Browsing by Author "Pohjankyrö, Pihla"

Financial literacy is an important civic skill that people need in everyday life and in managing their financial matters. Financial skills and financial education can be passed from one generation to another through observation and model learning. This thesis uses Bandura’s social learning theory, which helps deepen knowledge about the intergenerational financial education. The purpose of this study was to find out the means of financial education of highly educated parents and its intergenerational nature. The aim of the thesis was to find out what kind of means parents have for financial education and what kind of financial education they received in their childhood family. This research helps to understand the methods of financial education and to notice possible development directions for financial education. The study was made with a qualitative research strategy and the research method was oral history. The research participants recalled the ways of financial education they received in their childhood. Data consisted of nine interviews that were conducted by telephone. The participants were highly educated parents, between the ages of 33 and 54, and they had at least one child under 18 living at home. The data was analyzed with a theory-driven content analysis using Bandura’s social learning theory as an aid. The main result of the study is that financial education is intergenerational, but the results also showed exceptions. Parents’ financial education appeared through four themes, which were earning money, saving money, money talk and models of consumer behaviour. Parents felt that saving and earning money were the most important subjects to be taught and these were also the strongest intergenerational themes. These were used to influence the child’s attitudes and values about the money. Nowadays finance plays an important role in our everyday lives and home financial education has a big role in children’s financial skills in the future. Children adopt behavioral habits, values and skills from their parents. Parents could be given more support for their children’s financial education. It is important to pay attention to both home and school financial education.