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TH F919

This is to certify that the

thesis entitled

mus AND ATTITUDE TOWARD THEIR mm 01' SILEGED UPPER-
RIDDLE GLASS FAMILY MEMBERS, PARTIWLARLY EH! JUNIOR
AND SENIOR MS HIGH SCEOL STUDIIT, Ill
IAMILY HMO!“ mum

presented by

Deni“ frucq Moore

has been accepted towards fulfillment
of the requirements for

Man ter of Arts degree in Home Imago-ant

Major profesar

Date “a 221 1953

0-169

 

 

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\ -

ROLES rND iTTlTUUnS TCKLHD THnlfi nOLLS OE SELECTJD UFPnfi-HIDDLE
CU SS FATZJLY llh'ulljihlts, I’LTLTLLTJL‘ 11111. 11.14: UUWIL) Alt.)
SENIOR CLt’lSS HIGH SCHOOL 5U“ DEBT IN
FAMILY FILANCILL MANLCngmT

“L’0 w an Koor
Deriue ir cq 1 e

A “linSlS

of Michigan

Submitted to the School of Graduate Studies
Science

State College of Agriculture and Applie
in partial fulfillment of the requirements
for the degree of

MASTnR OF LhTS

Department of Home hanagement and Child Development

pa

‘5‘ T: \
'riak ’ ,4

LCE‘th‘C'TLnDti-tfil‘l'f S

The author is greatly indebted to Dr. Irma H. Gross
for her guidance and help in the writing of the thesis.
Other faculty members deserving Special thanks are Miss
Dorothy M, Greey and Miss Esther Everett both of whom of-
fered valuable suggestions.

Particularly to the twelve families who donated their
time and information for the study, am I grateful. Had it

'not been for their willingness to participate, such a pro-

ject would have been impossible.

Lastly, my own family mezhers Should receive acknow-
ledgment for their encouragement and aid—~my husband,
Howard, who preposed improvements and proofread the manu-
script; my parents, Mr. and Mrs. E. L, Francq, who studied
the original cepy with interest; and my brother, Edward,
who supplied information which helped in selecting the
sample families.

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CI-lAFTEl:

I O d!‘_Ci“l‘iLCLlleL; ‘é‘l‘liu PUILrICSLS ‘19 I1 lLiJml SIEUU’Y. o o 0 0 o c O o O O o 0 o o o O O o O O

IIOIT‘LJVIL T‘IOE LITEIJLIYlJiLFJQoOOOOOQ00-0000900000000.000000000000

REpOFt of hesea.rch on honey hanagement

Report of mesaarch on deleted Topics Includinw'noney

l‘arka ébnlentOOOIOOOOOOOOOOCOOOOOOOOOOOOOOCOOOOOOOOOOOOO

Family Practices

n3r ort of he search on
Summary of heview of Literature .......

Ill. iylhrl\fi()DULOGI-OOOOOOO0..0.00.0000...0......
Discussion of the Case Study hethod...
Selection of Sanple Families..........
Pattern of IntervieWS.................

IV. CI‘SL S’TLDlh‘Soocoo0.00.00.00.000900000000
V. FILTL’ITJG-s...‘OOIOOOOOOOOCCOOOOOOOOOO.0...

Findi nrs of the hespenses of the

the Continuity of

‘otal Group.

Definition of "Family Financial hanagement"
DevelOpmental Pattern.......................
Dctails of The rianr‘fwnent Free sses and Attitude

Toward i'hem..............................
.—hethods of bungeting money...............

~JTrainin2 the s udent to manage his money.
erts in the hone
lanobJVPFt Proce ss.......................----o--
Il‘ttluUQ CS toward tll‘: SLlOdt‘I’it Of the pI‘OJGC
H’ttitu 0" toward a "family council".............

Participation of high School Stu

[

O
S
O
O

0
Degree of participation of high school student.,
ldtt tu des toward the high school student's partic

tiOnOOO...O.IOOO.OOOOODICC-ICOOIOOOIOIOO

Factors affecting the participation of the

school student..................
Purchasing large expenditure items
Comparisons with other families...

evidences of Long—Time Goals.,,....................
Findings of flgreements and Disagree rn3nts hmong family

high

l'LCIhDerS.,.,....,..,.,....,..,,.,.,,.,..,.,,,.,,,...,.

Findings Concerning holes and Attitudes of Individual

Fanlily IVIGNLberS.......................................

Pied

109

110
110
111

llS
115
110

122
123
121'.

129
130
131

fiI—‘r

L33

1314
13c;

lhl

TABLE OF CUE‘JTHJTS - Continued

VI . sud-3am Arm COI'ICLUSIONS . . . . ..................... . ........ . . 1240
Suggestions for Further Study... ...... . ..... ............. 155
BIBLIOGlui‘Pfi-Y oooooo 0000.0... oooooooooo o oooooooo on... oooooo o ooooooo coo lw

APPENDIX... ....... ......................................... ........ . 163

CHLPTIm I

CHAPTER I

BLCKGhOUhD ANJ PUhIOSLS F The STEDI

The importance of each individual within a family unit has accom-
panied the recent trend toward the democratic pattern of living. The
1930's saw the emphasis of home management change from a resource
centered discipline to one in which the human element was stressed,
Wide acceptance of this philOSOphy by home economists has been a mile-
stone in the field of home management.

During this decade, a trio of theses,1 written in the Department
of home hanagement at Nichigan State College, concentrated on methods
families use to manage their finances, Since that time, no further
research at this institution has dealt solely with the management of
money.

In the summer of 1951, hrs. Ruth B. Honey, Associate Professor of
Family Economics and Housing at The Pennsylvania State College, and hiss
Dorothy Dickins, head of home economics research at the hississippi
Agricultural Experiment Station, organized a c00perative research project
emphasizing "Decision Making in the Use of Family Financial Resources,"
The first step taken before engaging in such a project was to begin a
compilation of a bicliOgraphy of research previously done in the area
of financial management. This was started by the present investigator.

As to the Specific roles the individual members of the family played

 

1 See Chapter II, pp. 9-12,

and their attitudes toward their participation in the management process

of the money income, it was found the literature was meager. That which

was available was concerned primarily with the details of the management

process rather than subjective feelings and Opinions. With this in

mind, it was hought that additional study of family financial management
might be of value to the prOposed project.

The purpose of this pilot study is to point out, if possible, the
roles of selected students in their junior and senior yearsof high
school in the financial management process of the family and to find out
their attitudes and those of their parents toward this participation.

In addition, an attempt was made to trace the develOpment of the students'
role in order to determine what factors had actually brought about his
degree of participation. This study is rather unique in that a case
study method was employed. Twelve families were carefully selected ac-
cording to predetermined criteria to find indications of a pattern that
might be peculiar to that particular socio-economic class of families.

A certain Cincinnati suburban area, which is atOp the second highest
of the many city hills, was chosen because it was thought to be fairly
homogeneous in regard to occupation of fathers, the types of homes, and
the manners of living. The residential area surrounds a small business
district in which are found a bakery, a grocery, an ice cream parlor,
dry cleaning company, drug stores, a bank and offices of doctors and
dentists. In addition to the commercial establishments, an elementary
school, library, two large churches, a combination branch YhCA and com-

munity center, telephone exchange and fire house furnish the community

with educational, religious and recreational facilities as well as
local services. ‘With such conveniences, those families in the neighbor-
hood depend upon it for much of their community life.

Few of the residents actually are employed near their homes. Host
of them do their shopping for clothing and household furnishings in
downtown Cincinnati which is about five miles away (approximately hS
minutes by city bus or trolly and 30 minutes by car). This section of
the city was also near the home of the investigator and,therefore,one
in which both the physical characteristics and the population were
familiar .

Only a few terms need to be explained for the purpose of a common
understanding. To define "role", the author has borrowed the definition
of Ralph Linton,2 professor of anthrOpology at Yale University. He says,
"When [a person] puts the rights and duties which constitute the status
into effect, he is performing a role," An individual may occupy many
socially assigned statuses or positions in a society, but this study
concentrates on his position in the primary socializing institution--the
family. Thus, when the components of a family group-~i.e., a father,
mother, and child--interact, each puts into practice certain privileges,
obligations and expectations which are inherent in his position in that
family. For example, in.American society, it is expected that in
financial matters the father assumes the role of chief breadwinner.

Dr. Linton further states, "A role represents the dynamic aSpect of a

 

2 Linton, halph, The Study of Man, D. Appleton-Century Company, Inc.,
M. Y., 1936, p. 11h.

 

status," implying that it is both active and changing. Evelyn Millis
Duvall illustrates this in her article on "Changing Roles in the Family
Cycle," when she points out that the homemaker's role has turned from

the outdated "drudgeries of producing goods" to her present concern "with
the deveIOpment of familymembers."3

The second definition pertains to the phrase "family financial
management." Management is, in effect, the mental process of making
decisions concerning the use of family resources for the purpose of
achieving certain family goals. These resources may be human and/or
material, but the emphasis of this particular study is upon the manage—
ment of money, a material resource. Three steps are involved in the
management process: 1) planning; 2) controlling the plan while it is
being executed; and 3) evaluating the results before another plan is
made.

With Special reference to money management these steps can be further
explained. The planning step, which is actually the act of looking ahead,
includes such activities as making out a budget, discussing a purchase
to be made or anticipating and providing for a college education for the
child. The plan may be controlled by checking it frequently during its
Operation (such as scrutinizing expenditures) or by guiding or supervis-
ing others in handling money. In evaluating the original plan and the
use of the money, it is necessary to note all successes and failures in

order to make adjustments for the future. In a sense, the twelve

 

3 Duvall, Evelyn.hillis, "Changing Roles in the Family Cycle", Journal
of Home Economics, Vol. h2, do. 6, 1950, p. h35.

 

families taking part in this study were evaluating their management
process when they discussed their financial management practices with
the investigator. According to the definition, the actual earning of
the family income is not considered to be a part of the management
process.

So far in this explanation no mention has been.made of the family
member or members who do the managing. In the management of all resources,
one of the common misconceptions is that there is only one person who
should assume the role of "the" manager or "expert." But what about the
other members of the family? "While it is true that there is usually a
leader, all family members who are old enough to make decisions can and
should participate in home management."24 This leadership may change
according to the nature of the decision. Though it may seem that the
decision affects only one person, it is possible and highly probable that
other members of the family will be required to make adjustments. Thus,
it can be prOposed that all family members should have a part in the
management of the family finances.

An "attitude" may be simply defined as a person's feelings toward
a certain situation. These can be expressed verbally and/or detected
through the overt action of an individual. A person's attitude influences
his reaction toward an object or a concept as well as his Opinion of it.

This study was particularly concerned with the attitudes of the father,

 

L Gross, Irma h., and Crandall, Elizabeth W., "The Challenge of Manage-
ment", Chapter I, Home Management, forthcoming book to be published
by Appleton—Century-Crofts, Inc., p. h of the manuscript.

 

mother and teen age children toward their roles and the money manage-
ment practices of the family.

The over-all subject of family financial management is important.
The American family is one Of the most important agencies in which
democratic living can be practiced. but to do 80, it is the reSpons-
ibility of all members to become conscious of what qualities and practices
in family living are democratic and then to promote and encourage those.
Therefore, an important attitude toward handling family finances is to
stimulate the desire for the COOperation and interest of all family
members. The mechanical details of how they manage are not as important
as the realization by everyone that they should work together in the
money management process.

But adults still seem to think that young children require direction
and guidance in all aSpects of life. This naturally becomes the parents'
reSponsibility and they often carry it to the extent of giving the children
little or no Opportunity to think and decide for themselves. If this
happens, they are criticized for lack of maturity and judgment when they
reach adolescence since it is during this period that they are no longer
regarded as children. Parents and teachers demand that they assume
responsibility and exercise discretion. But these expectations COme upon
the adolescents rather suddenly.

The Spending pattern and the methods used by the parents when the
children are young are Significant, for they not only determine the kind
of living the child will experience for many years, but they establish

the foundation upon which he will probably build his own habits and

practices. Family OOOperation in money management is a means of prepar-
ing the child to assume the reSponsibility of handling money in his own
family. he understands why he can not have as much money as some of

his friends. he assumes a certain amount of reSponsibility in the planning
and evaluating step of the management process. In addition, he gains in
self-confidence, is more willing to cooperate and feels himself to be

an important member Of the family.

This case history research is only a pilot study meant to suggest
hypotheses for more objective statistical investigation in money manage-
ment. Perhaps, if trends or patterns appear to be typical Of this
particular sociO-economic class of peOple, they will point out areas in
which there is a need for more concern in the field Of family economics.

The purposes Of this study can be summarized as being fourfold:

1. TO determine the relative degree Of the junior and senior
class high school student's participation in the family
financial management process.

2. To find out his Opinions toward and his evaluation of his
role in the financial management process of the family.

3. To compare the adolescent‘s Opinions with those of each
of his parents regarding the student's degree Of and
satisfactions derived from his inclusion in the family
financial management process.

h. To trace, as far as possible, the genesis of this role
of the teen age student.

(hfiifilfl II

hLVIfii OF LlThfiATUnn

Much has been written in the area of family economics. Textbooks

and popular literature on financial management stress particularly the

importance Of budgeting the family income. decently, the trend in

(I)

literature has been to emphasize th value of all family members taking
part in the money management process with special regard to decision-
making for the establishment Of long—time goals. Even pictures portray
the father, mother and children working tozether to manage the family
income.

fefore embarking on this particular piece of research in money
management, it is necessary to review work previously done on the sub-
ject. Following this will be a sumnary of certain quantitative research
that has been done in rela ed fields--i.e., other aspects Of family

living, democratic living practices and the continuity of family habits.
Report of Research on Moneylfianagement

One Of the earliest studies on money management was Sponsored by
the Bureau of Home Economics and the American Home Economics Association
and conducted by Chase Going Woodhou5e(3b) in the late 1920's. Since
money was considered to be an element causing peace or discord in family

relations, the purpose of this study was to determine who controlled the

money in the family and what expenditures were made. Sixty—eight
families from all over the United States w O wer: in the business and
professional sociO-ecenomic class, were asked to participate after they
were judged "succ essful" by qualif ed Observers. hearly one-half of the
families followed a pattern Of joint or mutual control of the family
funds. The husband, in most cases, tallied over the financial problems
with his wife and expected her to be interested. In making purd ses

and in handling money, there was a well-c efined division Of Spending with
the wife assuming the reSponsibility for the household expenses and the

husband managing the money to be used for housin“r

3, car expenses, insurance,
etc. The children were consciously being trained to handle money and to
make choices with Special emphasis on the value of working for their
money. They were given an allowance when they first entered school and
this was increased to include their clothes and all personal expenditures
when they were Older. This study did not Show the role Of the children
in the management of the family income.

Interest at hie higan Sta e College on the methods Of managing family
finances began about 18 years a 550 when a series Of three th as used this
as the tOpic of investigation. These were similar in purposes and pro—
cedures. The first, by Josephine Fuller (6 ) in 1935, was concerned with
the method Of handling family finances in the homes Of women college
students. Twenty per cent of the women enrolled at Michigan Stdae Cells
were contacted by questionnaire and were asked to give general information
about their family composition, the distribution of their family '5 income

and the Spending habits of their faiily. Special emphasis was placed

10

upon how and when the money matters were discussed, who did the buying
for the family, and what arrangements were made for access to the family
funds. The reSponses were analyzed statistically and studied in relation
to the size of the home community, the size of the family, the education
of the parents and the occupation of the breadwinner. In answer to the
do the older children participate in deciding how the money is

question,

7 o

to be Spent, only about two-fifths replied that they did. Thirty-seven
per cent of the families reported having family discussions. Even in
th'se the participation of the Older children was limited to deciding how
the money that was Specifically theirs was to be budgeted and Spent.-
About half of the girls, when they were of high school age, had no knowledge
of the family Spendable income. A summary of the findings in repard to
the practices followed by the families included in the study indicated
that a democratic syste of money management existed in some respects but
that much of that which was advocated as "'best" was not followed. In
large citie , the older children participated in deciding how the family
income was to be Spent in about two~fifths of the homes. While education
of the parents seemed to have little effect on the participation of the
student, the relationship to the occupation of the father Showed that a
larger percentage of young children participated in professional families
than in either the business or industrial groups.

