Haidong Zhao
School of Finance and Business, Shanghai Normal University, Shanghai, China
Lini Zhang*
School of Economics and Management, Shanghai Institute of Technology, Shanghai, China
Sophia Anong
Department of Financial Planning, Housing and Consumer Economics, University of Georgia, Athens, Georgia, USA
Abstract
This study investigated the influence of financial socialization on financial distress and demonstrated the importance of both cognitive and noncognitive ability channels through which this relation operates. Using data from a nationally representative sample of adult US residents, the results showed that adults in the bottom quintile of financial socialization are significantly more likely to experience financial distress than those in the top quintile. We also provide evidence that financial socialization is related to financial distress both directly and indirectly through cognitive ability measures of financial knowledge and financial skills, as well as the noncognitive ability measure of financial self-control. The findings highlight the importance of financial socialization in familial contexts. Implications for personal finance advocates, financial educators, children and family service providers, and policymakers are discussed.
Keywords
financial distress, financial knowledge, financial self-control, financial skills, financial socialization
金融社会化与财务困境：认知能力和非认知能力的作用
摘要：本研究考察了金融社会化对财务困境的影响，证明了这一关系通过认知能力和非认知能力渠道运作，从而证实了两种能力渠道的重要性。使用具有全国代表性的美国成年居民样本数据，结果显示处于金融社会化程度最底层的五分之一的成年人比处于最顶层的五分之一的成年人更有可能经历财务困境。本文还提供证据表明，金融社会化与财务困境不仅具有直接关系，还通过以金融知识和金融技能衡量的认知能力以及以金融自控力衡量的非认知能力具有间接关联。研究结果强调了金融社会化在家庭背景下的重要性。本文最后讨论了研究结果对个人理财倡导者、金融教育工作者、儿童和家庭服务提供者及政策制定者的启示。
关键词：财务困境；金融知识；金融自控力；金融技能；金融社会化
引用/Citation：Zhao, H., Zhang, L.*, & Anong, S. (2023). Financial socialization and financial distress: The role of cognitive and noncognitive abilities. Journal of Consumer Affairs, 1–22, https://doi.org/10.1111/joca.12523
* Corresponding author
Funding information：Humanities and Social Science Fund of Ministry of Education of China, Grant/Award Number: 22YJC630202; Shanghai Sailing Program, Grant/Award Number: 21YF1446700; Shanghai Pujiang Program, Grant/Award Number: 21PJC092