Parental Financial Monitoring and Financial Literacy: The Moderating Effects of Parental Income
DOI:
https://doi.org/10.38035/dijefa.v4i4.1934Keywords:
Parents, Financial monitoring, Parental income, Financial literacyAbstract
The moderating effect of parental income on parental financial monitoring and financial literacy is increasingly becoming important. This study determined whether the relationship between parental financial monitoring and financial literacy is moderated by parental income. Quantitative research approach was adopted. Self-administered questionnaire was used to collect data. Moderated regression analysis was used to analyse data. The results showed that Parental income moderated the relationship of Parental financial monitoring with financial knowledge, financial behaviour, and financial attitude. Furthermore, the results indicated that parental income did not moderate the relationship of Parental financial monitoring and financial decision-making. Therefore, the overall results indicated that the relationship between parental financial monitoring and financial literacy is moderated by parental income. This study is the first to investigate whether the relationship between parental financial monitoring and financial literacy is moderated by parental income. This study concluded by providing recommendations and suggestions for future research.
References
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Allen, M.W. (2008). Consumer finance and parent–child communication. New York: Springer.
Alshebami, A.S., & Aldhyani, T.H.H. (2022). “The interplay of social influence, financial literacy, and saving behaviour among among Saudi youth and the moderating effect of self-control”, Sustainability, Vol. 14, pp. 1-18.
Ameliawati, M., & Setiyani, R. (2018). The influence of financial attitude, financial socialization, and financial experience to financial management behaviour with financial literacy as the mediation variable, International Conference on Economics, Business and Economic Education. Conference paper.
Arceo-Gomez, E.O., & Villagomez, F.A. (2017). “Financial literacy among Mexican high school teenagers”, International Review of Economics Education, Vol. 24, pp. 1-17.
Arikan, D.G. (1991). The evaluation of the questionnaires about the household consumption expenditures in Turkey and the determination of consumption patterns. Social Sciences Thesis. Gazi University, Ankara.
Arnett, J., & Maynard, A. (2013). Child development: a cultural approach. New York: Pearson.
Babbie, E. (2013). The practice of social science research. International edition. 13th edition. Wadsworth: Cengage Learning.
Bakar, M.Z.A., & Bakar, S.A. (2020). “Parental financial socialisation: pathways to positive financial behaviour”, International Journal of Academic Research in Business & Social Sciences, Vol. 10 No. 6, pp. 54-62.
Batty, M., Collins, J.M., & Odders-White, E. (2015). “Experimental evidence on the effects of financial education on elementary school students’ knowledge, behavior, and attitudes”, The Journal of Consumer Affairs, Vol. 49 No. 1, pp. 69-96.
Bhandarkar, P.L., & Wilkinson, T.S. (2010). Methodology and techniques of social research. Mumbai: Himalaya.
BusinessTech. (2021). Here is the age profile of South Africans looking for help with debt. Available from: https://businesstech.co.za/news/business/465634/heres-the-age-profile-of-south-africans-looking-for-help-with-debt/ [Accessed: 29 March 2022].
Chavali, K., Mohan, P., & Ahmed, R. (2021). “Does financial behaviour influence financial well-being”? Journal of Asian Finance, Economics and Business, Vol. 8 No. 2, pp. 273-280.
Chen, H., & Volpe, R.P. (2002). “Gender differences in personal financial literacy among college students”, Financial Services Review, Vol. 11 No. 3, pp. 289-307.
Cohen, L., Manion, L., and Morrison, K. (2018). Research methods in education. 8th ed. London: Routledge.
Ekstrom, K.M., Tansuhaj, P.S., & Foxman, E.R. (1987). “Children’s influence in family decisions and consumer socialisation: a reciprocal view”, Advances in Consumer Research, Vol. 14, pp. 283-287.
Fan, L., & Park, N. (2021). “Factors mediating the association between financial socialisation and well-being of young adults: testing a conceptual framework”, Journal of Financial Counselling and Planning, Vol. 32 No. 2, pp. 202-216.
Furnham, A. (1999). “The saving and spending habits of young people”, Journal of Economic Psychology, Vol. 20 No. 6, pp. 677-697.
Grable, J.E., Park, J., & Joo, S. (2009). “Explaining financial management behaviour for Koreans living in the United States”, The Journal of Consumer Affairs, Vol 43 No 1, pp. 80-107.
Gudmunson, C.G., & Danes, S.M. (2011). “Family financial socialisation: theory and critical review”, Journal of Family and Economic Issues, Vol. 32, pp. 644-667.
