A study of economic socialization: Financial practices in the home and the preferred role of schools among parents with children under 16

205 male and female parents with children under 16 years of age from a national UK quota sample, completed questionnaires about financial interaction with their children in the home, and the preferred role for schools in enhancing practical economic competencies. Altogether respondents were asked about 19 finance-related activities: most parents engage children in the home by providing pocket money and piggy banks to promote saving, as well as opening bank accounts for them. Financial activities were more common in professional families with older children. Large majorities felt that schools should not only be providing careers advice but also how to manage personal finances, to teach how a bank operates and the appropriate use of credit and debit cards. Parents in semi-skilled and unskilled manual occupations saw less need for schools to provide finance education. These results are discussed in connection with previous literature and with regard to future research and educational practice.