Impact of parental financial socialization factors on financial literacy of Lithuanian high school students
ENFinancial literacy is an important factor through rational financial decisions affecting both the financial well-being of each individual and the overall quality of life in the country (i.e. Henager, Cude, 2016). Young people do not perceive the value of money completely until they gain full control and responsibility for their own finance. This leads to a lack of motivation for purposeful learning of financial disciplines, therefore, the importance of parents' financial socialization is often emphasized in the research. The goal of this study is to assess the level of financial literacy of Lithuanian high school students and to determine the impact of parental financial socialization factors in contemporary society. This study is a part of an exploratory project that includes an assessment of the process of financial socialization in all phases of the life cycle as well as the factors that influence this process in the modern society. A total of 524 students from Lithuanian high schools (2 last grades) were surveyed. The results revealed that the level of financial literacy of the surveyed high school students is average (4.77 points out of 8 possible). The statistically significant factors of parental financial socialization were also analyzed: parental and family characteristics; direct and indirect financial teaching; daily allowances strategy and parental warmth.
