Asian College Students: How do Families Influence Young Adults’ Financial Socialization?

Abstract

Paying for college can be stressful. For Asian Americans, both students and parents work to figure this out. International Asian students enter the country with their parents’ financial support already-established, but struggle to navigate complex economic policies relevant to them. Using family financial socialization theory (Gudmunson & Danes, 2011) as a guide, this study explored how families influence Asian students’ financial attitudes, knowledge, and behaviors. It is the first study to examine a large sample of Asians living in the United States by different citizenship statuses (n=671). Results show that financial socialization is positively associated with financial behaviors for all Asian college students. Implications for financial professionals who work with Asian students and their parents are described in conclusion.