Hair, J. F. Jr., Black, W. C., Babin, B. J., and Anderson, R. E. (2014). Multivariate data analysis. 7th ed. Harlow: Pearson.
Huston, S.J. (2010). “Measuring financial literacy”, The Journal of Consumer Affairs, Vol. 44 No. 2, pp. 296-316.
Iqbal, H.M. (2015). “Educational theories of cognitive development”, International Encyclopaedia of the Social & Behavioural Sciences, Vol. 4, pp. 51-57.
Jorgensen, B.L. (2007). Financial literacy: parental and peer influences. MSc thesis. Virginia Polytechnic Institute and State University. Virginia, USA.
Jorgensen, B.L., & Savla, J. (2010). “Financial literacy of young adults: the importance of parental socialisation”, Family Relations, Vol. 59, pp. 465-478.
Kim, J., & Chatterjee, S. (2013). “Childhood financial socialisation and young adults”, Journal of Financial Counselling and Planning, Vol. 24 No. 1, pp. 61-79.
Kim, J., Gutter, M.S., Spangler, T. (2017). “Review of family financial decision making: suggestions for future research and implications for financial education”, Journal of Financial Counselling and Planning, Vol. 28 No. 2, pp. 253-267.
Kim, J., LaTaillade, J., & Kim, H. (2011). “Family processes and adolescents’ financial behaviors”, Journal of Family and Economic Issues, Vol. 32, pp. 668-679.
Letkiewicz, J.C., & Fox, J. (2014). “Conscientiousness, financial literacy, and asset accumulation of young adults”, The Journal of Consumer Affairs, Vol. 48 No. 2, pp. 274-300.
Lusardi, A. (2008). Financial literacy: an essential tool for informed consumer choice? Working Paper 14084. National Bureau of Economic Research.
Lusardi, A., & Mitchell, O.S. (2014). “The economic importance of financial literacy: theory and evidence”, Journal of Economic Literature, Vol. 52 No. 1, pp. 5-44.
Mandell, L. (2008). The financial literacy of young American adults. Available from: www.jumpstart.org/assets/files/2008SurveyBook.pdf [Accessed: 03 March 2018].
Mayer, R.N., Zick, C.D., & Marsden, M. (2011). “Does calculating retirement needs boost retirement savings”?, Journal of Consumer Affairs, Vol. 45, pp. 175-200.
Meier, S., & Sprenger, C. (2007). “Selection into financial literacy programs: evidence from a field study”, Research Review, Vol. 8, pp. 6-8.
Mitchell, O.S., & Lusardi, A. (2015). Financial literacy and economic outcomes: evidence and policy implications, Pension Research Council Working Papers: WP2015-1. Available from: https://pensionresearchcouncil.wharton.upenn.edu/wp-content/uploads/2015/08/WP2015-01.pdf [Accessed: 15 May 2020].
Ndou, A. (2023). “The moderator effect of socioeconomic status on the relationship between parental financial teaching and financial literacy”, International Journal of Applied Economics, Finance and Accounting, Vol. 17 No. 1, pp. 54-74.
Ndou, A., & Ngwenya, S. (2022). “The influence of parental financial socialisation on young black African adults’ financial behaviour”, Eurasian Journal of Economics and Finance, Vol. 10 No. 4, pp. 120-134.
Norvilitis, J.M., & MacLean, M.G. (2010). “The role of parents in college students’ financial behaviours and attitudes”, Journal of Economic Psychology, Vol. 31 No. 1, pp. 55-63.
Piaget, J. (1952). The origin of intelligence in children. New York: International University Press.
OECD. (2017). Measuring financial literacy. Available from: http://www.oecd.org/finance/financial-education/measuringfinancialliteracy.htm. [ Accessed: February 2019].
Rahman, M., Isa, C. R., Masud, M. M., Sarker, M., and Chowdhury, N. T. (2021). “The role of financial behavior, financial literacy, and financial stress in explaining the financial well-being of B40 group in Malaysia”. Future Business Journal, Vol. 7 No. 1, pp. 52-70.
Ramalho, T.B., & Forte, D. (2019). “Financial literacy in Brazil — do knowledge and self-confidence relate with behaviour”? Management Journal, Vol. 54 No. 1, pp. 77-95.
Remund, D.L. (2010). “Financial literacy explicated: the case for a clearer definition in an increasingly complex economy”, The Journal of Consumer Affairs, Vol. 44 No. 2, pp. 276-295.