The second of the Michigan State College money management series of
the 1930's was done in 1936 by Eunice A. Pardee (2h) who selected 360
families in.Michigan in order to study the methods of handling money

income. The majority of these were farm residents. 'The forms distributed

ll

by home demonstration agents included questions regarding the financial
patterns and practices used oy the families. The most common method

for deciding financial matters was a discussion between the husband and
wife. In one-third of the families with children, most of them younger
than adolescence, discussion took place by the whole family. Like the
previous thesis mentioned, this one related the patterns used (planned
Spending, family discussion, allowances for children, joint bank account,
keeping records and joint_control of the family purse) to such factors

as the influence of formal education, the occupation of the husband and
the number of children in the home. Mrs. Pardee concluded, "Due perhaps,
to failure in interpreting the questionnaire, the data showed that
children had little reSponsibility in making expenditures."

In 1938, Ann McIntyre Aikin (1) studied the methods of handling
family finances in the homes of men students attending college. She
selected 163 men who represented all four years at Michigan State College
and again classified them according to fraternity and non-fraternity men.
A questionnaire included general information concerning the men and their
families as well as questions regarding facts on family financial methods
of apportionment, Spending, supervision and training on financial matters.
In addition, attitudes on planned expenditures and record keeping
procedures were determined by the agreement or disagreement of the co-
operators with quotations from current literature. Then all these facts
were considered in relation to other factors which might have an influ-
ence on money management methods. It was found that the participation

of the children in family discussions was related to the parent's

l2

occupation and education. A significantly greater number of industrial
worker's families had family discussions than families whose fathers
were in private business. In the village families, the financial de-
cisions of the family were more commonly made by the parents while the
large city families had the highest percentage of family discussions.

When the three studies were compared the following observations
were made: 1) the largest percentage of the husbands and wives had
joint control of the family income; 2) the homes of women college students
showed a larger percentage of control of the income by one person than
either of the other two studies; 3) there was disagreement among the
three studies on the percentage of families including children in the
management process of the family income (35 per cent of the college
girls' homes, 58 per cent of the Michigan families and 75 per cent of
the men's homes). This descrepancy in findings further points out the
need for more research on the roles of the children in the management
process.

The methods used and the responsibilities assumed by the various
family members when purchasing certain commoditieswmnwainvestigated by
Della Blankemeyer (2) in 1939. A questionnaire was answered by a sample
of SO Texan high school girls taking homemaking classes. These were
followed up with personal interviews with 15 of the mothers of these
girls to determine the girls' role in planning for the Spending of their
family income and in selecting and purchasing commodities. The questions
were concerned with the methods used in deciding the amount to be paid,

the method of buying and the particular type to be bought of such items

13

as insurance, car, appliances, furniture, food, clothing, rent, savings
and children's allowances. She found that the father was more apt to
decide upon the kind and amount of savings, insurance and the car. The
mother's decisions influenced the purchasing of household items, food,
clothing and the children's expenditures. The children assumed more
reSponsibilities as the problems affected them more directly and when
they became more financially independent. For example, a larger per-
centage of girls purchased all their own clothing without assistance
than purchased the food for the family or helped in the buying of new
furniture. There was little evidence of group participation when planning
for the Spending of the family income since only one family followed a
plan that was made by the entire group. Miss Blankemeyer found that
children were given very little experience in handling money since only
' lh per cent of the 50 girls recieved an allowance and only about one-
fourth of these were guided in the spending of their money.

Another series of theses relating to money management was done at
Oregon State College early in the l9h0's. In l9h2 Theresa Mae Varney
(32) studied the past experiences and present attitudes of 100 Oregon
State College students to money management. She concluded that there was
actually little difference between the attitudes of men and women toward
the money management practices of the students' past experiences, but
the men had had more money to Spend throughout their school years and
consequently had had more experience in money management.

Margaret Morcom Watkins of Oregon State College (3h) based her re-

search on the assumption that by the time the child reached high school

it

he should have established fairly definite attitudes toward common
practices of money management. She was concerned with determining what
those attitudes were. The practices included in her l9h3 study were
selected as being those most often experienced by high school girls and
included methods of earning, Spending, and saving money. A questionnaire
was used to obtain the data. This was sent to a total of 119 girls with
about half being from the ninth grade and the other half diSpursed
throughout the SOphomore, junior and senior years in high school. All
of the sample were enrolled in home economics courses. The majority of
the fathers were either laborers or farmers. A very high percent of
the girls agreed upon three items in particular: t7 per cent thought
better relations existed when money problems were discussed in the family;
96 per cent believed that high school girls should know the exact amount
of the family income; and 95 per cent considered it advisable that they
Should know the source of the family income. Only 17 per cent thought
that the chief provider in the family should have full control of the
family finances.

Another study concerning money management was done in l9hh by Inez
Rivers Lemmon (17). her research was aimed at the war time attitudes
and practices of high school students. One hundred junior and senior girls
and boys (50 each) were selected from the agriculture and home economics
departments of a nodesto, California high school. The average age of
the students was about 17 years and the greatest number of the boys'
and girls' fathers were farmers and laborers. While only 36 per cent of
the girls stated that their families discussed methods of economizing

with them, 60 per cent of the boys reported receiving such advice as

15

"be careful" and "get your money's worth." Fewer than one-half of the
boys and one-fourth of the girls stated that their families discussed
finances with them. Only 20 per cent of the boys' and 16 per cent of
the girls' families discussed plans for Spending the family income.
About one-third of the entire group received allowances and many of
those were not in favor of such a means of receiving their money.

At the University of Minnesota in 19hh, Esther Elizabeth Prevey
(25 and 26) studied 100 children (50 boys and so girls aged 15 1/2
to 17 14?) from the upper socio-economic level. She tried first to
determine the methods the parents were following in teaching the children
the use of money and the relationship between childhood experiences with
money and later habits. Secondly, the study was aimed to find out the
relationship between the reSponsibility the children were allowed to
assume in the use of money with the general level of adjustment and
selfreliance. For the latter, the Bell Inventory and Stott Self-
Reliance tests were used. The data on parent practices in training their
children to manage money was secured by interviewing the mothers of the
students. Information regarding the habits the same children had de-
veloped as adults was obtained four years later by means of a question-
naire that was sent to those mothers who could be located. The results
of Miss Prevey's investigation indicated that there was a close con-
nection between childhood experiences and later money management habits
in such areas as budgeting, Spending, giving, earning, borrowing and
lending. Her findings showed that boys received more superior experi-
ences in handling money than did girls. Parents of boys encouraged

them to earn their own money and seemed more willing to include them in

the discussion of the family finances. It was shown that there was a
relationship between good adjustment and the ability to manage money

in early adulthood. hiss Prevey concluded from her results that

parents should supply valuable experiences for their children, eSpecially
for girls. Such experiences might be providing money according to a
well-defined and commonly understood plan, accepting the consequences of
unwise planning, guiding children in their expenditures but leaving the
final decisions up to them, increasing the allowances as the reSponsi-
bilities for Spending became greater, encouraging saving for family
goals and permitting them to borrow and lend money on a business-like
basis only.

The previously reviewed studies were mostly concerned with high
school boys and girls; however, they also dealt with college students
and family groups. The questionnaire was the most common technique used.
Most of the studies reported that joint or mutual control of the income
between the husband and wife was common. Percentages indicating the
amount of participation of the high school students in the family fi-
nancial management process varied from 16 per cent to 75 per cent within
the groups investigated. Several factors were mentioned as causing this
wide difference in findings--size of the city, occupation of the father,
education of the parents and particularly the sex of the child. 'With
special reference to the latter, boys appeared to be better trained to

handle money than girls.

17

Report of Research on helated Topics
Including.Money management

Other studies in related fields may be cited in reviewing the
research that has been done previously. The attitudes of 200 high
school seniors toward adjustment in family living were analyzed in
1938 by Priscilla Rowland (27). The sample students were chosen from
Salt Lake City, Utah. On the portion of the study which pertained to
finances, She found that most of the boys (58 per cent) and the girls
(68 per cent) were either disinterested in family finances or else had
unfavorable attitudes toward talking with their fathers about finances.
In addition, She Showed that a very high per cent of the students dis-
liked asking their parents for money.

A few years later in l9hl, Muriel Jeannette Mirth of Oregon State
College (35) studied the attitudes of 100 Chico and Orland, California
high school freshmen girls toward themselves, their family members and
associates. In the section Specifically discussing finances, Miss
Wirth found that only 30 per cent of the families included the freshmen
girls in talking about family finances. There seemed to be a tendency
for the rest of the families to discuss family needs with the girls
rather than how they would Spend their income or how they could economize.
When asked if they had less money than they thought they should have,

23 per cent reported to have less while 20 per cent more received the
amount they thought they required for their expenses.

In l9hO,.nelen F. McClanathan (21) from the University of Minnesota
studied the attitudes of high school boys toward certain family relation-

ship problems when they were and when they were not enrolled in home

economics Classes. She sent a questionnaire to adults to receive their
Opinions on certain family practices. These were used as a key in
scoring tests given to the high school boys. She was also interested

in studying whether the attitudes of the boys were changed by a unit of
concentrated instruction in problems of the family; to what extent
certain factors affected ooys' attitudes toward family relationship
problems; and finding out if boys who elected home economics courses were
comparable in interest, family background, and Scholastic ability to
those who did not. The sample ooyS were paired according to those taking
home economics and those not enrolled, economic level, nationality of
boys' fathers, education of parents, employment of mother and boy and

age of ooy. She concluded that neither instruction nor the environmental
factors studied seemed to have any significant influence upon the ooys'
attitudcs toward family discussions of one's affairs. On most of the
family problems, the six weeks instruction offered in family relationships
had little influence.

In a.l9Bl Kansas State College study by Ivalee Hedge McCord (22), the
knowledge and attitudes of college freshmen in regards to certain con-
cepts of family living were analyZed. The sample included 379 students
who were 17 or 18 years of age. The investigator first defined demo-
cratic and autocratic pattern of family organization and then took
certain statements concerning practices of family living in which these
types of control might operate. The sample was asked to agree or dis-
agree with the statements. The majority of persons agreed that the

reSponsibility for the management of money Should be shared by the

husband and wife but four times as many boys and girls thought that the
husband should manage the money than the wife. From her findings, she
suggested that there was more need for teaching boys and girls demo-
cratic living because the attitudes of this sample reflected the possible
types of relations these college students would have in the future.

A study directed toward detennining the long-time objectives and
plans of families was reported in 19h5 by Cleo Fitzsimmons and Nellie
Perkins (s). They chose SO northern Illinois farm families for their
sample who were considered to be happy, successful and well-established.
Both the schedule and the interview technique were used. Of particular
concern were the ways in which the families made their choices, defined
their goals and built up their attitudes toward these. The results of
the studies showed that money management was a shared activity in the
sense that the husoand and wife divided responsibilities, each taking
the lead in particular aSpects of management and expenditures. The
children usually decided how their own money was to be Spent, but they
had the privilege of consulting their parents when they needed help.
Team work was evident with the families cooperating as a group. As soon
as the children were old enough, they participated in making decisions,
contributed to the plans and took pride in the final results.

A Michigan State College studv reported in l9hh by Irma H. Gross
and Evelyn.A. chmer (12) was concerned primarily with home management
in general; however, a particular section of the investigation concen-
trated on the management of money. A total of 362 farm and village

families from seven Michigan counties were carefully selected for the

20

sample. An extensive schedule was used to record the data obtained
during interviews with the participants. Those practices which pertained
to money'management included decisions on control of income, actual
handling of money, planning the Spending of money, savings, record keep-
ing and making purchases. It was found that while over half of the‘
cases claimed the husband and wife together controlled the spending,

in only 1.3 per cent of the 302 families was there control by all the
members as a unit. Slightly over half of the huscands and wives had
joint access to the family funds. In one-third of the entire group, an
allowance system for all members had been devised and followed. The
majority of parents gave money to their children when they needed it
rather than establish a definite system of allocating money to them.
Another finding of tie study showed that about three-fourths of the
families made no plans for Spending but of the rest who consciously
planned their expenditures, less than half were written. These Spending
plans were usually made by the husbard and wife jointly. More families
on a medium economic level had budgets than did those on low or comfort
levels. When considering saving, the data pointed out that a large
proportion of the families had intentionally saved money during the
previous year. The number of families saving money increased directly
as the economic level increased. About twice as many families kept

accounts as made Spending plans, yet those accounting for their expendi-

.F
"J-
u-
I

tures amounted to only one-half of the entire group. Dr. Gross andIuiss

Zwemer further reported that the wife alone was the chief purchaser of

all family needs. The husbarfl and wife tOgether and the husband alone

21

ranked second and third reSpectively in importance of purchasing all
items. Very few articles were bought by the family as a group. It was
concluded that there existed a democratic type of control in decisions
concerning money, but this was mostly joint between the husband and
wife and was influenced by the family's economic level. There was evi-
dence of fewer democratic practices in the lower income groups. Accord-
ing to the findings, the children did not assume a very active role in
the managing of these selected families' incomes.

Moderate to low income groups in a rural Iowa community were in-
vestigated by Mary S. Lyle (20) and later puolished in a book entitled

Adult Education for Democracy in Family Life (l9bh). She was interested

 

in discovering to what extent democracy prevailed in the homes of such

a community and then suggesting changes for the adult education program
that might further promote democratic living practices. She found that
in the majority of the homes visited, the women participated in planning
for the use of the family income but very few children were permitted to
help make decisions. These children who were allowed to participate were
only given the control of the money they themselves had earned; but, in
some cases, the parents even controlled that.

Another study of Special interest also concentrated on the contempor-
ary family practices which denoted democratic living. This was done by
Vera Cook Taylor (30) of Iowa State College in l9h9 who classified the
families of L57 high school students according to whether they were
authoritarian or democratic. 'She found that the most clearly democratic

families were small in size, drawn mostly from the more highly educated,

22

Protestant, professional persons, were composed of older children and
were more apt to be socially active and happy. This was proven statistic-
ally. From the results of her study, she stated that a democratic family
is "a family unit which plans together, shares responsibilities, and
works for common goals with each other contributing according to his
ability. All persons have a part in decisions, but the weight of influ-
ence is acknowledged to vary according 11) experience, training and
identifidation with the issues." (Page 2:) About three-fourths of the
families fell into what she called democratic in the control of decision-
making and choice-making items and on the determination of family practices.
The results of these studies were very similar to those investiga-
tions dealing solely with money management. The emphasis was placed on
both the high school student and investigations of entire family groups;
however, one pertained to college students only. The schedule or question—
naire was used in most cases. Two authors employed the interview techni-
que and supplemented it with a printed set of questions or statements.
The majority of these studies reported that the children did not partici-
pate to any great degree in the management of the family income, but one
research project (by Cleo Fitzsimmons and hellie Perkins) showed they
took an active part and were proud of their participation. Several
factors which would alter the student's degree of interest and partici-

pation were mentioned in these investigations also.

Report of hesearch on the Continuity of Family Practices

Finally a few studies on the continuity of family practices from
generation to generation Should be noted briefly. Factors which affected
relationships between families at generational levelsxmnwainvestigated
by Marvin a. SuSSman (29) in 1951. He found that one of the factors which
promoted continuity of family practices oetween parents and children was
the family child-rearing phiIOSOphies and practices. This was determined
after interviewing the parents of 103 families of middle class background
who were white, Protestant, and resided in the New Haven, Connecticut
area. He used the case study approach. The parents indicated that the
child-rearing practices they employed were influenced by their own rear-
ing and childhood, their conception of differences in the temperaments
of their children, and the ordinal position and the sex of the child.

In most of the families, the parents reacted against their own strict
rearing and consciously deveIOped their own practices of training their
children. But even these often had to be modified during the child's
adolescence. The families diverging from the stricter method of training
children allowed their own independence and had more activities in which
all members of the family participated.

