial responsibility. The findings highlight significant variations in financial socialization practices based on socioeconomic status, indicating that women from higher socioeconomic backgrounds tend to utilize more structured and proactive financial education strategies, while those from lower socioeconomic backgrounds often encounter barriers such as limited access to financial resources and education. Furthermore, the study reveals how African American women across all socioeconomic status levels employ culturally specific strategies to overcome systemic barriers and cultivate financial resilience in their families. The results underscore the importance of considering socioeconomic status in developing tailored financial literacy programs and policies that address the distinct needs and challenges faced by African American women. By offering a nuanced understanding of how socioeconomic status influences financial socialization, this research contributes to broader discussions on economic empowerment and financial inclusion within African American communities in the United States.https://armgpublishing.com/wp-content/uploads/2025/01/FMIR_4_2024_1.pdffinancial socializationfamily interactionfinancial behaviorsemi-structured interviewscoding analysis |
| spellingShingle | Anita Johnson Karina Kasztelnik The Role of Socioeconomic Status in Financial Socialization Practices of African American Women in the United States Financial Markets, Institutions and Risks financial socialization family interaction financial behavior semi-structured interviews coding analysis |
| title | The Role of Socioeconomic Status in Financial Socialization Practices of African American Women in the United States |
| title_full | The Role of Socioeconomic Status in Financial Socialization Practices of African American Women in the United States |
| title_fullStr | The Role of Socioeconomic Status in Financial Socialization Practices of African American Women in the United States |
| title_full_unstemmed | The Role of Socioeconomic Status in Financial Socialization Practices of African American Women in the United States |
| title_short | The Role of Socioeconomic Status in Financial Socialization Practices of African American Women in the United States |
| title_sort | role of socioeconomic status in financial socialization practices of african american women in the united states |
| topic | financial socialization family interaction financial behavior semi-structured interviews coding analysis |
| url | https://armgpublishing.com/wp-content/uploads/2025/01/FMIR_4_2024_1.pdf |
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