International Journal of Human Ecology

The Korean Home Economics Association (대한가정학회)
권호 표지

Money Makes the World go Around: European Youth and Financial Socialization

  • Fauth, Julia (TNS Infratest Marketingforschung GmbH,Germany)
  • Published : 2004.06.01
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Abstract

This paper outlines the findings of a consumer survey conducted in 1996 and 2001 by the University of Bonn, Germany, across 15 European countries. The survey involved a sample of 3,300 respondents in 1996 and around 11,000 respondents in 2001, throughout all 15 EU countries. Children and adolescents between the ages of 10 and 17 were surveyed on their consumption habits and their attitudes towards the environment. The paper outlines the key findings on "the process of socialization with money". Children come to appreciate the importance of money even before their first day at school. Even young children know you sometimes need cash to fulfil dreams. But the chance to experiment with money for real only comes when children first receive pocket money, usually from their parents. Later, in adolescence, consumer pressure starts to make an impact and it becomes more difficult to make ends meet. Spare time or holiday jobs help top up pocket money and enable adolescents to keep out of debt. This paper reports on a long term comparative study throughout the European Union among children and adolescents, analysed by country, age group and gender. The paper discusses the places young consumers can turn to in trying to fulfil their growing consumer needs. It also examines how much money is at their disposal. It then concludes by considering the influence of "financial socialization" on how young people deal with money.

Keywords

References

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