In California, the relationship of attitudes, Opinions and values
among family members was studied in l9hb by Sarah Carolyn Fisher (5).
Most of the parents included in the investigation sent their children to
college and were from the upper to middle occupational brackets. The
aim of the research was to compare two generations of the same family

with reSpect to a wide range of attitudes and to investigate the

2h

intra-family correlations. The date was provided by 50h students. The
results showed that the mothers' attitudes were more like their daughter's
than like their husbands' but they were more like their husbands' than
their sons'. The attitudes of the fathers resembled those of their wives
and daughters to about the same degree; however, they were more similar
to their wives' than their sons'. For most attitudes, it appeared that
mothers were more of an influence to their daughters than they were to
their sons. When there was a close relationship between mothers and sons,
the boys were usually of high school age. It was decided that inter-
generational differences could possibly be due to either changing pres-
sures from the social environment or to a complete change in the total
pattern of the social environment.

A research project was undertaken at Northwestern University by
Grace Hirschberg and A. R. dilliland (19) in l9h2 with the help of
questionnaires which were given to both 200 undergraduate students and
their parents. Though this particular study was concerned with attitudes
on religion, the New Deal and fascism, it pointed out that a positive
relationship was found bet'een the attitudes of children and both of their
parents in these particular subjects. It was also pointed out that
there was a closer relationship between the children and the mothers than
there was with the fathers. Though this relationship between children
and parents did exist, it was noted that the degree depended upon the
home situation, the subjects tested and the attitude studied. The home
was considered to be an important source for the deveIOpment of attitudes

but for some factors, the influence was much stronger than for others.

In summarizing those studies which were centered on the continuity
of family practices from generation to generation, it was found that
the background experience of a person could not be separated entirely
from his adult habits. When different practices were deveIOped, it was
due to a reaction against his previous experience which was probably
prompted by new phiIOSOphies and patterns of living. Of the two parents,
it was the mother who had more influence on the child's future ideas and

practices than the father.
Summary of Review of Literature

The research projects included in the review of literature were
divided according to: 1) those which were concerned only with money
management; 2) those that pertained to related fields but had material
on money management; and 3) those which concentrated on the continuity
of family practices and attitudes. The following statements suggest
certain generalizations that seemed to predominate in those studies re-
viewed:

1. The majority of the investigations cited were concerned with the
money management practices and attitudes of high school students.

2. Since the studies were made with large samples of persons and
findings, personal contact with each case was impossible in most instances.

3. Because of the large numbers of persons contacted, a schedule or
questionnaire was the technique employed by most of the investigators.
Such an approach leads to objective statistical analysis of the data.
This suggests that these studies in the main, were more concerned with

the money management process itself than with the personal feelings of

26

the participants; however, the latter was sometimes included on the
objective tests and Questions.

h. The mother and father controlled the family funds jointly. In
this aSpect of money management, the children had little chance to take
a part. The family Spending was divided between the parents with the
mother taking care of the household expenses and the father assuming
the reSponsibility for the car, insurance and home repairs.

5. The studies showed little agreement on the extent of the high
school student's participation in the money management process of the
family. The tendency seemed to be for them to take a rather passive
part in managing the family income; however, when they received their
own allowance, they usually had control of it.

6. External factors influenced the degree of the children's partici-
pation in money management. Those most frequently mentioned were: size
of the city, occupation of the father, size of the family, sex of the
child and Specific money problexs being considered by the family.

7. Many of the studies showed that boys were more capable of manag-
ing money than girls because they had been given a greater Opportunity
to handle money and had received more conscious training from their
parents.

6. There was a relationship between the practices and attitudes of
the parents and those of their children. In some cases, there was
agreement and, hence, continuance of the habits. In other cases, the
social conditions appeared to have changed the attitudes and phiIOSOphies
through the years and, therefore, the practices of the children had been

altered.

27

9. The practices and attitudes of the mother were more apt to be
adOpteJ by the children than those of the father. This meant she was
an exceedingly important figure in shaping the future habits of the

younger generation.

Grimm III

CEAPTdh Ill

l'iILl Junk/LU U1

In this chapter is found the methodology of the research project.
As far as possible, chronolOgical progress will be shown. Included is
a critical discussion of the case study approach that was used. The
selection of the sample according to the Index of Status Characteristicsl
is explaineu in detail with Special reference to the COOperating
families. The final portion of this chapter deals with the interview
contact with the 12 volunteer families including their willingness to
participate and an outline of the conversation between each memVer and
the investigator.

As stated in Chapter I, early preparation began for this study when
the author helped assemble an annotated bibliography in the area of
money management. Following this, plans were laid out with the help of
a graduate committee for an original piece of research in the field.

After tentative plans were made a family was selected in East
Lansing for a practice interview with the primary purpose being to discuss
money management with each member in order to establish further possible

objectives for the project. Of secondary significance, the volunteer

family also gave the investigator practical experience in the interviewing

 

1 Warner, W. Lloyd, Meeker, harchia and Eells, Kenneth, Social Class in
America, Science Research Associates, Inc., Chicago, 1§L9.

 

m
\(J

technique. At the beginning of the summer, an outline including the
proposed objectives and procedures to be followed was submitted to a

faculty committee for inspection and approval.

Discussion of the Case Study Method

It was decided that attitudes and reactions to financial management
were just as important as the actual details of the process and these
could best be obtained with a case study approach and using an informal
interview technique.2 Case studies contain a description of situations
as they appear to the interviewee and every individual case has certain
characteristics which might be regarded as typical or representative of
a large number of cases. This type of methodology gives a fair picture
of an individual's interpretation of his own experiences or those of
others with regards to a Specific process. When a person talks casually,
often times his many repetitions of a particular idea or belief may
help in forming generalizations. But the primary purpose of a case
study method is to be an exploratory piece of research from which trial
hypotheses can be established for further testing.

While these are the advantages of the case study method, there are
also disadvantages Which are quite common in all scientific work) of

which the author was aware and tried to account for in comparing the

 

2 According to A Study of Three Methods of Research in Home Managpment,
(Nichigan State College Technical Bulletin 171, February,19h0) by
Irma H. Gross Ann.Aikin Therese Tordt hvelvn A. Zwemer and Wm. D.

9 ) 3 «.1
Baten it was found that the interview technique was far su erior to
3 p
the diary and the questionnaire in obtaining information concerning
home management practices.

3O

12 families. With such a small number of cases, it was impossible to
deduce positively any items and consider them to be typical. For this
reason, only tentative generalizations can oe made. But perhaps one of
the most noticeable weaknesses of the case study approach is the
temptation to generalize from one specific case. In attempting to pick
out patterns or trends, the reSponses of the persons included in this
study were sorted into similar categories. It was hOped this would
eliminate the tendency to generalize freely. In doing so, however, it
brought to light another limitation--that of forcing the reSponses into
particular categories. It is possible that one's classifications shift
from case to case according to the information that happens to appear
in each individual case study. To help combat this, only those reSpcnses
which were mentioned by a relatively large number of fathers, mothers
and children were pointed out.

In using such a method, the records are Open to errors of perception,
judgment and memory. The latter was alleviated by the investigator
taking rather complete notes during the interviews and recording them
as nearly verbatim as possible immediately afterwards. It is most im-
portant in the case study method that the one doing the interviewing
eliminate his own subjective feelings. This is particularly difficult
when rapport has been well established between the interviewer and the
interviewee because both are part of the situation. With the 12 families
finally selected, this was perhaps the one criticism hat might be
justified since all were personal acquaintances. however, a conscious

effort was made on the art of the investigator to control ersonal
P s P

31

feelings and any bias that might have existed. There is no proof that
this was accomplished to the fullest extent since the responses can

not be checked quantitatively.

Selection of Sample Families

The case study approach is a vertical investigation of a few cases
in which all details are noted. When including such a small number of
cases, it is impractical to select the sample statistically; therefore,
criticisms are often directed toward the sampling technique employed
in using this method of research. As a result, it was decided to select
a homogeneous group of families in as objective a way as possible. To
do this, reference was made to an Index of Status Characteristics3
(hereafter referred to as the ISC) as a procedure for measuring social
status. Though some of the criteria used in the ISO are strictly factual,
others are still left to the judgment of the investigator.

The ISC was deveIOped as a simple and quick method for measuring
status which could be applied with minor adaptations to any community.

It was based upon two prepositions:v "that economic and other prestige
factors are highly important and closely correlated with social class;
and that these social and economic factors, such as talent, income, and
money, if their potentialities for rank are to be realized, must be
translated into social—class behavior acceptable to the members of any

given social level of the community.“1

 

3 Ibid., pp. 121—159.

h Ibid., p. 39.

32

In securing an ISO for any family, it is first necessary to obtain
ratings for him on each of four factors--occupation, source of known
income, house type and dwelling area. Each of the ratings are made
according to a seven point scale as described by Warner, heeker and
Bells.S An over-all picture of the 12 families in this study will per-
haps show the similarities in these factors among the group.6 The exact
occupations of the fathers were obtained from the Cincinnati City
Directory. Seven of the entire group were professional men in such
positions as teacher (both high school and college), a lawyer, an archi-
tect, two chemists and a metallurgist. Three were preprietors or managers
either owning their own businesses or having positions of high prestige
with large companies in Cincinnati. One business man and one obviously
successful salesman composed the rest of the group. Two of the mothers
worked part time; however, according to the 183, only the occupation of
the chief breadwinner should be taken into account.

The classifications of occupations for the ISO found in Social

Class in America was modified from the original United States Bureau of

 

Census classifications. Therefore, the occupations of the 12 fathers

were rated according to both Dr. Warner's classification and the Census
. 7 , . .

categories to determine the extent of agreement between the two. In 11

of the cases, the occupations of the fathers fit the same category

 

5 Ibid., pp. 131-159.
6 A detailed rating of each individual family is included in the Appendix.
7 Alphabetical Index of Occupations and Industries, prepared_by Alba M

Edwards, Bureau of the Census, U. S. Department of Commerce (Washington,
D. 0., U. 5. Government Printing Office, 19ho).

 

33

according to both classifications. The twelfth man, a railroad official,
according to the 130 was a "business man" whereas, the U. 5. Census
breakdown classified him as an "official." Since this was the only point
of disagreement, the ISO classification was upheld.

The second characteristic--that of determining the source of known
income--could be assumed from the type of occupation of the father.
nine received their main source of income from a salary or commission;
two from profits or fees; and one equally from a salary and fees.

The house ty,es, which made up the third criterion, had to be given

subjective evaluations by the investigator; however, the Opinions of

0

others who knew the families and the house interiors were consulted and
the resultant jidgnent was agreed upon. All of the 12 homes received

one of two ratings--very good or good. The dwellings receiving the
highest rating were single family homes in good repair surrounded by
lawns that were well cared for. They were generally larger than the
demands of the family required but not Spacious. "Good" houses were less
ostentatious and more conventional in style, with a smaller but yet
nicely landscaped yard. One family lived in a modern apartment building
on the downstairs floor. This was included in the "good" category. In
general, it can be said that most of the homes in which these 12 families
lived were one and a half or two story brick, single dwellings with lawns
that had received considerable care. The private homes were all owned

by the inhabitants and were kept in good repair.

 

8 This included the hmnediate family members of the investigator.

The fourth factor which also received a subjective rating was
that of the neighborhood in which the families lived. The general sub-
urban area was described more in detail in the introductory chapter.

It was decided that the dwelling area should rate an "above average"
classification. Since they all lived within the same neighborhood, this
criterion remained constant for the 12 families. An "above average"
dwelling area is one that is "a little above average in social reputa-
tion and to the eye of the scientific ooserver. This is an area of

nice but not pretentious houses. The streets are kept clean and the
houses are well cared for. It is known as a 'nice place to live' but
'society doesn't live here!"9 .host of the area used to be part of a
large estate which was subdivided long ago into a resilential region.
Most of the homes except for the few original large mansions have been
built within the last 30 years. The majority of the families in the
entire neighborhood had two or three children; very few had only_a single
Child.

According to these specific factors each of the 12 families selected
for the study fell either within the upper-middle or the indeterminate
class. The latter range could be called either upper—middle or lower-
middle. For the purpose of this study, those were considered to be upper-
middle class families.

In addition to these criteria Set up for the ISO, certain other quali—

fications had to be met before the family was asked to participate. All

 

9 warner, W. Lloyd, gt 31., 3p. cit., p. 153.

were taken from the membership roll of the neighborhood hethodiSL
church. The family had to have at least one child who had bees in

1;."
“ VG.

d

either his junior or senior year in high school during the school r
1951-52. The emphasis of this stuoy was placed upon the high school
student because it is during this traisition period between youth and
adulthood that the adolescent is being trained to take his place as an
active participant in the adult world.

It was on these bases that the 12 families were selected. The

inal sampling of families included 1h children who were juniors or
seniors in high school; there were two ets of twins. The sex of the
child made no difference in this particular study; yet the final sample
consisted of eight boys and six :irls. The two pairs of twins had no
other sisters or brothers; but of the other ten adolescents, five were
the oldest child, three were the youngest and two had both older and
younger SiblingS.

A possible list of families was COuplled at the beginning of the
summer but they were not contacted for their acceptance until the first
part of august. Two of the Original list of families were substituted
when they refused to c00pera e. One family had illness in the home an”
did not want to be disturbed. The other mother refused on the grounos
that her children knew nothing about the money managetent process of the
family and "anything they might say would only be a figment of their
imagination." The final sample accepted willingly but for several
reasons. Some were particularly interested in anything hat would fur-

ther one's education. Others agreed to help because they were personal

friends of both the investigator and her famil; and perhaps felt oo-
ligated to participate.

The contact for the first family was made by telephone. This was
not too successful an approach since it was difficult for the mother to
unde-stand the purposes of the request with just a verbal explanation.
Also, she was reluctant to accept without first consulting the rest of

.a. .. .V 10 .
the family. ror the remainder 01 tne COOperators, a letter was first
sent to explain the project and to encourage them to discuss the
possibilities of acceptance among themselves. This was followed a few
days later with a telephone call to get their final answer and, if they

accented to set a definite tire for an interview with at least one
3

member of the family.
Pattern of Interviews

each person was interviewed seoarately; however, the plan of the
interviews all followed a similar pattern. This was done in an effort

to Vet their own attitudes and opinions without being influenced by

(7"

others who might have seen preSent. When there was an interval of time
between interviews within the same families, each was asked not to discuss
the questions among themselves until they had all been contacted.

Thoumh the investigator had Specific questions in mind, no set

schedule of questions was followed in an effort to maintain an informal

atmosphere. Most of those being interviewed were known personally to

 

10 A COpy is found on pageléhcf the Appendix.

37

the investigator and,therefore,it was not hard to establish rapport
between the two. This is usually one of the difficulties that is the
hardest to overcome when using the interview technique. In addition

to a casual discussion of the tOpic at hand, there was frequently con-
versation on unrelated subjects that vere of common interest to both the
family member and the interviewer. The investigator did not pry into
financial details because they are considered personal.

When the couperator and the investigator met in the interv ew situ-
ation, the title of the thesis subject was introduced with the intention
of getting their reaction to the project. Each was then asked to define
the phrase "family financial management" so that it could be determined
to what he thought the subject pertained. The major assumption of the
thesis--the adolescent does not participate to any great degree in the
financial management process of the familywwas presented to the family
members to find out if they agreed or disagreed. If they were of that
opinion, then they were asked if they thought the high school student
would like to have a greater part in the management process or if he
should participate more than he did.

To indicate long time goals and to ootain some idea of the value
they placed upon money, each person was asked what the family would do
if they should win $50.00 in prize money; Also each student was ques-
tioned as to what he would do if he had a defense bond maturing soon.

In order to get each one to describe how their family selected and
purchased a large expenditure item, something was noted by the investi-

gator that was obviously new in the home-—usually a television set

that had been purchased within the last few years—-and each commented
on the procedure of buying it.

The parents were encouraged to compare the management habits they
practiced at the present with those to which they had been accustomed
as a child. The idea was then broached, did they think their child
would continue the practices to which he was familiar when he became
independent? The teen axe students also commented on this and predicted
their future plans with regard to money management. Besides comparing
their present money habits with those of the past, each was asked to
contrast his family's patterns with those of acquaintances.

