Review of Family Financial Decision Making: Suggestions for Future Research and Implications for Financial Education

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Journal Name
Journal of Financial Counseling and Planning
Journal Volume
28
Journal Issue
2
Page Count
15
Year Published
2017
Author (Individual)
Kim
Jinhee. Gutter
Michael S. Spangler
Taylor.
Resource Type
Journal Article
Resource Format
PDF
Resource Language
English

This article reviews the theories and literature in intrahousehold financial decisions, spousal partners and financial decision making, family system and financial decision process, children, and financial decisions. The article draws conclusions from the literature review and discusses directions for future research and educational programs. Most financial education and counseling takes place at the individual level, whereas financial decisions take place at household and intrahousehold levels. Family members, spouses/partners, children, and others play a key role in individuals’ financial decisions. The article proposes the key programmatic implications for financial professionals and educators that need to be integrated into financial education and counseling. Understanding the unique dynamics of family financial decision making would help create effective educational and counseling strategies for the whole families. (Author abstract)

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