Forming Financial Vision: How Parents Prepare Young Adults for Financial Success

The current study used a multi-generational and qualitative approach to examine perceptions of what parents/grandparents taught their children/grandchildren about finances. Qualitative interviews were conducted with 98 participants consisting of 77 college students, 13 parents and eight grandparents. Team-based qualitative analyses of these interviews revealed three consistent themes: (1) the importance of setting financial goals, (2) planning and acting to meet financial goals, and (3) understanding the time value of money. About 70% of participants mentioned at least one of the three main themes in their interviews. In general, parents and grandparents held regret for not providing financial lessons earlier in life, while students demonstrated gratitude for helpful conversations and good examples from parents. Implications are discussed for practitioners, educators, and parents.