• Asta Gaigalienė
  • Gintarė Leckė
  • Renata Legenzova
Keywords: financial socialization, personal finance, Z generation.


The main aim of this article is to define the concept of financial socialization and identified the main agents of financial socialization and their role in Z generation context. Moreover, it is aimed to determine the main factors that define the role of financial socialization agents. In this article these methods are used: scientific literature analysis, synthesis, systematization and comparison. After analyzing and systematizing of scientific literature, four financial socialization agents were identified: parents, education, peers, media. Based on the scientific literature analysis, parents and peers are recognized as the main agents of financial socialization. Education is referred to as secondary socialization, which complements the financial socialization of parents and peers. Media is the least researched agent of financial socialization. The financial socialization of parents is formed by three methods: modeling (observation of parents' financial behavior), purposive socialization (financial discussions between parents and children) and experiential learning (when financial knowledge, skills are acquired through personal experience). Financial socialization of peers is formed through modeling and purposive financial socialization. The financial socialization of education is formed through purposive financial socialization, because the main aim of educational institutions is to transfer the required knowledge to students. Financial socialization of media is determined as implicit learning and cultivation process. After analysing the scientific literature, it is determined that in there is a lack of empirical research on financial socialization agents and their role in Z generation context. Also, due to the characteristics and values of the Z generation, such as innovativeness, technology susceptibility and inseparability from social networks, it is probable that the role of financial socialization agents in Z generation context can change. Moreover, due to the innovativeness of the Z generation, the factors that estimate influence of financial socialization agents are likely to be irrelevant to the Z generation.

JEL Codes: Z13, D14, D64.