A Qualitative Study Of The Money Goals Of College Students And Their Parents

Parents and their children hold different ideas about financial planning and, specifically, goal-setting. The focus of the present study was to explore the perceived goals for money among a sample of 75 college students and 75 of their parents. The subjects identified several differing goals based on stage of life including savings methods, car and house purchases, vacations, credit card and loan repayments, and money as a means of happiness. An unexpected emphasis on savings was observed among college students whereas both parents and students de-emphasized debt reduction in their responses. Key words: College students, Financial goal-setting, Family life cycle, Future financial expectations Although the literature on family financial management is growing, few researchers have considered the role of individual factors such as personality, goals, and money philosophy in influencing what people do with their money (Walker & Garman, 1992). Despite its daily significance in the lives of individuals and families, money has not been a major research topic in the social sciences (Zelizer, 1989). Little is known about the symbolic significance of money o