“Save, Even If It’s a Penny”: Transnational Financial Socialization of Black Immigrant Women

The purpose of this study is to investigate Black-Caribbean and African women’s transnational financial socialization. Analysis of the data showed two major themes. The first theme was parental financial socialization in the country of origin and included subthemes of (a) parents stressed the importance of saving, (b) learned about money management explicitly, (c) learned about money management through observation, and (d) learned by observing parent’s struggle. The second theme was the impact to women’s financial navigation in the U.S. which was comprised of (a) not receiving financial education, (b) unexpected financial stressors in the U.S., (c) difficulty saving, and (d) the need for more financial education.