To determine the type of training that the students had received,
the parents and children cited conscious efforts either on the part of
the parents or others to which they could attribute their training in
money management. With this description of the student's training, an
attempt was made to determine if each member felt it was adequate to
enable the student to manage his own money.

A family council system of managing money was prOposed in order to
find out their reaction to such a plan. This usually invoked a discussion
of the management process they favored.

Though this was the general pattern of the interviews, additional
statements that might be considered to be relevant were further en-
couraged by the investigator. 'When discussing the adolescent in particu—
lar, many of the parents told about the other children in the family.

It seemed hard for them to separate the teen age child from the younger

ones or those living away from home. On several occasions, the

39

investigator was consulted in the capacity of an expert in the field
of money management, particularly with reference to the financial
aspects of a college education.

The average length of the interviCW'with each family member was
about 30 minutes. Some of the discussions with the children and father
were only 15 to 20 minutes but some of the mothers talked for over an

hour about the money management practices and problems of their family.

The interviewing was completed by the end of RUHUSt: 1952-

CELQPTLQL IV

CASE STUDIES

This chapter contains an abridgment of the 12 selected case studies.
The reSponses of the father, mother and high school students within the
same family unit often did not agree on matters pertaining to the manage-
ment of the family finances. Each person was talked to informally and
without an established pattern or schedule of questions. For these
reasons and because the interviews with the 38 individuals averaged three
to four pages per person, it was decided to present them in a more orderly
and condensed form.

Each case study has been divided into four major parts: 1) the
abstract of the family interviews; 2) the deveIOpmental pattern; 3) the
roles of the individual family members in the management process and
their attitudes toward those roles; and h) a summary of agreements and
disagreements that appeared to exist within the family units.

The first section--an abstract of the interviews--begins with the
details of the family composition-—i.e., the names of each person, the
occupations of the parents and the level of school of the children.

The names of all persons have been changed in an effort to make them
anonymous and yet to introduce the reader to family names rather than
initials or numbers. The various definitions of the phrase "family
financial management" were also incorporated in the abstract. These were

followed with only the particulars of the parents' backgrounds. Next,

b1

facts that were reported concerning the participation of the high school
student in the management process, his own source of income and his
financial reSponsibilities were discussed. If any information was

offered concerning the method of management the parents themselves em-
ployed, this, too, was added to the abstract. Lastly, the usual procedure
for selecting large expenditure items as described by the family'memhers
was included.

The tracing of the develOpmental pattern (or the genesis of the
management process) in the second part placed particular emphasis on the
role of the high school student. The information was not obtained forth-
right so it has actually been an attempt on the part of the investigator
to try to trace the develOpmental pattern through several generations
from what was said by the interviewees. Included here also are the
predictions as to whether the high school student is likely to continue
his parents' practices or not.

The third part, concerning the roles of the individual members of
the family in the management process and their attitudes toward those
roles, has again been further subdivided into those of the father,
mother and student (in this order). Other personal feelings toward such
things as money in general, the prOposed subject of the thesis and their
philOSOphies of education are treated in this section.

Finally the portion of the case studies containing the summaries of
agreements and disagreements point out the major facts of money manave-
ment on which the family members appear to be in accord or discord.

The following chapter, Chapter W,will present the findings of the

12 case studies.

L2

AbSThACT OF The BAKER FAMILY IththsWS

Father--Professor of mathematics at a college (Professional and
salaried)
Has his own public accounting office (Professional and
paid by fees)
Mother--Housewife
Edward-~Was graduated in June from college,
Jane-4Was graduated in June from high school

To Jane, the phrase "family financial management"meant proportion-
ing money for different purposes and activities, in other words, budget-
ing. hrs. Baker considered it living within an income and Mr. Baker
recognized the management process as a means of determining one's scale
of living, scale of saving and scale of future expenditures.

Mrs. Baker was born and reared on a farm in northern Ohio. her
parents did not give her money to spend at all when she was a girl. It
was not until she started working that she actually had any money of her
own. hr. Baker came from a different background. dis father owned his
own drug store in a small Massachusetts town.

Recently Jane has been given an allowance to cover her clothing ex?
penses and her own recreation. her parents provide her with school
expenses and personal items such as toiletries. In addition her mother
subsidizes her clothing allowance by voluntarily paying half of the cost
if Jane really expresses a desire for the article or by dividing party
expenses if Jane entertains. Gifts for Christmas and birthday are
usually items of clothing or Spending money.

Jane is working as an office girl in a neighborhood business estab-
lishment during the summer. She has enrolled in a small college about
LO miles from home for the fall term. here she plans to study music,
English and history.

The budgeting the Bakers do consists simply of recording the amount
of money earned and subtracting the total money Spent--the difference being
the savings. This is figured on a yearly basis. Mr. Baker is assured of
a constant salary from the college but the additional income made from
his own accounting business fluctuates and he is not able to predict the
exact amount of his monthly income.

In selecting large expenditure items, Jane and her older brother
are usually questioned regarding the style or color. Their Opinions may
or may not be considered in the end and they are seldom invited to help
plan the financial aSpects of the purchase. This as well as the final

b3

choice of the item are left to Mr. and Mrs. Baker's discretion. Their
discussions are casual conversations usually occurring at meal time
with all members present rather than at planned sessions.

DEVELCPflhflfldifmTTEhN

Very little information was offered concerning the financial prac-
tice of either hr. or Mrs. Baker. Since Mr. Baker's father owned his
own drug store and Mrs. Baker's father was a farmer, it may be assumed
that neither had an established income that could be depended upon
regularly. In this respect, the Baker family now Operates under the
same financial circumstances.

hr. Baker, because he was not interested in making many purchases,
particularly clothing, claims that he never used discretion in buying.
He points out that Jane is not like him in this reSpect. hather, she is
most interested and quite selective when she buys an article of clothing.

Mrs. Baker's parents bought the necessary items for their children
as they were needed. Then when she began to earn her Own money, she was
first able to buy things she wanted with her own money. She tried to
carry over this same practice in rearing her own children; however, Jane
reguested that she be given a clothing allowance so that she might make
her own purchases and manage her own money. her parents obliged, but
Mrs. Baker still entertains the Opinion that Jane should not have to
Spend her money on essential things that parents would have to buy anyway.

Jane fancies that she will continue managing her money as she does
now, not as her parents do. Her mother shares this belief. From Jane's
definition of money management and because she insisted on being given
an allowance that she could manage on her own, it would seem that Jane
is more budget conscious and is more aware of the total amount of her
expenditures. For example, Mr. Baker does not care to know on what items
he Spends his money. host of his checks he simply makes out to "Cash."
Jane was Dazed at the amount of money she Spent per week for tranSporta—
tion in the summer compared to the school rates on the buses in the
winter. This trait can not be traced to either her father or her mother.

The; won-«gs OF lwaVIJUIL FEMILY inputs in The; FIm-ihcniL rJ-LIUAGEL-fliT
memes mm Team ATTITUDES 10th Those nous

Father

Mr. Baker handles the money for the family and determines whether
or not each member is Spending too much money in relation to the current
income. For example, he tells his wife if she is over-Spending for food
and asks that she reduce such costs temporarily in order to allow for
another expenditure or for the decreased income that particular month.

Mi

He can not count on a pre-dete rmined amount of income for a particular
period. Therefore, any extra money tie t mi ght come to the fan ily such
as $50.00 would just be considered earnings. But he assumes little
reSponsibility other than this. hr. Baker is not familiar with Jane's
Spending habits or any Special technicues that might have been employed
to teach Jane how to manage money; "Iou Will have to ask hrs. Baker
about any teaching techniques or experiences where Jane has handled
money. I don't know how she Spends her money."

he does not keep any accounts Of the family expenditures. "There
is absolutely no need to know for wlat the honey is Spe ent. Who cares?"
All one actually needs to know is the sum Of how nuc h he spent.

It is his Opinion that, though Jane has not been consulted in the
management of the family income, it would have perhaps been well if she
and her brother had been exposed to the process. Their participation,
however, should be limited to such matters as deciding if the family
needs the articl-e or the style and color they Should buy. Financial
details should not be included in the discussions. If high school stu-
dents expressed an interest in the financial aSpect of an expen;iture,
they might assume a position of disagreeing with their parents. This is
a situation adolescents usually try to avoid. t is not their right to
su~'est that their father earn more money. This, hr Baker states , is
the prOper attitude for this age group. “Their experiences with the
family income are limited to dispursing the income not to the process of
contributing money.

Even though he fe els tlatl his children are neither Qualified to do
much planning for a purchase nor interested enough to take pa art he says
their ideas would be considered if the .tly Should S :lect something
that would involve each member.

hother

hrs Baker believes "a penny-pinching buLf at" is followed in most

f es. In lieu Of such a device in her family, she has attempte3_to
keep rec co rds of the money Spent for food by Saving the receipts. Since
she buys from several different sources--v Lgbtdult man, grocery, dairy--
her re cords have become too confused and She has given up her efforts.
how She just lumps her money together and when She needs to Spend a
certain amount it comes from a general fund that may be used for food,
clothing, etc. In her mind, tlfi is is 13 as complicated.

In the Opinion of Mr Bake , the fact that they do not Operate on
a budsget h as another effect--Jan 's lac k of participation in the finan—
cial managag an at of the family. If there is no Lu‘:‘t plar, the s ents
can only se one side of the monag ment process. They do not get
full pictur:.

L5

high school students' allowances should

Loco: ding to Hrs. Baker, :
be insufficient for all t} eir needs. In this Jay, they do not get mis-
conceptions aoout how easy money is to obtain, at at tie same time,
they have freedom in choosing how they want to Spe yi their monef.
hr. and ih‘rs. ha er allow Jane to earn extra money if she so desires and
they let xer Spend her earnings as she pleases. Iet, when Jane encount-

rs an expenditure hrs. baker feels she shoulo have or SUSpects Jane
wants but can not afford, she is quick in off: ring to share the expense
though she knows it is Jane's Obligation. Only once has She refrainei
from supplementing uane's allowance an» that was done as a disciplinary
measure. When Jane realizei after several montts tzat her clothing

bud got was inadequate to meet her needs, she ca lculate o how much money
she was in the red the previous months anl tion a.skec her mother for that
amount. Jane has been instruct3o when sirie first asked for the allowance
to make adjustments as they arose so that the deficit nmight be all)v1axei
at the time. She was not to accurulat e debts anc th reques st more mone
This was what Jane had done when her mother requSd to give aid. Jane's
budgeting her money for clothes, Moo rdin: to her mother, has probably
made her conscious of caring for her clothes .

Until hrs. Baker actually compared her chil ran with others, she
thought it was unusual for th3m not to like slogpin or not to be inter-
osterl in selecting a purchase for the whole fa] :.ily enjo T. 3.nt how,

n}

she ODSS‘VCS that this is characteristic of hildrcn of high school age.

They are usually satisfied with anything upon which their parents might

decide. They sometimes offer their Opinions when consulted but Mrs. daker
.L

akes for ranted that they Would probably not accompany their parents in

C

the final purchasing.

High School Student

 

About the time she entered high school. Jane requested that she be
given an allowance and she has had the reSponsibility of managing it
since then. her par: nts decided how much they could afford to give her
but Jane has the prerogative of asking thata adjustments be made to fit
her needs. This has been their way of teaching her to handle money,
Jane believes. If she makes a bad selection, it is her Own mistake and
she learns from the experience.

Her allowances--One for pleasure and one for clothing--appear to be
separate so that her parents may discontinue one during the summer months
if they wish. But Jane say 3 they have not and she can allot them to mce
her desires. If She prefer, she can Spend both allowances all on cloth-
ing or she may save them for something else. In addition to the allowance,
Jane is encouraged to earn extra money by baby sitting or working summers.

In the baker family, Jane is the only one who attSMpts to keep
account of the exact cost of a particular item. She was amazed at the

amount of money she Spends for transportation. After ske started bumi
gating her Own clot Elin" monty, an old pair ofs hoes that had neen cis
carded earlier looked wearable aiter she cleaned and repair ed them.
According to her mother, Jane had more clothes before she asked for the
allowance but she is haepier with the present system.

Other than managing her own allowance, which she confesses anyone
could do without much raining, she has had little instruction outside
of the home . In the seventh grade , she was asked to recori her expendi-
tures for a week, out she considered the experience a "farce" because
there was no follow—up by the teacher to the list of weekly expenses
the children recorded.

Jane is sure that she would be allowed to express an Opinion on any
matter of finances that would effect her, and her parents might even
abide by her ideas. However, Should the family win any extra prize
money, her parents would be apt to consider it income. In this cas
would have little voice in determining a use for the money; Yet, i
there were something in particular that Jane wanted and the $50.00 would
help pay for it, she would be consulted.

8118

8
n
J.

Jane believes that most high school students do not have the Oppor-
tunity to manage their own honey until they are graduated from high
school There is no need for any other arrangement because it is the
parents who can best see where the money goes They know the whole
financial status of the family. However, family situations maJ alter
this plan. For instance, such factors as the number of children and
their ages, regular or irregular income and the particular community in
which the family lives all effect the method of managing income. Jane
compares her familJ to that of her uncle's. They live in a farming com-
munity and the children have little occasion to leave the home By
living in a large city, Jane realizes the many Opportunities for out- of-
the-home activities all of which require additional expenses. She has
noticed that farm families generally Spend more money for tranSportation
than for repairing or remodeling their homes while in the city, the home
upkeep and decoration become an important expenditure.

SUMHLHI OF PGnnunthS AND Ulnxfin"'.nlis A”Ot IG F.MILY MAMSLRS

For most aspects of the family's financial management process all
three Bakers expressed similar ideas, Mr. and Mrs. Baker both suggested
it was impractical to have the children participate in the management
process, since they do not have the Opportunity of being familiar with
the earning procedure. They can only observe the Spending of the income.
Jane is of the Opinion that her parents are in a better position for
both steps in the management process.

L7

Jane and both her parents were agreed that in their family, the
high school student's participation in decision making was lhnited. If
Jane shows an interest, she is consulted about whether they should buy
a particular item or not and perhaps about details concerning the antear-
ance of the purchase. Sometimes she accompanies her parents when they
make the final choice. nut hr. Baker, as well as Jane, claimed that
there was freguently a lack of interest Shown by high school students in
general.

Each of the Bakers would regard any prize money the family might
win as additional income and they sug ested that it would be put into
the checking account. Jane and her mother explained that they are accus-
tomed to receiving sums of money at irregular intervals because of hr.
Baker's business.

There Tere several discrepancies noted, however, in their discus-
sions. Mrs. baker seemed to stress the freQuency of which she helped
Jane pay for thines she might want--clothes, a party, personal supplies.
Jane takes a different attitude toward her mother's generosity. "My
parents help me ouy something if it is something special, but I would
say those occasions are rare."

Rather than regard her expenses casually like her parents, Jane
seemed more concerned about how much she Spends and where She Spends it.
her use of the budget and keeping records of her expenditures differs
from her parents' viewpoints toward money.

LASTJLCT CE Tflh ELVIS ELLILY lhfthIiVS

Father-~Cicrist (Profess ionai and saleer35)

ho th e1 --1;o11s 1111 J

'iwins (marian--3enior in high schoel

( aul-—Junior in high school. hmtoIULQ one year
because of ill health.

’11

To quote hrs. Davis, "To me, the term family financial han"e:111t
means the distribution of money over the itens that the family feels are
essential or the items tie J feel they can affor as luxuries.' hr. Davis,
in his definition oi the phrase, elinzinated the word "i‘amily" and
stress ed the 111ortonCe of one person being reSponsible for making the
decisions for all the 1an1lJ‘menbe1s. Both harian and Paul thought of
financial managing as staJin; wittin a budget even to the extent of it
being a strict gui:ie for buying.

hr. Davis was one of ten children. In ad to rearin: then,
.is father Sldwortir ids raren ts anc t11e family of an in i en sister

1.

