Nine Versions of the Parent Financial Socialization Scale: Full, Short, and Minimal Versions for Emerging Adults, Adolescents, and Parents

Ashley B. LeBaron-Black, Matthew T. Saxey, Rachel M. Okamoto, Nathan D. Leonhardt, Adam A. Rogers, Melissa A. Curran

Research output: Contribution to journalArticlepeer-review

Abstract

Rooted in family financial socialization theory, the multidimensional Parent Financial Socialization Scale (PFSS) includes three subscales that measure the three main methods of parent financial socialization: parent financial modeling, parent–child financial discussion, and experiential learning of finances. In this paper, we present the development and psychometric testing of nine versions of the PFSS: long (20 items), short (9 items), and minimal (3 items) versions for emerging adults, adolescents, and parents. Ideally, scholars will use the full or short versions of the PFSS to capture the theoretical complexity of the measures more completely, but the minimal versions are available for scholars with survey space constraints. We found evidence that the nine versions of the PFSS are highly reliable and reasonably valid (although we found some validity limitations as well). The PFSS is the only available measure of all three methods of financial socialization and one of the only measures to be rigorously psychometrically tested across multiple samples. The PFSS can now be used with U.S. samples to assess the financial socialization emerging adults received from their parents while they were growing up (retrospectively reported), the financial socialization adolescents are currently receiving from their parents, or the financial socialization parents are currently giving their adolescent child.

Original languageEnglish (US)
JournalJournal of Family and Economic Issues
DOIs
StateAccepted/In press - 2024

Keywords

  • Experiential learning
  • Family financial socialization
  • Financial discussion
  • Financial modeling
  • Parent Financial Socialization Scale
  • Scale development

ASJC Scopus subject areas

  • Social Psychology
  • Economics and Econometrics

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