Robb, C.A., & Woodyard, A. (2011). “Financial knowledge and best practice behaviour”, Journal of Financial Counselling and Planning, Vol. 22 No. 1, pp. 60-70.
Rogoff, B. (2003). The cultural nature of human development. New York: Oxford University Press.
Serido, J., Curran, M., Wilmarth, M., Ahh, S., Shim, S., & Ballard, J. (2015). “The unique role of parents and romantic partners on young adults’ financial attitudes and behaviours”, Family Relations, Vol. 64, pp. 696-710
Serido, J., LeBaron, A., Li, L., Parrot, E., & Shim, S. (2020). “The lengthening transition to adulthood: financial parenting and recentering during the college-to-career transition”, Journal of Family Issues, Vol. 4 No. 9, pp. 1626-1648.
Serido, J., Shim, S., Mishra, A., & Tang, C. (2010). “Financial parenting, financial coping behaviors, and well-being of emerging adults”, Family Relations, Vol. 59 No. 4, pp. 453-464.
Sherraden, M.S. 2013. Building blocks of financial capability. New York: Oxford University Press.
Shim, S., Barber, B.L., Card, N.A., Xia, J.J., & Serido, J. (2010). “Financial socialisation of first-year college students: the roles of parents, and education”, Journal of Youth and Adolescence, Vol. 39 No. 12, pp. 1457-1470.
Shim, S., Xiao, J. J., Barber, B. L., and Lyons, A. (2009). “Pathways to life success: a conceptual model of financial well-being for young adults”. Journal of Applied Developmental Psychology, Vol. 30 No. 6, pp. 707-723.
Siegfried, C., & Wuttke, E. (2021). “What influences the financial literacy of young adults? A combined analysis of sociodemographic characteristics and delay of gratification”, Frontiers in Psychology, Vol. 12, pp.1-14.
Sirsch, U., Zupancic, M., Poredos, M., Levec, K., & Friedlmeier, M. (2020). “Does parental financial socialisation for emerging adults’ matter? The case of Austrian and Slovene first-year university students”, Emerging Adulthood, Vol. 8 No. 6, pp. 509-520.
Struwig, J., Roberts, B and Gordon, S. (2018). Financial literacy in South Africa. Pretoria: Human Sciences Research Council. [online] Available at: <https://www.asisa.org.za/media/4kylkxyw/2018-12-14-fsca-financial-literacy-report-2018-final-version.pdf> [Accessed 13 June 2020].
Supanantaroek, S., Lensink, R., & Hansen, N. (2017). “The impact of social and financial education on savings attitudes and behaviour among primary school children in Uganda”, Evaluation Review, Vol. 41 No. 6, pp. 511-541.
Verma, J.P. (2013). Data analysis in management with SPSS software. New Delhi: Springer.
Vygotsky, L.S. (1956). Thinking and speech: selected psychological studies, Moscow: Izdatel’stov APN RSFSR.
Wang, A. (2009). “Interplay of investors’ financial knowledge and risk taking”, The Journal of Behavioural Finance, Vol. 10, pp. 204-213.
Webley, P., & Nyhus, E.K. (2013). Economic socialization, saving and assets in European young adults, Economics of Education Review, Vol. 33, pp. 19-30.
Webley, P., & Nyhus, E.K. (2006). Parents’ influence on children’s future orientation and saving, Journal of Economic and Psychology, Vol. 27 No. 1, pp. 140-164.
Xiao, J.J. (2016). Consumer financial capability and wellbeing. In J.J. Xiao, Handbook of consumer finance research. 2nd edition. Kingston: Springer.
Xiao, J.J. (2008). Applying behaviour theories to financial behaviour. In J.J. Xiao, Handbook of consumer finance research. 1st edition. New York: Springer.
Xiao, J.J., Tang, C., Serido, J., & Shim, S. (2011). “Antecedents and consequences of risky credit behaviour among college students: application and extension of the theory of planned behaviour”, Journal of Public Policy & Marketing, Vol. 30 No. 2, pp. 239-245.
Xiao, J.J., & Wu, J. (2008). “Completing debt management program in credit counselling: an application of the theory of planned behaviour”, Financial Counselling and Planning, Vol. 19 No. 2, pp. 29-45.
Xu, Y., & Yao, R. (2022). “Financial decision-making responsibility and household wealth accumulation among older adults: a comparative advantage perspective”, Journal of Financial Counselling and Planning, Vol. 33 No. 1, pp. 3-23.