”ith these obligations, hr. Lavis' father bought a lot, bUilb a home
r

la ge enouwh for the family, paid the burial expenses of botr his parents
and his sister, and still left his wife debt free with a lar e cash re-

serve and insurance benefits hrs Davis mentioned only t at as a girl,
1e dic not have any cp101tu11ity to Share in the familJ- financial 111a1'J1a,
ing. She did not even receive an allowance.

both harian and Paul are given an allowance to cover such iten.s as
school lunches, carfare, supplies, and occasional recreation. “They are
allowed to select their own clothes after their mother pre-determines a
satisfactory range of possibilities-—price, style and store. besides
this home training, Marian has had some consumer education in the eighth
"rade home economics class. For the coming year, Paul has enrolled in
a general business course in high school that will cover "insurance and
practical business problems

harian and Paul worked during the summer-~she as a nurse's aide in
a hOSpitai; he as an assistant draftsman for an architect. In previous
summers, harian has worked as a dime store clerk and a comptometer
Operator. During the winter, she baby sits occasionally for the neighbors
across the street. Aft:r high school, Larian is thin1zinr of either train-
ing to become a nurse. or entering college to study hone economics. Paul
is hOping to be an architect.

Family purchases are usually decidei upon bJ the parents. then the
new Set of china was recently bought, Mr. and hrs. Davis said they

discussed the selections with the two c1 nil:1ren Jho could exprjss an

opinion, but they lexcepted their parents' choice as final. In the r;—

cc oocroirs of the new home, all the familJ memoers shared not onl;
1the planning out also in the actu“l worh.

D13V110n11111111 P1'11‘T'11111;

"We as ad ml S ta nd to fo 'e the situat i >ns into which v13 a.re brought
up onto our cni Ml , . i‘his is from the int3rvi3w with hr. favi_s. Both
he and his wife recognize the strong influence of his backrrounc experi-

DA

one :Js on the financial patterns of their 11uily now. .hr. Davis as a
young boy did not know the exact in.3ome ofi is father in dollars and
cents; however, he was able to estimate t-e pr cable amount. In Spite
of the fact that hr. Davis agreed that the amount of income should‘

ecret from the children, Marian sai1 that both She and her brother
Lnew the size of the fat‘1er' s pay check.

H4

The differences between hr. Davis' p rierm -es as a youth and the
practices of his family now, he attribut:s to the fact that living today
is not lile it was in 1910 and 191). Then, it was easy to wet Jobs which
quld pay Spending money, but now it is not practical
child1en to earn all of their money. Consequently,he gives them small
allowances.

Very little information of the mother's back:round Jas available.
She had no part in the family fina.ncial hahrgorent in he ryouth and she
did not reseive an allowance she could manage l1ers elf.

(1*—

both E ul and harian indicateg1tha t11ey would follow tl1eir pare ts'
example because 5 harian says, "Tiat is the JaJ I 1ave oeen Drought up."
However harian qualified her prediction stating that her husband's

3
profossicn and background night alter he habits and ideas. A more care-
fuls SJJem culation was offered by hr. Davis who said it would be impossib e

est what his hildren mig1t do in thei 1r own home. hrs. Davis con-
te nded that 1arian and Paul woul1 probaoly ca.1ry 0 er some of the paIWth s
practices but she hOpes they accept only what theJ think is gooc, im-
prove upon it and arrive at their own plan of managing.

III; ROLLS 0‘? III LIIVI‘JUAL b.1111" 1114111411...) IN IIIL: I‘Iv‘Ll I. L 11111.: DIAL I
PILCU‘L‘DD 1L1) 11'. LIIIL AHTITIJIJJJS rJIU VTIlLL-L) IIICDL‘J ILULIJJS

 

hr. Davis' particular role in the financial management proce1ures
of the family was not too well defined bJ either himself or the other
members. Yet, in his definition 01 the phrase, it is interesting to
note he stresses the importance of on3 person making the major decisions

and iL lies that person should be the breaLwinner, This may be further

xplained by an exanp_e. Should the :amilr win WED 00 for a prize, he
would divide it equallg between his th children iecause he regards it
as too small for an, other purpose.

   

   
 

Ilonr with his wife, however, he has assumed resn nsi ility for
tra1nin his children in wise ouying. They have b:en tol3 the; can
either buy the first thin 5 they s:e or t} 1ey can shop around fer a particu-

f.

lar its m and perh318 find or1e t1at is as satisfa ctor y and somewhat cheaper.

He does have many ideas and theories involving the handling of
finances on which he has 5 rong convictions. Some of these are evidenced
in family practices, Perhaps the most important is his belief that one
can only learn the true W lue 01 money in terms of the amount of effort
he puts forth in ea.rnin-g that money . lhus, 1r Davis does not oelieve
that giving high school students an allowanCt will tea ch them the true
value of mo- ey because t1e y have not exerted an; effort themselves to ob-
tain it. Ilowever, due to modern competitive society, he has decided it
is the only possible way high school students can get the money they re-
quire. So that they them selves n1i: ght realize the problems involved in
earni g money and earn tre value of the dollar, he has encouraged his
two children to work during the summer months.

The judgtents of the hirh school student, hr. Davis explains, are
not mature enough to regard seriousl'. For instance, if tiey were con-
sulted about tE1e tyne car ther would want, harian and Paul would choose
white side wall tires, a convertible top and other luxury features, For
this reason, he has ooserved thatr ost parents do the mana ,‘ing and final
deciding of money matters,

‘4' +7 - -
1'10 U11”?

hrs, Davis is a major influence in making Incisions concerning house-
hold items. Accoruing to harian, her mother ma1e the final decision on
the new dishes and When the rest of the famil, was consulted, they accepted
.er judgment as reliable, Also, the children depend upon her recommenda-
tions when they need new clothes, 'Eefore either of them makes a fir al
purchase, hrs. Davis does the preliminary shOppin: for the article and
then advises the chil ren as to the type to bty, the approximate price
to paf and where to purchase it. They are always given a choice of several
items so that the final decision may be their own. Dr. Pope nce, a child
psvc11ologist whom Mrs. Davis reads daily in the local newSpaper, acvises
that a lo year old child should select his own clothes and handle his own
money. Mrs. Davis does not comply with this advice entirely and con-
tinues to guide the children's purchases becauseshe does not know how to
stimulate their interest in such matters,

C)

\hl

o harien particularly, hrs. Davis realizes she gives auditional
Vudging Quality of materials "simply because it is a girl sub-
=ct" and she is more femiliar with the topic. Under the supervision

of hrs. Davis, Paul and Larian are beginning to keep a record of clothing
expenditures for the coming year to estimate the amount of money they
will require for clothes while in college.

-ha

3

She expresses more dissatisfaction over the matter of finances than
her husband. For example, she often wonders how she could be a better
manager. hrs. Davis suSpects that she and her husband neglected the
financial aspect of their children's training when they were younger.

She hOpes thatiflarian and Paul improve upon the Davis' method of handling
money when they establish their own habits.

If the family were to win 450.00 prize money, Mrs. Davis is sure
there would be some disagreement among the family as to what use the
money Should be put. She assumes that her husnand would want to save
the money and her children would want to satisfy an immediate whim of
their own. She supposes that she would agree with her children but her
desire would probably ‘3 more practical.

In answer to her Opinion of a family council method of managing
money, hrs. Davis reports that efforts toward family councils have failed
in this reSpect because the children lacked interest in the household
Operation. Their interest lies only in matters pertaining to them. But
family discussions about disciplinary problems are rather frequent and
somewhat successful.

Mrs. Davis. agrees with her husband and thinks that the judgment
of her children is not mature enough to be logical at present, but she
is confident that they are capable of handling their own money with
guidance; therefore, it is her duty as a mother to provide the required
leadership.

high School Student

Marian receives an allowance from which she pays for her expenses
and part of her recreation. Any additional money she receives over and
above these disbursements goes into her savings account. She also has
unlimited use of the charge-a-plate but before Charging an item, harian
is expected either to call her mother for permission to make the pur-
chase or else return to the store after talking with her mother at home.
In either case, the guidance and suggestions of her mother are sought
and followed.

Marian recognizes her part in such family activities as selecting
new curtains, wall paper and deciding upon furniture arrangements for
their new home. he admits that this is the extent of her inthrest in

51

family decisions. As to the actual managing of the money, harian pays
little attention. She suspects that she does not really know the value
of money. Such decisions she prefers to leave to her parents assuming
that it is their problem and theirs alone. TO harian, this is a satis-
factory arrangement because it is not her wish to give her parents the
impression she is "trying to run the whole business." Should she want
to become more a part Of the financial management process, her ideas
would be accepted and considered. This same set Of attitudes seems tO
be prevalent among her friends.

According to Marian, high school students should know the father‘s
income because they are then able to decide for themselves whether their
parents can afford an expense or not. In this way they do not force
parents to refuse their requests continually because Of lack Of money..

High chool Student

 

Paul, who is desirious Of becoming an architect is definitely college
oriented. He plans to work part time in school and help pay for his own
expenses. Therefore, he prOposes that the family put any prize money they
might win into a fund for his sister's college education rather than his.
Paul understands that he will probably not become wealthy at the profession
he has chosen, but he likes the work so well that he is content with just
making a living.

School expenses and dates as well as Operating expenses on the car
when he has the use Of it comes from his earnings. Of these, Paul
Claims dating takes the greatest percentage. .Any money left over is
saved for his college career.

He, tOO, is conscious Of the parental guidance and supervision he
has in his purchases. "Jhen we buy something we keep tO a certain amount.
They make sure I need it--before buying it." his parents give him just

the amount he requires for a new pair Of slacks or a sweater and no more.

It is evident that Paul does not take an active part in the planning

Of family purchases. While the other members Of the family thought that
the selection Of the new dishes was a family project, he did not even
know they were bought until they appeared on the shelves. But, as Paul.
indicates, his participation in the financial management may be indirect
by his caring for the car, the house, the lawn and not being tOO demand-
ing of his parents for extra luxuries. Then, too, these activities take
most Of his time.

Throughout the entire interview, Paul regarded financial management
synonymous with budgeting--not budgeting by the family members together,
but rather each individual budgeting his own expenses. This phase Of
manacement he considers extremely important.

C')

SUnnAhY OF AGhfidanTS AhD DISRGAALMLNTS.AMONG The DAMILY Leashes

In essence, all four members Of the Davisasregarded financial
management as the act of budgeting. In a pre-interview telephone conver—
sation, hrs. Davis stated, "Ne don't think we are the type Of family you
are interested in because we don't have any budget system worked out . . .
we feel a budget system just isn't the most efficient way Of working our
finances." but Paul does not share his parents'idea. He budgets his
earnings and is sure that he will do the same when he establishes his
own home.

Mr. Davis is of the Opinion that the high school students should
not know the chief breadwinner's income for the family; however, harian
believes that if they are informed Of the family‘s financial status,
they are in a better position to decide what their parents can afford.
Though perhaps her father is not aware of the fact, Marian claims that
she does know what his income is.

The method Of purchasing the new set Of china was a point Of dis-
agreement among the Davis members and each viewed the participation of
the family members differently; hrs. Davis and.harian mentioned the
family‘s participation in the selection--the mother stating that they all
discussed the type of dishes they would like before they were selected
and the daughter pointing out that her mother picked out a set and then
described them to the family before the final purchasing. hr. Davis
eliminated the children from the procedure entirely and indicated that
he and his wife bought the dishes. Paul did not even know that his
parents were contemplating the purchase until the china was displayed in
the dining room cabinet. Certainly the method employed by the family
in selecting this large expenditure item was not well defined. however,
the parents were generally implied to be major influences in the selec-
tion Of other purchases. This, hr. and Mrs. Davis agreed, was because
the judgment of high school students was both immature and impractical.

Both Mr. and hrs. Davis said that the work experiences Of Marian
and Paul were valuable aids in teaching the children to handle their
own money. In addition, Marian and her mother recognized the value of
selecting such purchases as yard goods together so that harian might
better learn to judge the Quality of material.

All assumed the practices Of financial management used in the Davis
family and harian and Paul's participation in the "budgeting" process
to be similar to other families.

ABS‘RACT Ur TH; hoDSON FLnILY IH‘EhVIfiWS

’\

Father--hign school teacher (Erbiessional and salaried)

Mother--nousewife

Twins (Thomas--Was graduated in June from high school
(Robert-4Was graduated in June from high school

Each member of the Hudson family defined "family financial manage-
ment" differently. hr. hudson thought of it as the process of keeping
rack of one's income, e:penses and savings. hrs. hudson included wise
buying and church contributions in her definition. Each ooy regarded
the family's c00peration as important in the management process-~Tom
stressing the expenses that are naturally entailed in daily living and
Robert emphasizing the income and outlay of money.

Little reference was made to Mr. hudson's youth other than there
was a lack of a financial management program. hrs. Hudson's father was
freQuently unemployed when she was a girl and, as a result, she did not
have much money. her family moved several times following her father
where he could obtain work. hrs. hudScn worked in'a private home im-
mediately after high school and then clerked in a downtown department
store to pay her way through a teacher‘s college.

Since kindergarten, the boys have received an allowance plus their
Sunday school money. birthday and Christmas presents are usually mone-
tary; hr. nudson started to deposit 90.50 per week in the fund when
they were Small and as they grew older he gave them the money to bank
themselves. doth boys h"ve had odd jobs in the neighborhood caring for
lawns, furnaces, and washing windows to earn extra money. Tom is now
workirg on the night shift in a bakery as a utility man. Lach boy has
a separate bank account for college.

have also had training in purchasing food. hr. nuison is consulted when
the boys have questions about money matte~s. In addition to this home
guidance, nooert has had formal i.struction in keeping accounts in
seventh and eighth grade mathematics classes.

Hrs. hudson accompanies them when they buy their clothes. They

Each of the hudson twins is enrolled as a freshman in college.
hobert received a scholarship from a manufacturing company which requires
that he work for them six weeks during the summer months. he is enrolled
in a small sectarian college in Ohio. Tom has a Levy nUTC scholarship
and will study engineering in Indiana. During the school terms he will
receive @50.00 per month in addition to administrative costs from the
b. S. Government.

Each of the imu son ianil" members gives generously to the church
ous activities, They 21-3111 sunnorf' a family in Africa On
5 Listlecew iLatvian family into their

- a
ccommocations could be found for them.
Decisions are genera lly maue uy all the hutsons They eitie

,1r to

participate in the actual  eu g or are consulteu and ashe1
an OpllliCIl .

2311317111110- {.11. .- [112. L "I? 31' '1'311 11‘.

From what was told: avout tze czac 1: 1roun:-i exp .1crs3s o1 1-Ir.andI-‘1rs.
hudson, it is probable that there was no in Mfl nce on their pre sent
financial program from eitE:3r family; hr. nucson was Iot aware of ahy
pattern of financial management his parents used. hrs. Hudson was reared

in a Iauily where noner was scarce. Her father was manaeer of several

box facuories, all of which curnei and left him without a 303 each time.
They mo*eo to a citr in Ohio out he found work in Texas and only returned
to his family in Ohio occ asionalL" During hi1 h school, hrs. hudson wanted
to join a "literary society" or athletic :rou-p but the dues and the
pressure of keohing up with the other iris createc too much of a financial
burden so she oecame a rlrmo3r of a decorative art club which only cost

3.10 per month. As she says, "I learned from hard experience that you can
not get it where ther: is not athIing to get. It just does not work."
rollowin; high school, she was too Joung for regular employment so she
workec in a private home. Later, she financed her teacher training courses
by part time emplogment.

3
1n: rejula.er'tc the3 church and ti c3 continue: t1e haoit, With ttis

thnifir, and hrs Huuson were narriec hey were both accustomeu to
givi1
strorc r=li v:i01s infl13nce t1e twin u have also supportei many church
U
v

|..
‘u 3

pr jects ooti1 linanciall» cc with volintary wcr1:As a result of their
51 ing a large pronortion 01‘ their i1 come to cheritd, the hudsons have
51 %p ified their way of living, particularly their menus.

