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Parent Financial Socialization Scale: Development And Preliminary Validation, Ashley B. Lebaron, Melissa A. Curran, E. Jeffery Hill, Margaret E. Freeh, Russell B. Toomey, Katherine E. Speirs

Faculty Publications

A theoretically-grounded, validated measure of parent financial socialization is needed. This paper describes the development and validation process of three new scales: the Parent Financial Modeling Scale (eight items), the Parent-Child Financial Discussion Scale (nine items), and the Experiential Learning of Finances Scale (three items). These may be treated as subscales of a multidimensional latent construct: the Parent Financial Socialization Scale (20 items). The three scales measure the three primary methods of family financial socialization. The scales are designed to be retrospective, with target participants being U.S. emerging adults (age 18-30). A rigorous development process was undertaken: an initial pool …