Yamane, T. (1967). Statistics: An Introductory Analysis, 2nd edition. New York: Harper and Row
Adey, P. & Shayer, M. (2014). The effects of cognitive acceleration and speculation about causes of these effects. Available from: http://modeling.asu.edu/modeling/AdeyPCognitiveAccel2011.pdf [ Accessed: 02 May 2020]
Agabalinda, C., & Isoh, A.V.N. (2020). “Moderating effects of social learning on the usage of formal financial services in Kampala, Uganda”, Journal of Economics, and International Finance, Vol. 12 No. 3, pp. 120-129.
Ajzen, I. (1991). “The theory of planned behaviour”, Organisation Behaviour and Human Decision Processes, Vol. 50 No. 2, pp. 179-211.
Allen, M.W. (2008). Consumer finance and parent–child communication. New York: Springer.
Alshebami, A.S., & Aldhyani, T.H.H. (2022). “The interplay of social influence, financial literacy, and saving behaviour among among Saudi youth and the moderating effect of self-control”, Sustainability, Vol. 14, pp. 1-18.
Ameliawati, M., & Setiyani, R. (2018). The influence of financial attitude, financial socialization, and financial experience to financial management behaviour with financial literacy as the mediation variable, International Conference on Economics, Business and Economic Education. Conference paper.
Arceo-Gomez, E.O., & Villagomez, F.A. (2017). “Financial literacy among Mexican high school teenagers”, International Review of Economics Education, Vol. 24, pp. 1-17.
Arikan, D.G. (1991). The evaluation of the questionnaires about the household consumption expenditures in Turkey and the determination of consumption patterns. Social Sciences Thesis. Gazi University, Ankara.
Arnett, J., & Maynard, A. (2013). Child development: a cultural approach. New York: Pearson.
Babbie, E. (2013). The practice of social science research. International edition. 13th edition. Wadsworth: Cengage Learning.
Bakar, M.Z.A., & Bakar, S.A. (2020). “Parental financial socialisation: pathways to positive financial behaviour”, International Journal of Academic Research in Business & Social Sciences, Vol. 10 No. 6, pp. 54-62.
Batty, M., Collins, J.M., & Odders-White, E. (2015). “Experimental evidence on the effects of financial education on elementary school students’ knowledge, behavior, and attitudes”, The Journal of Consumer Affairs, Vol. 49 No. 1, pp. 69-96.
Bhandarkar, P.L., & Wilkinson, T.S. (2010). Methodology and techniques of social research. Mumbai: Himalaya.
BusinessTech. (2021). Here is the age profile of South Africans looking for help with debt. Available from: https://businesstech.co.za/news/business/465634/heres-the-age-profile-of-south-africans-looking-for-help-with-debt/ [Accessed: 29 March 2022].
Chavali, K., Mohan, P., & Ahmed, R. (2021). “Does financial behaviour influence financial well-being”? Journal of Asian Finance, Economics and Business, Vol. 8 No. 2, pp. 273-280.
Chen, H., & Volpe, R.P. (2002). “Gender differences in personal financial literacy among college students”, Financial Services Review, Vol. 11 No. 3, pp. 289-307.
Cohen, L., Manion, L., and Morrison, K. (2018). Research methods in education. 8th ed. London: Routledge.
Ekstrom, K.M., Tansuhaj, P.S., & Foxman, E.R. (1987). “Children’s influence in family decisions and consumer socialisation: a reciprocal view”, Advances in Consumer Research, Vol. 14, pp. 283-287.
Fan, L., & Park, N. (2021). “Factors mediating the association between financial socialisation and well-being of young adults: testing a conceptual framework”, Journal of Financial Counselling and Planning, Vol. 32 No. 2, pp. 202-216.
Furnham, A. (1999). “The saving and spending habits of young people”, Journal of Economic Psychology, Vol. 20 No. 6, pp. 677-697.
Grable, J.E., Park, J., & Joo, S. (2009). “Explaining financial management behaviour for Koreans living in the United States”, The Journal of Consumer Affairs, Vol 43 No 1, pp. 80-107.
Gudmunson, C.G., & Danes, S.M. (2011). “Family financial socialisation: theory and critical review”, Journal of Family and Economic Issues, Vol. 32, pp. 644-667.
Hair, J. F. Jr., Black, W. C., Babin, B. J., and Anderson, R. E. (2014). Multivariate data analysis. 7th ed. Harlow: Pearson.