Because S1e and her hu oanc Iave i:ha“;co little, Tom and noeert
have never reCuireu luxuries an} "thin s". lhiys Soc1d very little for
their own entertainnent and onlc'rurcn~so those items which are aosolutely

NECGSS&F;7.

s
' 1

Both pa11nts pr edicte 3 hat their bOJS would croiusl, continue tn;
same hacits 01 hanalin; money to which they have been accustuyei, The
110,338 agreed with their parcuzts m t ‘ both T‘Fv13oc'3k t Iat t1 eir final 1318.11
Of management will proha bl he a CO1LTle83 between their wives and them-
selves. Rooert audeu that he would 100]: for a wife who had similar
attituues as his toward noney.

‘Ens fiCLEJ Cf ILJIVIDUAL.EELLHJELfinlBfihS IN Ihn IYMHSIhL 11n1C11n1a
PhOChSo.AhD Thnlh AIIIIUJQS 101110 '1no31 hULnS

Eather

hr, hu on acts as iinarwciz consultant to Tom and hobert. On
occasions nooert has questioned him aoout the value of stocks and bonds
as investments. he helpe; “onert s.t up nooks when hooert oecitcu he
wante; to keep account of his expenditures,

He also encourages saving ann Church giving. hr. hueson used to
put 9.50 per week in the bank for the toys' egucation and tlxen when
they were older he ave them the money to neposit thenselves he bought

each boy his own Sunca Cy school envelopes and increasee their allowance
to inclute the offerings. If he had eSO.CO prize money, hr. huoson
would give a portion to chari 1ty an: save the remainser for the boys'
colleg e eoucation. however, he actually does not approve of prizes. 11
it were liquor or beer, he would not even let his family accept it.

The boys do not know what his income is because he, as a t: ach r,
knows how much children talk in public. decause of this realization, he
does not oelieve that children should be included in all financial dis—
cussions. he and his wife do the deciding for large expenditure items,
but the ho,s usually know when thev are contemplating a possiole pur-
chase.

‘iixen, too, in Mr. Hudson's estimation, high school stu1ents don't
e an active part in the managing of the family's income Lecause
nildren of "educated" 1arili<5 just are not interested. lie parents
make the decisions and the chi dren aoine by them.

Hucson is amazed that other parents are so licere l in giving
money to their children for treats and recreation.

.1 ,‘ ..
1'1OLIE‘V‘I‘

 

hrs, Hudson is reSponsiole for the boys' recreation and clothing
purchases. Men the 131311113] goes to the cit;r a1: usemc nt park, she gives
(Pom and hobert each 90.15 with which they may choose their OJn rises.
{They know that when this is spent they are not to ask for more monev
Ilike other chilnren. She accompanies them when they buv clothes Yet,
‘thev make their Own decisions as to what t1ev want and she permits it
éeven thou h she might consider the purchas se ixpractical For example
EShe lau;:hec when she toli ofD their choices of pajamas and florescent
ESOcks they bought for colleg . When they grocery shOp toxether, she
‘teaches them how to judge th e quality of food in relation to price.

In the purchasing of household itens, too, hrs. hudson takes an
important role. When thev recently bought their new dishes, she made
the first selection and hen asked the rest of the family to comment
on her choice .

Both boys were taught by her to care for their own prOperty and not
be careless. how they consider it their reSponsibility since their father
has had to earn the money. At Tomis request, she is teaching him to sex
and mend his clothes so that he can care for his wardrobe when he is away
from home. The boys' attitudes toward their own possessions,hrs. Hudson
imagines,is atypical of other high school students.

When Tom and nobert are reluctant to spend their money, she some—
times encourages them to do so. When they thought it would be fun to
join the gang and buy ice cream after classes, she suggested they use
their allowance but she says they soon stepped because they decided the
pleasure was not worth the expense involved. She has trial to teach them
the sensibility of getting only what they need. Therefore, she often
gives them money for gifts rather than presents but the boys just put it
in their college funds. And should the family win prize money, hrs.
Hudson suspects they would also add this to the savings.

host high school students do not participate in the management of
the family income, observes hrs. hudson, but she cites a family where she
has seen the System Operate and this has caused the boy to be more inde-
pendent of his family. In a pre-interview telephone conversation with
hrs. Hudson, she revealed that they had talked over the possibilities of
managing money together as a family unit and felt that perhaps they
should actually do more than they do.

high School Student

Of the twins, Robert seems to care more about financial matters.
{e often asks his father about financial questions that have been intro—
duced in school. Several years ago he began to keep a record of his
expenditures. When the method his father suggested proved unsatisfactori,
Robert devised his own system, made several imorovements to it and still
keeps it current. This bookkeeping, he maintains, is not to see how much
he is Spending over a period of time, but rather to determine he wisest
purchases and to compare similar expenditures one year with another.
hothing is bought without careful consideration because Robert does not
want to buy anything that might displease him later. He has already
budgeted money for his college attenses by talking to others who have
gone to college several years.

Robert, like his father, is anxious to give to others. he would give
part of the family's prize money to a Special church offering, buy some-
thing extra for the house with another part of it and save the remaining

amount. When Rooert was in the third grade he wanted to contribute

his birthday money to a collection for an African family. His mother
kept the money for a while in case he changed his mind, but when he
continued to show an interest, hrs. Hudson sent for further information
about the African project. Robert donated his money. The next year Tom
gave tO the fund and the parents added tO the sum. This project which
was initiated by hooert has become a family activity because since that
time they have continued their support.

he is aware Of his parents' guidance and suggests that the high
school student needs this aid because he is lacking practical experience
in handling money. For this reason, students in high school should re-
Spect their parents' judgment and take it to be sound. Then, oecause
the high school student is a member Of a family unit, it is inevitable
that he will acquire the family's philosophy Of Spending as well as their
habits.

High School Student

 

Tom is Of the Opinion that the high school students do not share in
the management Of family finances--particularly when the expenses are
for food and housing or subjects in which the student has little immediate
interest. For such items as their own clothing and Spending money, he
suspects that the high school student has a real concern.

He has his own savings account and most Of his earnings from the
bakery are put into the bank for his college education. This is what he
would do with any money the family should win. College to him is Ob-
viously an immediate interest and he plans to enroll in the fall.

Anything he wants to know about money matters, Tom knows that he
can ask his parents and he is sure they are willing tO answer his inquiry.
They ask his Opinion on decisions in which he can take a part.

SbmhAhY OF AGKJAAEHTS AND DISAGhmdhlhTS AMONG FLHILY wakesns

There was little discrepancy among the Hudson members as to the roles
of each individual member and their attitudes toward money. They are a
very closely-knit family with similar interests.

Church, college and charity were foremost in all the thinking of
the Hudson family. Their patterns of living seemed tO be based in these
particular institutions and each member recognized the importance of
these goals over their own comforts and pleasures.

In their methods Of financial management, all members are agreed
that their family was similar to other families. They may regard it as

\Jl
(v-

so, but their philosophy of sacrificing for the sake of religious
activities was atypical of those families interviewed.

Since ooth.Mr. and hrs. Hudson are teachers, they both realized the
tendency of high school students to talk about private family affairs
With their friends. For this reason, neither have been anxious for the
boys to know the income of Mr. Hudson. but, hobert claimed he and Tom
know the exact amount of the family's savings in government bonds, the
bank and the savings company.

There were slight differences expressed in their discussing the
amount of a high school student's participation in the management process
of the family and in purchasing new articles. Mr. Hudson pointed out
that parents assumed the responsibility of handling money and children
accepted their parentS' judgments. But he makes sure the boys are aware
of their parents' final decisions even though they are not included in
the final action. hrs. hudson realized that hobert and Tom had no
Opportunity to share in selecting the new davenport but should the pur-
chase oe a new car, they would certainly take part. Tom doubted if the
average hign school student even thought about matters pertaining to
food and housing, since their main interest was in their own possessions
and clothing But with his parents, he would share in the planning pro-
cedure for making a large expenditure. hooert decided he should know
what was being considered by his parents, not so that he might offer
an Opinion but just to be well-informed. Then he explained how the whole
family cooperated in buying the new set of dishes.

All members agreed that the whole family was "let in on" a pending
purchase. hr. hudson and his two sons felt either that high school
students either could become more active in the management process or
should assume more responsibility. From these various viewpoints, it
is possible that hobert and Toms' participation depends upon several
factors--the type of purchase (one which attracts their interest) and
the cost of the item. -

AdS’l‘hJLCT or“ his Jz..C:-;SCIE\J Fm=1ILY lI-iTfltVIEMS

Father--Turchasing agent (hanager and salaried)
hother--housewife

Joan--SOphomore in college

Pete—~Junior in high school

(‘FN ’
living within a family's means by just planning ahead. Mr. Jackson
used the same terminology in his definition--"just managing the income."
Pete did not attempt to define the phrase.

Mrs. Jackson suavested that "family financial management" means

The financial management process used in the Jackson family is
similar to that of Mr. Jackson's past exp rience. hrs. Jackson claims
that she personally continues the patterns she learned in her own family.

Pete receives an allowance from which he is responsible for his
church pledges and other expenses. He does not work but has duties at
home he is expected to perform-~i.e., caring for the lawn and painting.
He has had no other training in the use of money. Recently, however,
Pete was elected treasurer of the youth group at the churcn and this
experience will give him the Opportunity to manage money.

Outside activities such as band practice and sea scouts for Pete,
sorority and school activities for his sister, and business obligations
for Mr. Jackson illustrate the individual family members'varied interests
which freguently take them away from the home.

Decisions for large expenditures are made by the parents. For those
items pertaining to the home, they may'cooperate. For such purchases as
a car, hr. Jackson has the prerOgative. Sometimes the children are in-
cluded in such discussions as making arrangements for trips, etc.

Dnflibhhlfll.DTTfifl

Very little was found out concerning the background of either
parent. When questioned about the transition of financial management
patterns from their childhood families to their family's present habits,
both Mr. and Mrs. Jackson claimed that their practices now are similar
to their past experiences. nrs. Jackson mentioned that, like her mother,
she, too, has a household allowance and she manages it in a similar
manner. Therefore, she is relatively sure that Pete will carry over
approximately the same methods to which he is accustomed. hr. Jackson,
being a little more cuatious, surnises that, because Pete is an
individual, he will probably develop some ideas unlike his parents.

Thd hCLLS OE IthVIDtAL i1 hILY inroads IN ihn [NC IJ.L n1h£GnhhhT
PJLOCLS.) LAD Ifibit ATE. IJUJ'LJ 3 JD J-J‘...LJ I". 111:8; (501—12113

Father

Mr. Jackson Spends much time at his office and with business associ-
ates. As a result he comes home late in the evenings and often is not
home for dinner at all. In discussing nis two children, hr. Jackson

s emed oblivious to any details about them. As previously mentioned,
Pete was elected treasurer of the youth group just the night before the
interviews. hr. Jacrson said that he had been "treasurer of something

or other for a month or so." he did not know wlat his wife was canning
in the kitchen. he did not know to which college sorority his daughter
paid dues.

(D

On large eXpeneitures he has the final decision particularly on the
car which is primarily used for business purposes. And even if the item
were to be more domestic in nature he assumes he would probably have the
final say.

High school children not only co not hav ve an interest in the family
income at all, out the I should not becauSe they have to worry with fi-
nancial proolems long after they are out of school. This Opinion was
dogmatized by hr. Jackson.

because of the varied outside interest of the other fanily manner"
as well, there is very little planM1 and ranaginq done as a group.
Though hr. Jackson expects the t it mint “ an ideal arra.wg WQHJ “9

L
(I;

doe not think t at it is a practical pattern because very little coul:i
actually be acn~*tlis? 5; they are so 5 L om to: ether.

In the opinion of hr. Jackson, his conservatism is transffirred to
the other m morrs of the family and Pete will me C? paele of handling his
own money when he has the opportunity.

1

role in t1e maxcve'”xt of finar ce 3 as being in beep:rat on with her
heSband. She includes her hlouJIC discussing the nan€‘-Jient process.
"we tried to look ahead and plan.--Je have tau chilfiren——w3 lnow that

we hav: certain reSponsibilities so we pla.n for tiem." To her, purchases
Specific for the home are usually the resalt of a joint decision with her
husoand.

Other than managing the hous eiold allowance, hrs. Jackson views her
1

Ed
O—d
L—

hrs. Jamllson iliterpre ted a i.:1 School stud4ht's role in the managinw

_j

to mean his a.ctual contribution of doll—$1 and c rts to the family income.

Sh” v.1.ere fore hastene; to affirm that Pete does IO t 1-rtic.Nat3
t.is wag. Since hr. Jackson is away mush of the time, it is Pete's
rcSLOUSlulll ty to hee tnsir home in rapair. This is the a.tent
suplOJment experience. An: this erranf (fit is entirm.l sati Ha tor; to
hr. Jackson because it giv 3 rate more free tim so tzat he has more time
to himself which is so hnportant to a young boy. His school and hand

activities k. - Shonlu they live in an apartment,
however, Nr5.Jackso;ihelieves that the situation would be different.

(U
Ow

K
(D
d
E
D
O“
r“
H
U)
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{3

does not thinn that the famil; should oe included in any major
c o s ’ Eer husiani is capable of taking care
ers. but if the Cec sion were concgrning a mechanical s

a 't would probaoly be of more interest to Pete tha. an article
he latter mi Lt he of more conc3*n to her daughter.

Mrs. Jackson as r3ai that chilirtn s1 oulj take part in the melanin
of th3 frnilv filfifiCTS and she ocs3rvgs that in czrt ain matters, tUEf
5 ;-v3 a c .ance to eXpres- an orinion. i lln lst; ate, she cited th
fami l"s plannin for thei . rip to Canada. SLOUld
family win J: O .00 priz r , d cahly "vote" on the s
westions oiic ed. If amiiv needed a carticular thing, sne suSpects

t

:v’

(—1

b
they would deci-c to u

‘- -II. -‘ . in q 4‘ r. - (*u‘, '\ . A ' - tfi ; E r 3- . H1— 1‘ q “I. 4:, - -.‘ J
In 8;)ite oi tn» late that ads H98 not us;a de special tuCUnJQJfls
.L

(L)

to to ch Pete the value of honey, hr“. Jackson knows that he is capable
of hanuling money Sue bases her juLfiMBRt on his oeing "stable and quite

\ ‘1 .
depenuaole."

8 expected to uo pai inting around he house and keep the lawn
. for these duties he ea:

.1.
U
c r -, . Y".. ,fi n vv- 71’- B —J
allowarce. ”lo “llo a nce is ace—
3

‘A‘fiJ‘ u 1 n

Lib‘c L: 1:8 1 4.0

w L, l_ r \_ _o _‘ _I ~ . + _‘ 3. IA ’ 'r I A " N '1‘“ “I ‘I 1 3

QUWUJ to pa, ior his church o.li<auio ons (L. ch ol CA_H3thb. OuOu c ht
A .._n .. ' o- 1“ f‘ J r"‘-~ ' H a ‘ ,1 \_ _ 1.\ L‘fi ~F {5‘1"1 ‘ . A ..

I" Czlv: ICOI‘J'B, '31:? c: JUNO. men.l";o, he WUJl'J. Link‘silumd 3.11;. I tilt-) .J'JIl.o

.A ,. - . , -144 M- .- * - ,4. 1‘

LJCc L183 an) we bod LBS "T ’ 1" o Nux‘ til: Vb} *" c u all. ."

\ - .- . r‘ l ,. I ' . J—. 11" .-' ,r '.. .‘fi.-. 4‘ ' r ‘v'. r‘ I‘ ._a. A_ r ‘ -‘r\ A.

