What is it about?
This study examines how emotions, personal perceptions, and cultural values, specifically familism (prioritizing family needs), influence financial well-being among African Americans. By exploring how family values shape financial attitudes and decisions, the research highlights that solid family connections can positively impact financial behaviors. However, it also finds that simply feeling knowledgeable about finances may not directly improve financial well-being. The study uses a value-attitude-behavior framework and analyzes data from 346 African American participants to understand these influences, aiming to uncover ways to enhance financial stability in this community.
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Why is it important?
This study is important because it sheds light on how cultural values and family dynamics shape financial behaviors within the African American community. Given that African Americans face significant income and wealth disparities, understanding these cultural influences can inform strategies to improve financial well-being. By focusing on familism and the emotional and perceptual aspects of financial decisions, the research reveals how strong family bonds and values can positively affect financial choices, even when financial knowledge alone may not suffice. This insight can guide culturally sensitive financial education programs, empowering individuals to make choices that align with their values and improve their financial stability over time.
Perspectives
I hope this article brings to life what might seem like an abstract or complex topic—financial well-being and cultural values—making it relatable and insightful. Financial stability is not only a matter for economists or policymakers but impacts individuals and families daily, especially within communities facing income and wealth gaps. By exploring how family values and emotions shape financial decisions, I hope this research encourages reflection on the unique influences that drive financial behaviors. Above all, I hope it sparks new understanding and offers a fresh perspective on how cultural strengths can be leveraged for financial empowerment.
Dr. John H. Young
Clark Atlanta University
Read the Original
This page is a summary of: The intermix of affect, perception and familism in African American financial well-being, International Journal of Social Economics, October 2024, Emerald,
DOI: 10.1108/ijse-07-2023-0515.
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