Huston, S.J. (2010). “Measuring financial literacy”, The Journal of Consumer Affairs, Vol. 44 No. 2, pp. 296-316.
Iqbal, H.M. (2015). “Educational theories of cognitive development”, International Encyclopaedia of the Social & Behavioural Sciences, Vol. 4, pp. 51-57.
Jorgensen, B.L. (2007). Financial literacy: parental and peer influences. MSc thesis. Virginia Polytechnic Institute and State University. Virginia, USA.
Jorgensen, B.L., & Savla, J. (2010). “Financial literacy of young adults: the importance of parental socialisation”, Family Relations, Vol. 59, pp. 465-478.
Kim, J., & Chatterjee, S. (2013). “Childhood financial socialisation and young adults”, Journal of Financial Counselling and Planning, Vol. 24 No. 1, pp. 61-79.
Kim, J., Gutter, M.S., Spangler, T. (2017). “Review of family financial decision making: suggestions for future research and implications for financial education”, Journal of Financial Counselling and Planning, Vol. 28 No. 2, pp. 253-267.
Kim, J., LaTaillade, J., & Kim, H. (2011). “Family processes and adolescents’ financial behaviors”, Journal of Family and Economic Issues, Vol. 32, pp. 668-679.
Letkiewicz, J.C., & Fox, J. (2014). “Conscientiousness, financial literacy, and asset accumulation of young adults”, The Journal of Consumer Affairs, Vol. 48 No. 2, pp. 274-300.
Lusardi, A. (2008). Financial literacy: an essential tool for informed consumer choice? Working Paper 14084. National Bureau of Economic Research.
Lusardi, A., & Mitchell, O.S. (2014). “The economic importance of financial literacy: theory and evidence”, Journal of Economic Literature, Vol. 52 No. 1, pp. 5-44.
Mandell, L. (2008). The financial literacy of young American adults. Available from: www.jumpstart.org/assets/files/2008SurveyBook.pdf [Accessed: 03 March 2018].
Mayer, R.N., Zick, C.D., & Marsden, M. (2011). “Does calculating retirement needs boost retirement savings”?, Journal of Consumer Affairs, Vol. 45, pp. 175-200.
Meier, S., & Sprenger, C. (2007). “Selection into financial literacy programs: evidence from a field study”, Research Review, Vol. 8, pp. 6-8.
Mitchell, O.S., & Lusardi, A. (2015). Financial literacy and economic outcomes: evidence and policy implications, Pension Research Council Working Papers: WP2015-1. Available from: https://pensionresearchcouncil.wharton.upenn.edu/wp-content/uploads/2015/08/WP2015-01.pdf [Accessed: 15 May 2020].
Ndou, A. (2023). “The moderator effect of socioeconomic status on the relationship between parental financial teaching and financial literacy”, International Journal of Applied Economics, Finance and Accounting, Vol. 17 No. 1, pp. 54-74.
Ndou, A., & Ngwenya, S. (2022). “The influence of parental financial socialisation on young black African adults’ financial behaviour”, Eurasian Journal of Economics and Finance, Vol. 10 No. 4, pp. 120-134.
Norvilitis, J.M., & MacLean, M.G. (2010). “The role of parents in college students’ financial behaviours and attitudes”, Journal of Economic Psychology, Vol. 31 No. 1, pp. 55-63.
Piaget, J. (1952). The origin of intelligence in children. New York: International University Press.
OECD. (2017). Measuring financial literacy. Available from: http://www.oecd.org/finance/financial-education/measuringfinancialliteracy.htm. [ Accessed: February 2019].
Rahman, M., Isa, C. R., Masud, M. M., Sarker, M., and Chowdhury, N. T. (2021). “The role of financial behavior, financial literacy, and financial stress in explaining the financial well-being of B40 group in Malaysia”. Future Business Journal, Vol. 7 No. 1, pp. 52-70.
Ramalho, T.B., & Forte, D. (2019). “Financial literacy in Brazil — do knowledge and self-confidence relate with behaviour”? Management Journal, Vol. 54 No. 1, pp. 77-95.
Remund, D.L. (2010). “Financial literacy explicated: the case for a clearer definition in an increasingly complex economy”, The Journal of Consumer Affairs, Vol. 44 No. 2, pp. 276-295.
Robb, C.A., & Woodyard, A. (2011). “Financial knowledge and best practice behaviour”, Journal of Financial Counselling and Planning, Vol. 22 No. 1, pp. 60-70.