Fe e is not int;.asuea,in bf3.lCWllJ iinancial Handhzhcht ‘echSe
ha r'avmam In P wt 1* ~ 33-1 c . 3 n: a~+ . .a- +0: . D +.s
.‘Lv .LlG-u. 5.40 1K4 is) 11‘.) O 1.; CEO-1:111 911.1 (30.14») I;\) U 3'“. L I1 lnzon‘v 1. OllUQJ. - k4 OJ. DILV

home. As is not even interested in ou;in: h is orn clothes ’Juen he has
to get something new, he make" only one JLJLI
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per
in; in the financial manarement process of the familV, :ey aZP£ ed tlat
such affairs Suould not oe the reso iioill y o; a hi; c
He should not we ercunoeree with fine :cial 1ctail other t1 an witll his
oer money. L15 0 each points; out how outside activ'tics so not fost;r
famil" proiects s; moreover, t‘ey seemed to re; r t '

e

r .
tw . bach member of the Ja m1 n f

important of ti; so milV was allo.rei to
develop his own individual interests outsiue of the famer uni_t

In assigning reSponsibility for t Linal choices for a large e;xpen-
diture purchase, there were three dif_ferent viewpoints. Er. Jackson

stated that the fix al choice as to Imie ther the familV should bu; an item
or mot as his. In Iars Jackson' 3 opinion, she and her hus ban includec
the Chiloren in tLe selection procedure if they were interested (which

was usua l;r unlikely in Pete's case); however, on any major transaction
not pertaining to the home, her husoand has full charge. Pete sugrests
the parent most involved would wake the final choice--i.e., his father

on a car and his mother on items for tie hon-e. He denies any desire at

all to partio'pate in ouging anything other than his own clothes and onl;

those when he has to.

Mrs. Jackson comments tuat Pete is "stoole," " renoa aol: and "quiet.
From the contents of his interview, it is o‘o Jious that he complies with

-1_

his mother's descrin bl on, particulaer in the latter personality trait.

1
Jess foraor as tin more
a

AnSlnLST CE Tag Luu hihlLI IEILAVIJJS

Father--Chief clerk for a major lailioad kousine 33 man and
salaried)

hather--ncusewife, but works occa Morally

June-~harried and living away fr0m1h0m3

Linea--harried and living away from home

David--Was graduated in June from high school

Instead of defininj t: th ase l"fa dly financial ranaqeh~nt" hrs.
Lee illustrat;d the meaning lbhyt Ml ngo i a fric no whose husband was a
realator. let in :is ma11y years at Ht1e business he had not savei enough
money to buy his own home. 1 ow, that is management, isn't it?" hr. Lee
suggests that management is the process of handling money, preferably by
one member of the family. The first explanation of the phrase David
offered was tie idea of the family members performing services for them-

elves rather than hiring hem to be done. Then he added to the defini-

tion ooth learning to bugget money and paying board.

Since Mr. Lee's mother was his father's thf rd wife, there was quite
a difference in the ages of his parents. hr. Lee's lather traveled
frequently, therefore, he has only a faint recollection of his father.
For t1e se easons, hr. Lee was not included in family financial manage-
ment process of his parents at all. In hrs. Lee's childhood hom1e, her
father pa'd the big bills and her Mt er handled the grocery money. hrs.
9

11
Lee was 1;iven any amount of mor 1e; th t she wanted when she asked for it.

The oldest girl in the ee family was started on an allowance when
she was in high school but she was not able to budget it to meet all the
necessities and each week S1e had to be given additional money. is a
result of this experience, neither of the younger two Lee children, in-
cluding David, was given an allowance,

David works as an office boy for the railroad. For a short time
during the summer, he was out of work when the steel strike caused so
many railroad workers to be unemployed. his earnings he gives to his
father who adds the money to the family account.

When David enters college in the fall, he plans to enroll in an
engineering course. It is und iciOed how his parents will supolv Lavi:
with his Spending money while he is at school. Several plans have been
oiscusse

At regular intervals, hr. and.hrs. Lee sit down at the dining room
table to write their checks and record their expenditures using cancelled
checks which are also saved for future reference. David is not included
as an active member in these sessions, but they occur in his presence

and he is aware that they take place. His parents discuss finances
in his presence but do not include him in the conversations,

Choices for large eXpenditure items are usually made by all the
members of the family; however, David's part consists principally of
helping to select the color or the style. Financial details are left
to the parents unless the purchase means a decrease of Spending for
something that effects David.

DEanOPhJICTAL PATTI—M

Two extremes of father—child relationsh'ps are evidenced in the
genesis of the Lee family, When.hr. Lee was a child there was a lack of
family financial participation because his father was often away from
home. There was little friendship between Mr. Lee and his father due to
the great difference in their ages. Now, as a father, hr. Lee realizes
that he has often assumed even a sibling relationship with his children.
He often acts as their brother instead of a father. This, he thinks,
makes up for the associations he missed when he was a boy.

hrs. Lee admits a definite lack of training in financial management
when she was younger. She was given anything she wanted by per parents
and,therefore,had no need to manage money, And, as a mother, she prac-
tices this same habit, She believes her children should not have to wait
for a Special occasion such as birthday or Christmas when they need an
item.

Similarly in the families of both Mr, and Mrs. Lee, the fathers paid
the bills for the Operating expenses and the mothers managed the grocery
money. At the present, Mr. and Mrs. Lee cooperate in writing the checks
and recording their expenditures for all items.

David, like his parents, is generous with his money. When asked
if David would assume the same financial habits of his parents, hrs. Lee
indicated that he would and then reconsidered her statement, She told
of his buying pOp corn and candy with his wages and then concluded, "You
almost have to be a family of thrift to learn it very well." But it was
generally agreed that David will follow the same patterns of financial
management as his parents when he becomes independent of his parents.

THE ROLES OF “NDIVIDULL FAMILY hEMnEnS IN The FINANCIAL hANLUfiMnhT
PnOCESS AND THnIn‘ATTITUDSS TOWLRD THOSE hOLbS
Father
Mr. Lee affirms that ideally the money should be handled by one

member of the family--the person who knows the value of money and who
better can handle the pocketbook. In many cases, this should be the

wife who is usually more "Scotch" in her Spending habits. This one-
person-philosophy seems to be practiced in the Lee family but he is

the one to have the responsibility. There are many ways hr. Lee
dominates the financial management process of the family. He tells the
children they must reduce unnecessary Spending in order to buy an expen-
sive item. he would offer any prize money the family might win to his
wife to Spend as she pleased. He gave the oldest girl extra money when
her allowance ran low at the beginning of the week in Spite of his
wife‘s objections. He furnishes David with Spending money when he wants
it. He indirectly "controls" David's extra earnings in that they are
added—to 1-.ir Lee's savings account and inaccessible to David without his
father's consent. He has been saving a fund for David's college educa-
tion. He feels obligated to care for his family as long as he is able
and as long as they need his aid regardless of their age, abilities or
earning capacities.

 

 

 

 

Of course, if a strict budget System were incorporated in the family,
it would be more a group project because each member would help plan it.
Then everyone in the family would automatically abide by the budget, so
claims Mr. Lee.

Mr. Lee assumes reSponsibility in teaching David the value of money.
This has been done primarily by using comparisons with other families as
a technique to Show David that those things he might desire take work,
saving, and sacrifice since "all good things cost." According to Mr.
Lee, David's purchasing his own clothing should be included as part of
his training in managing money. Then, if he makes a mistake, it is his
own fault and he would learn from the experience. All children should be
on their own at a certain age. hlso, hr. Lee claims that David, like
other boys his age, wants to earn his own money so he will not have to
come to him for Spending money.

The high school student should have a more active part in the finan-
cial management process of the family than they do, but parents habitually
assume the responsibility and do not even think of including the children.
If the income is adequate and regular, parents do not want to bother
their children with financial problems. ‘But if depression years come,
the children are more conscious of the lack of income and have more in-
fluence in the management process. Perhaps they even have to contribute
their earnings and, as a result, earn a right to be concerned about the
outlay of the income. They are at the age when they are in high school
where they should be aware of the financial problems a family entails.

This participation of the high school student, however, depending
upon the sociorzconomic level and the attitudes of the parents, suggests
Mr. Lee. ‘he wealthy have so much money that they do not need to budget
their expenditures. A certain other type of pecple do not sense the ob-
ligations associated with children and family living. They spend all of
their money on various forms of vice. The third group, of which Mr. Lee

claims to be a member, believes that children are entitled to the same
privileges as adults and should be included in family activities when
they are young. Then as they reach high school age, they begin to make
their own i'riends and find t .eir own recreation. Parents can feel

that they have not slighted their children in any way. In contrast,
some parents leave the young children home with baby Sitters, or give
them nothing but education with the idea that it is the only thing Ln-
portant in life. The next category of parents are those who just allow
their children to grow and anything they do is perfectly acceptable to
the parents.

Mr. Lee reveals that if he had lived the life he wa.nted and managed
money in the way he 'est saw fit, he would be more secure than he is
now and more prepared for his retirement years.

In managing the family finances, hrs. Lee does not seem to have an
important role by herself. host of her participation has been in co-
Operation with her husband and she includes him in discussing the process.
She analyzes the situation with this explanation. To her, finances are
one of the harcest things to manage. To some people, Mrs. Lee has ob-
served, the techniques seem so easy, but it is more difficult for he r.

For this reason, she is more content to let her husband take the lead in
the management process. but She is consoled with the thought that there
are probably many women who are worse managers than she. It is her phil-
OSOphy tilat "everyone sort of avereg.es out....What one person can do
well, another can not and it all evens out in the end." So she does

not worry at all about money matters.

When the allowance method was first trie:i with her oldest daughter
and it proving to be unsuccessful, hrs. Lee suggestei that her husband
not be so lenient in his giving money, out to no avail. Since then, She
has not employed any techniques to teach David to handle money other than
to recommend that he save money and not be such a liberal spender. But
too many of these suggestions, she feels,might lead to his being stingy
and she does not want that to happen. She hOpes her children do as she
says and not as she practices.

hrs. Lee remarks that it has never been the custom of their family
to discuss matters as a unit. David has been exposed to the process of
handling money, out she has never made a conscious ei fort to tell him
that this amount is for groceries and that much of hr. Lee's income goes
for gasoline.

p up with other "ceple. She is satisfied
with what She has even though h r husband encourages her to buy more.
Should the family win 950. W rize none" however she would use it to

J 9/ 3 9

It is not her desire to kt e
D

help pay for a new gas furnace they are contemplating. She suSpects
her friends might spend it for something entirely different dependirc
upon the value they placed on the money.

Mrs Lee does not think Davii is old enough to be in epenoent in

his clothing selections nor has he had enough experience to make the
choices by himself.

dig School Stu(‘L

 

David has no money of his own to mane _e. he does not receive an
allowance. is must depend upon his father, who is usually a generous
giver, for all his Spending money. hr. Lee even adds David's checks
to a family savings account in the Lee name.

Though he has about 9300.00 of his own money in his father'ssavings
account, he is not always allowed to Spend it as he wants Last summer
when David wanted to purchase a canoe, he suggested that the money be
ta} can from his savings, but his parents refuse the request. Their denial,
however, was mainly because th Leyc id not ap p.rove of the nature of the
purchase and not just because the ey war e triing to prevent his Spending
his savings.

The main reason for the family savings is David‘sc college education.
David is not reguired to pay board at home when he works because , as he
suspects, his parents would just azd this to his college savings along
with his pay checks. This is also what would proba dljv be done with any
money the family would win as prize money. If he should have a war bond
mature, he would investigate the source of the greater interest and then
either let it mature further or bank it. Admits David, "I am money
hungry at this point. I am all out for the extra dollar."

but David's habits do not bear out this statement. When David works
and earns money, he ouys pep corn or candy to treat the children in the
neighborhood, wven he brings his pay check home, he throws it on the
table and says, "well, here it is, anyone who wants it can have it."

When David goes to college, it is thought that his parents will
establish a bank account in his name at school, but David will be ex-
pected to make monthly re ports of his general expenditures so that his
parents can maxe&1,us n ents if Devi 's hocking “c ount i not sufficient
for his needs. Ilso, they ca n keep an accura-e ci1ck on how David is
Spending his money.

0

As David suggests, "‘ou just can' live in a house an:1 not know
what is going on, particularly with the finances." he sees his parents
pay the bills and hears their conversations about mone problems. This

y
David recognizes as his parents' efforts to train him to handle money.

0*
CC‘

But David claims not to have anything at all to do with the managing of
the familv income and he does not believe that he shoul£.have a part in
the process. However, he is old enough he thinks, (a junior or senior
high school stueent being the right age; to have a voice in family
decisions; David has this priviler3 though it is questionable wiethe‘
his parents accept his Opinions. Such suggestions per ain to style,
color or make, and not the -mount oi the purchase or the method oi pay—
ment.

Finances are of little interest to David Lecause t1we13 is alwe s
something else to co an tlis f33l n; he s sLects, Irevails amorg
most students of hiah school age. 1 e Le sire oi this Larticular
:grotLu is to have three L e3als a 3&3 on the table and as long as they have
these, the" are satisfied. HQNQVTP, if there were a cuestion as to where
the next meal was coming from, David admits that he .ould become more
concerned with the finances of the family. he would pr obaLly w’rh and
contritute to the inc one. But, "I don't have to Herr; auout the next
meal at all."

:7 L:

*1 .—".‘

51:111.»: OF [1 CJ.¢4..L.A_11" ‘9" 1-1.1: DIS-tr Clint—IANLJLTQ I-l‘lL/l\U i‘J .L'LILI iLA-JLLJML-D

ach n, we" of the Lee fanil interviewed implied that a high school
student dogs not ordinarily QualifJ to participate in the fin"ncial manage-
ment proc,ss of the entire iawily. Their reasons off: ed were: th=,

don't contribute to the family income her, Lee); .
knowlLL43 of the principles of Igandling moiey (Mrs. es); and the parents
do uch a good job that an adolescent do es not want to assume part of the
resnonsitilities (David).

But there were a variety of attitud3s concerning otle wt ils in
the management process. nr. Lee outlined his ideal arranngent for
mana3ing an income-~one that would decuately provide security in his
retireme: it years. Then he hastened to add that his Opinions usually did
not take prt ecedence over those of his wife's. But in conclusion, he
expressed the oclief that nisacreewents within a family are actually
factors binding them inuu a unit.

Anothe r issu: on which hr. and hrs, Lee oi sa3ree d was tlat of increa -
in: their level of consunption. Wh'le she was coatent1£i1,h the aterial
goods she had, hr. Lee lwrpt ur:_ in;: her to buy more and to "heep up with
the Jonses

hach parent assumed some reSponsioilit; for teacling David_to manage
money though to each it was a casual type of "guiuarce " and dii not
een. important to eitier parent In some cases, hr. and hrs. Lee had
Llllcrvnt theories on the hone trainin: David sh ould receive. For example,
hr. Lee thought David' s selectin; his own clothes should be a major

69

aSpect of his practical education but hrs. Lee thought David lacked the
experience and maturity necessary to shop intelligently,

According to Er, Lee, Devid did not relish asking hi3 for Spending
money and his son was desirous of earning his own. but David aid net up-
hold his father's analysis of the situation.’ As he threw; his pay check
on the table inviting his parents to vie for it, David seemed to be dis-
playing resentment over his parents' control of his Spencing. This action
hid nut indicate an eagerness to earn his own money.

«1
C2

xésSlEuAIf Cw“l-L AlhnhGL LTJilLY ll fthIEfiKS
Fathe r-ehctailnrrist (Profe 1 al ani salaried)
"1013'1: I‘--nOlLS":’:Ii1
uohn--suplovcr and 11 n; at home

harold——Junicr in high school
hancolph-—Graoe three in elementary school

Le.c h meC er of t1e honr oe lamily defined "family finan j_al manaveznent"
as the process of ou gating the incone to cover n: ce ssarv ex'en<itures
such as food, utilities, insmi ence as well as church anc philanthrOpic

donations.

hrs. Monroe disregarded any 1 ilarit“ to t1e financial pattern of
her home when she was a girl with h'er home now. Sle was reared in the
country where there were few Opportunities to earn money ani less chances
to spend it. Nothing was gleaned of the background of Lr. honro

CD

Since Marold was a young 00,. A; has PgCfiiVCd an allowance from
which he is res1:mo sible for school -5 nose and ChUFCd contrioutions.
This does not cover such plea asurcs as ice cream after school and other
cancy For the past two or three vc ars he has oeen given a clothing
allowanc ) ani even thou n his parents might purckase a sweater or a shirt
for him, he is still expected to pay for it. harolc supplements tlis
money by cutting lawns, selling produce from the ~ ardcn and wor+1n~ part

C)C
1

the in the neighoorhood 110A, but he is encoura get to put his earnincs
in a savings account rather than Spend' them unnccc ss aNil,. Both parents
mentioned their role as "counselors" to the boys in financial matters.

he has had experience and training outside of the home in hanclinv
rone/ as trea.surer of s veral or::r zations and husirm ss mane eger of cit5
church rallies. At present he has a lea; ing position on the business
staff of the school annual puolications.

