Business, Management and Accounting
3 years ago

Family financial education shapes behavior, impacting financial decisions in Pakistan.

Future Business Journal
Financial literacy and financial behavior with the mediating effect of family financial socialization in the financial institutions of Lahore, Pakistan
Sumaira Khawar, Aamir Sarwar

Paper Summary

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The study looked at how knowing about money and how your family talks about money affects how you handle your finances. They surveyed 330 employees in banks in Lahore, Pakistan. They found that knowing more about money is linked to making better financial decisions. Also, how your family talks about money can influence how you handle your finances. In some cases, what you learn from your family can have a big impact on how you manage your money. This study shows that both formal and informal education about money can shape how people handle their finances.