Rogoff, B. (2003). The cultural nature of human development. New York: Oxford University Press.
Serido, J., Curran, M., Wilmarth, M., Ahh, S., Shim, S., & Ballard, J. (2015). “The unique role of parents and romantic partners on young adults’ financial attitudes and behaviours”, Family Relations, Vol. 64, pp. 696-710
Serido, J., LeBaron, A., Li, L., Parrot, E., & Shim, S. (2020). “The lengthening transition to adulthood: financial parenting and recentering during the college-to-career transition”, Journal of Family Issues, Vol. 4 No. 9, pp. 1626-1648.
Serido, J., Shim, S., Mishra, A., & Tang, C. (2010). “Financial parenting, financial coping behaviors, and well-being of emerging adults”, Family Relations, Vol. 59 No. 4, pp. 453-464.
Sherraden, M.S. 2013. Building blocks of financial capability. New York: Oxford University Press.
Shim, S., Barber, B.L., Card, N.A., Xia, J.J., & Serido, J. (2010). “Financial socialisation of first-year college students: the roles of parents, and education”, Journal of Youth and Adolescence, Vol. 39 No. 12, pp. 1457-1470.
Shim, S., Xiao, J. J., Barber, B. L., and Lyons, A. (2009). “Pathways to life success: a conceptual model of financial well-being for young adults”. Journal of Applied Developmental Psychology, Vol. 30 No. 6, pp. 707-723.
Siegfried, C., & Wuttke, E. (2021). “What influences the financial literacy of young adults? A combined analysis of sociodemographic characteristics and delay of gratification”, Frontiers in Psychology, Vol. 12, pp.1-14.
Sirsch, U., Zupancic, M., Poredos, M., Levec, K., & Friedlmeier, M. (2020). “Does parental financial socialisation for emerging adults’ matter? The case of Austrian and Slovene first-year university students”, Emerging Adulthood, Vol. 8 No. 6, pp. 509-520.
Struwig, J., Roberts, B and Gordon, S. (2018). Financial literacy in South Africa. Pretoria: Human Sciences Research Council. [online] Available at: <https://www.asisa.org.za/media/4kylkxyw/2018-12-14-fsca-financial-literacy-report-2018-final-version.pdf> [Accessed 13 June 2020].
Supanantaroek, S., Lensink, R., & Hansen, N. (2017). “The impact of social and financial education on savings attitudes and behaviour among primary school children in Uganda”, Evaluation Review, Vol. 41 No. 6, pp. 511-541.
Verma, J.P. (2013). Data analysis in management with SPSS software. New Delhi: Springer.
Vygotsky, L.S. (1956). Thinking and speech: selected psychological studies, Moscow: Izdatel’stov APN RSFSR.
Wang, A. (2009). “Interplay of investors’ financial knowledge and risk taking”, The Journal of Behavioural Finance, Vol. 10, pp. 204-213.
Webley, P., & Nyhus, E.K. (2013). Economic socialization, saving and assets in European young adults, Economics of Education Review, Vol. 33, pp. 19-30.
Webley, P., & Nyhus, E.K. (2006). Parents’ influence on children’s future orientation and saving, Journal of Economic and Psychology, Vol. 27 No. 1, pp. 140-164.
Xiao, J.J. (2016). Consumer financial capability and wellbeing. In J.J. Xiao, Handbook of consumer finance research. 2nd edition. Kingston: Springer.
Xiao, J.J. (2008). Applying behaviour theories to financial behaviour. In J.J. Xiao, Handbook of consumer finance research. 1st edition. New York: Springer.
Xiao, J.J., Tang, C., Serido, J., & Shim, S. (2011). “Antecedents and consequences of risky credit behaviour among college students: application and extension of the theory of planned behaviour”, Journal of Public Policy & Marketing, Vol. 30 No. 2, pp. 239-245.
Xiao, J.J., & Wu, J. (2008). “Completing debt management program in credit counselling: an application of the theory of planned behaviour”, Financial Counselling and Planning, Vol. 19 No. 2, pp. 29-45.
Xu, Y., & Yao, R. (2022). “Financial decision-making responsibility and household wealth accumulation among older adults: a comparative advantage perspective”, Journal of Financial Counselling and Planning, Vol. 33 No. 1, pp. 3-23.
Yamane, T. (1967). Statistics: An Introductory Analysis, 2nd edition. New York: Harper and Row
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