The Effect of Socialization and Information Source on Financial Management Behaviors among Low- and Moderate-Income Adults Soo Hyun Cho South Dakota State University Michael Gutter University of Florida Jinhee Kim University of Maryland Teresa Mauldin University of Georgia Previous studies on financial socialization have focused on adolescents or college students. This study exam- ined the effect of financial socialization on the financial behaviors of adults aged 24–66 from low- and moder- ate-income households. Data from the NC-1172 Complex Nature of Saving data set were analyzed using ordinary least squares regressions and logistic regressions. The four dependent variables were spending less than income, making financial plans, monitoring spending, and having savings goals. Among other results, the regression analyses showed that (i) discussions about money with parents as a child and (ii) learning from financial planners significantly influenced adults’ financial management behavior. The findings suggest that financial socialization has a significant effect beyond adolescent or college years. Keywords: low income; moderate income; financial socialization Financial socialization is defined as the process in which individuals acquire and develop knowledge, beliefs, behaviors, and norms that influence their subsequent financial practices (Danes, 1994). Recently, there has been increased interest in the relationship between financial socialization and financial behaviors. Reasons for the interest in financial socialization include a focus on lifestyles financed by debt and the decline in personal savings (Guidolin & La Jeunesse, 2007; Lea, Webley, & Walker, 1995; Schuchardt et al., 2009). In fact, the 2008 National Research Symposium on Financial Literacy and Education highlighted the concept of financial socialization in two of the ten questions that were proposed for the future research (Schuchardt et al., 2009). Building on the theory of consumer socialization and social learning theory or what has become known as social cognitive theory (Bandura, 1986; Moschis, Authors’ Note: Soo Hyun Cho, PhD, is an Assistant Professor in the Department of Consumer Sciences at South Dakota State University. Michael Gutter, PhD, is an Assistant Professor in the Department of Family, Youth, and Community Sciences at University of Florida. Jinhee Kim, PhD, is an Associate Professor, in the Department of Family Science at University of Maryland. Teresa Mauldin, PhD, is an Associate Professor in the Department of Housing and Consumer Economics at University of Georgia. Please address correspondence to Soo Hyun Cho, Department of Consumer Sciences, South Dakota State University, 307 Wagner Hall, Box 2275A, Brookings, SD 57007; e-mail: soohyun.cho@sdstate.edu. Family & Consumer Sciences Research Journal, Vol. 40, No. 4, June 2012 417–430 DOI: 10.1111/j.1552-3934.2012.02120.x Ó 2012 American Association of Family and Consumer Sciences 417