- Original authors / creators
- Francisco Palaci; Irene Jiménez; Gabriela Topa
- Original publication
- Frontiers in Aging Neuroscience · Frontiers Media SA · 2017-11-21
- License & retained notices
- CC BY 4.0
Copyright © 2017 Palaci, Jiménez and Topa.
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https://creativecommons.org/licenses/by/4.0/This is an open-access article distributed under the terms of the Creative Commons Attribution License (CC BY). The use, distribution or reproduction in other forums is permitted, provided the original author(s) or licensor are credited and that the original publication in this journal is cited, in accordance with accepted academic practice. No use, distribution or reproduction is permitted which does not comply with these terms. Article-specific license URI: https://creativecommons.org/licenses/by/4.0/ - Edition changes
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- Evidence limits
- Adjacent research, not a directly sampled family-office study. Applicability to a family office requires separate assessment. As this is a cross-sectional study, we did not analyze the changes that occur in the variables as time elapses, and this must be taken into account when interpreting the findings of this research because longitudinal works are often found in economic psychology (Shim et al., 2015; Tang et al., 2015). In any event, these works frequently focus on the general population of children or adolescents, and not on the study of adults’ FPR with these designs. Despite the cross-sectional nature of the data, we highlight that most investigations on this topic use the same type of design, due to the difficulty of collecting data about parental socialization in childhood and adolescence in order to assess its influence on adults’ FPR 40 years later. In addition, the representativeness of the Spanish sample used hinders generalization of the results, as we know that depending on the culture and the pension systems (Khan et al., 2016); some variables may be more significant than others in predicting FPR (Mansor et al., 2015). Notwithstanding, diverse studies of parental economic socialization carried out with very diverse samples such as Europe (Otto, 2009), the United States (Koposko and Hershey, 2014), Poland (Trzcińska and Goszczyńska, 2015) or Malasia (Thung et al., 2012) have shown consistent relations between parental influences and saving behaviors. On another hand, there are various measures of financial management, and some of them focus more on saving management, investment management, or cash management. Here, we chose a global measure, and this may affect the results (Resende and Zeidan, 2015). With regard to the procedure used to collect the data, self-report measures may lead to common variance error. In this sense, some recent works indicate the need for standardized measurement instruments to assess financial literacy, as the different measures can lead to results that may not be comparable (Schmeiser and Seligman, 2013). In relation to these methodological issues, some authors also point out that the position of key information in documents and advertisements concerning financial products can affect the accessibility of the information and, as a result, influence decision-making (Foster et al., 2015).
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