Socialization Toward Money in Latino Families: An Exploratory Study of Gender Differences

Abstract

Members of a convenience sample of first-generation Latino brothers and sisters, all attending college, were interviewed about their childhood and contemporary experiences with money. The interviews focused on the ways in which the parents, all born in Mexico, approached money and how the subjects were influenced. In contrast to other research findings, Latinos and Latinas were raised with similar beliefs and practices about money; there were no separate money-gender tracks for these men and women. This equality seems to resultfrom the highfrequency ofpoverty in the sample. Although subjects had realistic attitudes about money, they also reported difficulties with managing money upon entering college. A strong belief in the value of education, acquiredfrom parents, provided subjects with a sense offuture that includedfinancial success.