Harold plans to enroll next year in a college that offers a complete
course in chemical engineering

The final decisions of large expenditures are ultimately made by
the parents- however t1e children are consulted and several cases were
cited in which the children w are ma; or 1n1l_c1 es in the parents' final
selection.

uLVLLWrLLITAL PATTEAL

There is no relationship between Mrs. Monroe's experience in famil5
financial management when she was a girl and now. She was reared on a
farm where the needs differed from the urban necessities in those da5s

I

--\1
}._1

and evc n from rural reguire ments no: 'Since there were no lunche

served at school and no movies to see, cn allowance was superfluous.
Her father gave her money for church. She coulc earn extra money by
raising a calf on the farm or saving 011 iron and newSpapers and selling
them to the junk man. nOtl in: is known concerning the backgroun: Of
Mr. Lonroe.

Harold's ambition is to become a chemic al erg ine er like his father.

Some of harold's ideas about t11e "not much gOOI:" cucriccl en.:ir'; ering
department in t1e city uriversity are probaOly reiterations Of his
father who has more imneuiate contact with the profession.

All three memhers indicated that harold would probably continue
with the plan of his parents; however, harold himself fancies that he
will attempt a more definite budget system than the plan under which his
parents Operate.

TH“ nOLES OE INDIVIDU’L F1MILY 1 udn1o 1n lhn rIMrhCII L MALAGEMEMT
P1100113 SS 1-1111) THSIH [TTITUDLS T011111) 11101211161333

Father

hr. Monroe promotes thriftiness in his three sons. he held a joint
account with his Oldest boy during his college years. In this way, he
could add to the oo5 '5 account and k ep a close check on his son's ex-
penditures. When the bo5 reached age 21, hr. Monroe withdrew his name
and gave the full res ponsioilit; Of the account to his son. he acts as
a counselor to his bo5s through encouraging harold to save his ca.riings
his youngest son to purchase defense bonds and stamps with his
pennies. He also gives concrete help in financial matters. For instance,
Mr. Monroe helped Harold set up the treasurer's books for his first
experierne in such an Office.

11')

Mr.1uonroe seems to take an active interest in imr;roving t1e home.
At his instigation, he and his wife selec tea} and purchased a home free er
because he thought t1cy ought to have one.

In his Opinion his OO ,8 are not included in t1e fine ncial YcQE‘OLBU
to the extent that they mi want to be. He feels, however, that while
their main interest is in finances that are more immediate to them--
clothes, Spending money, school gcpens es and the Op: ra tion Of the car--
they perhaps should have more contact with the running expenses Of the
house. By paying for their own clothing and their own school expenses
from their allowance, he thinks they are able to see how much money it
reguires to clothe and feed thar.141en Harold had a recent accident with
the car, his father insisted t1at Harold pay the Ochdflos from his savin 5.
Since he is capable Of driving a car to school, he should oe reSponsiole
for earning money to Operate it and care for it. ihen, too, he is aware
of the expenses involved in maintaining a car.

hr. Monroe feels the experiences harold has had in handling money
as treasurer of various organizations is practical because he has had
the Opportunity to see how the money comes in as well as how it is
Spent. he has learned to mane budgets and has had definite goals toward
which to work.

It is his philOSOphy that before purchasing an item, the boys
should save the amount required rather than borrow part of the money.
This he tries to instill in his sons' spending habits. his.eldest son
did just this when he bought his bicycle and again when he purchased his
Cal" .

hothcr

hrs. Monroe's part in the family financial management process is to
direct the clothing and refreshment expenditures of the boys. When
Harold was younger, she took him with her when they bought his clothes.
how she sometimes akes the initiative in purchasing clothing for Herold,
but he is expected to reimburse her for the correct amount. She dis-
closed the fact that harold is not encouraged to spend money for ice
cream and candy after school because they would ruin his appetite for
supper. She reguests that he come home and snack from the refrigerator
so that she is assured that he is getting wholesome food between meals.

In the interview with hrs. Monroe, most of the references to her
role in the financial management process and her philosophy of managing
money included her hquand as a partner. Several times she mentioned
the two of them acting as "counselors" to the bO5s in financial problems
indicating that they had close contact with the bONS'Spending habits.
When the boys would baby sit or sell produce for extra money, she and
her husband would see that they did not Spend their earnings foolishly.

Contrary to her husband's belief, hrs. Monroe feels that the boys
have taken an active part in the management of the financial affairs of
the family and this is as it should be. She elaborated on the details
of purchasing the new television-recorder-radio console for which each
boy wanted a different feature. hrs. Monroe was pleased that by select-
ing the combination the” were able to satisfy each member of the family.
She does not think that there have been any problems within the family
concerning the boys'handling their money. Agreeing with her husband,
should the family win tE0.00 as prize money, hrs. honroe would put it
into a fund for something Special for the family as a whole.

high School Student

 

From the allowance harold receives,he is supposed to pay for his
own clothes, his school expenses and his church contributions. In addi-
tion he is urged to put extra earnings into a bank Savings account to be

used primarily for college expenses, To this, he would also add any
supplemental money he might receive such as maturing government bonds.
h rold also stands such expenses as repair on the car when he has an
accident and articles of clothing which his mother purchases, Accord-
ing to his mother, harold feels that he is restricted in his freedom to
do as he pleases. he often asks why he can not drive to school when
some of his friends are allowed to most of the time.

In most cases, harold does his own shOpping for clothes because he
can better select current fads that are pOpular with his high school
friends. But, he is just as content to wear hand-me-downs from his
older brothe .

Harold is aware that his parents do most of the managing of the
finances and,like other high school students his a:e,he abides by their
decisions because he claims to lack the knowledge to diapute their judg-
ment. According to harold, he is sure that he is "typical" in that he
has neither the interest nor the desire to know anything more about the
management of the family income than he does. He is too busy with his
own school and scout activities to bother with such details. Since he
does not contribute to the family income, he has no right to expect to
help manage it.

But harold does understand that he might be an influence on a family
purchase or that he might be consulted on something that would effect all
members of the family such as buying a new hone, For such a large expense,
he suspects that the family would discuss the seriousness of paying out

so much money and each one would assume his duty in cutting expenditures

to permit the purchase, nis interest in the home prOper was again con-
veyed when Harold said that any prize money the family would win would

go on something for the house "because we consider the house something

for the whole family and that would be an easy way to divide it [the
$50.00]!

When harold manages his own money, he imagines he will probably be
more careful in budgeting and recording expenditures than his parents.
This increased interest evidently develOps from his experiences in
handling the treasurer's books of several organizations.

I.
l

Sim-.17. ELY Or" AGnm-lhhl‘s hill) DISAGhmJ-thl‘s Iii-101x10 bill-JLY hill-{BALLS

In general, Mr, and Mrs. Monroe were in agreement over the financial
management practices of the family. It was harold who prepcsed attitudes
and Opinions dissimilar to his parents.

hr, and hrs. Monroe each suggested that hart d should be more
familiar with the Spending of money for such thinss as household expenses

and car Operation because then he woulj.cet more mature ideas, harold,

however, pointed out that he was too busy with his own activities for
such responsibilities that rightly should be his parents.

A detailed explanation of how the family decided upon the new TV
set was offered by hr. and Mrs. honroe. narold disregarded his partici-
pation in the selection. he stated frankly that for a large priced
item which the parents could readily pay for without the chi dren having
to cut their Spending "lixe a car or television, the decision would be
up to Mom and Dad." '

The term "counseling" was popular with both hr. and Mr . honroe in
describing any techniQues they had used to teach harold to manage money.
They "counseled" against unnecessary Spending and "counseled" for the
advardages of establishing bank accounts. In such Spending as for
sweets after school or in saving his earnings,.nr. and.hrs. honroe have
even assumed the position of insisting that harold follow their "counsel.
They kept a check on his savinrs account, They did not give him suffic-
ient allowance to allow for extra refreshments after school. They re-
quired harold to pay for clothes even thoush his mother selected them.
They limitet the Spending of harold's earnings over and above his allow-
ance

But in spite of hr. and hrs. honroe's apparent control over narold's
spending, he did not ecm to be too dissatisfied with his status. dis
mother told of how he sometimes complained that he was "held down" and
harold said he was "not sure how strict other parents are" out he concluded
that he would continue his parents'managem:nt procedure with perhaps more
emphasis on budgeting.

The honroes all agreed that the family‘s prize money of $30.00
should be Spent on something extra upon which the whole “amily would
decide--for example, a vacation fund or something for the house. If one
particular member should win the money, they all hastened to add, it
would he his own to Spend as he wished.

1111 w\ 111“ (“.11. 7* I‘ H. ‘W' " “‘1 ""~,"; :‘4‘ " " ’(‘n
)urlltr J]. O-’ .LL-‘_J .‘1leW'1. l'X—A';_L.LJ_{ .LITLJJLtVILI JD

Father-~Chemist (Professional and salaried)
hotn er--house.rife

Susan-- ehior in college

C ra--50phonore in cells,

inn--Jas cr«du—t“” in June frcm high school
David-- E1eshman in high school

I

Tle three definitions for "familv lina ncia 1 management" given by
the iorsan familv were Sim l°1 in content. Inn confine 1 her meaning
strictly to a. ouCceting Irccess. as: nether suggested t1at "a certain
amount of collars Rust stretcn sc fir" while hr. nor; an mertioned t
administration of en's with emphaSis upon how th: family inco e is

I i o

. - I . «.f\- v' .3‘ L in...”
31:31sz 8.11: .L‘u’r v‘filn- U lu’st.S .

I \

 

 

3111 an“ instruction at all iin financial
'ol. he ther we there any in his home

managemen
‘,-. ,—-.-_.. .- A .-.L
c "I*1ev;113 CLIiu

o s
- r‘ 1 . ‘ ‘ ‘ 'w . .- . “ h- r ~73: r- 1 ‘ ") '5 ~' ' ‘ “ I".
that he an rem necr. hrs. heraen‘s motn~1 had to bug

of money her hue“

L)
howcv3n*, he was a lijm1 ii1v;t‘il1aefacatiiu1e1n was ILL} liLsFQl ir:
nis giving for such purposes as music and dancing lessons. Since her
father has scan ill within the last fcw ;;ars, hrs. horpan's mcthr has
been Carin; ior chil-r n to earn the inccma. Law, as Chiff jrcadwinner,
she ntnages the min“; ani Joth sle and her lusoand are happy in Spite

of the new a1d rLVersec s
fi11£mr ial aid the horgans
sufficient.

U
nation. hrs. 1cr an s parent
f r them and insist that her rnin3s are,

C

Ann is 0113 of twc1 hor n
‘ heart of their own children.

53 HOWUVBP the parents have levellY
o

aaoc1 _Ztmm1:11hcr chilhrmm1laut 5

1'0 elir1inatea an; ja rwlox y tlat migtt arise among the child e1, hr. and
nrs. Morgan initiat c an ;llanncc System for clotling and e1“)15itJ”ZS
giving each girl 910.00 a month for clothing Lac I

}1 is 1‘141111,i to ti)
all her own clothingc xcept for unusually large expenditure itens
this mODBV. Tle oldest girl learned to sew so that she mi3ht ir1cir ease
her wardrooe for less nonev lucrn35_ t0 flak

33 1s a re 0013, too, e
her own clothes and trcausa of her height is met or able to get the cor-
rect sich. Ann prefers to Spend the major pa~t of her clot1ih allow-
ance on a ccord collection and she is alloscfi to do so. This plan
has continual through the gears and Ian the girls go tc college the
amount is increasad to 313.10 per'uonth to meet the additional demands

76

household. Mr. Morgan handles most of the money; however, Mrs. Morgan
is not limited in her expenditures. They each have access to a joint
checking account.

The three Morgan girls were all to be enrolled in college in the
fall. The parents started planning for this added expenditure when
the girls were young and they figure it costs them about $1000.00 per
girl per year to pay for their room, board, books, tuition and the
monthly clothing allowances. At the same time, they are building a
similar fund for the young boy if he should want to go to college.
Each girl is encouraged to earn extra money baby sitting and by working
during the summer months. Ann is currently working as a laboratory
assistant in the same company for which her father works. She is
planning on studying physical therapy in college.

The final choice in selecting large expenditure and household items
is the parents and the children rarely offer suggestions.

DEVELOPMENTAL PATTEhN

Mr. Morgan thinks that the family now patterns its management process
from that which he observed of his parent's but he does not remember there
was ever any Specific mention of money in his family; With this back-
ground and because his company prohibits comparison of earnings among
its employees, Mr. Morgan does not believe children should know the amount
of the family income or participate in the financial management of the
income. And they do not.

Mrs. {organ's father only gave money generously to the family when
it was to be used for instruction of any kind. Other Spending money was
given by him when he was 'in the right mood." At that time, it was a
typical patriarchial family pattern. Being accustomed to having her
father dole out the money to the family, Mrs. Morgan is content to let
her husband manage the family finances, but, she still feels that she
must justify every expenditure even though her husband considers it a
nuisance. She squeezes pennies perhaps, as she suggests, because her
mother was forced to do the same thing.

The interest in education that was uppermost in Mrs. Morgan's home
is still present because she said that the family had consented to being
interviewed because it was for the benefit of aiding one's advanced edu-
cation. It was their duty to c00perate and they would expect other
families to do the same should their children seek a graduate degree.
The Morgans encourage their children's training because they feel that
an education and employment are more insurance than money in the pocket.
They have saved money throughout the years to assure all four of their
children an equal opportunity to attend college.

77

Mrs. Morgan points out that they have three girls in college at
one time, which is, indeed, an unusual situation. The girls themselves
are aware of the concern of their mother over the financial burden and
have graSped the meaning of it. Ann affirmed this attitude when she
stated that all the money coming into the home has to go into college
expenses.

Predictions of the various family members indicate that Ann will
probably follow the procedures she has learned in her family, but Mr.
Morgan says that some modification is likely to occur in compromising with
her husband's past experiences.

THS ROLES OF INDIVIDUAL FAMILY Masses IN THE b‘IMNCL‘LL lvd.1t"‘.GLIu_¢\IT
PROCESS AND THdIR ATTITUDL‘S TOW-dd) THOSE: ROLES

Father

Mr. Morgan manages most of the money of the family and he trusts
his wife's judgment in her Spending habits. His interest in the household
Operation is evidenced when he insisted that Mrs. Morgan have hired help
when the children were younger. This past fall,while his wife was in
the hOSpital, Mr. Morgan purchased an automatic washer and dryer to
lighten her work. He also frequently does the family marketing taking
the children with him.

When the family gets extra money such as bonus or prize money the
children are not told because, as he says, the money is just added to
the general checking account. Since his income is not adequate to
cover the present expenses, he is required to use savings previously
provided for the additional costs of this period.

For most large expenditure items, he would leave the final decision
up to his wife unless she asked for his advice and help.

Mr. Morgan does not seem to regard the management of money as a
problem in his family. For this reason, he does not feel that high
school students should take an active part; however, if the circumstances
should become critical, he would expect Ann to be a more active partici-
pant. He has not used any Special techniques to teach his children the
management of money. This should be a part of their formal schooling.

The socio-economic level of the family influences the type of fi-
nancial management a family follows, presumes Mr. Morgan. To defend
the accusation of his children that he is rather conservative in his
spending habits compared to other families, he reasons that his children
cite examples of the very wealthy or those who talk about the money they
have. His children do not recognize the fact that those who have less

are generally quiet about it. Nor do they fathom the amount of dollars
that are necessary to maintain the house and family. Since his children
are college bound, he does not give them the same privileges as parents
of children who are completing their high school education simultaneously
with their final years of formal schooling. These children are receiv-
ing now what Mr. Morgan expects his children to get their last few years
in college. Yet, he agrees with his children to a certain extent when

he compares other families of his own socio-economic class.

Mother

Mrs. Morgan has her own check book for their joint bank account and
is urged to use it freely. But in Spite of her husband's generosity,
she claims that she still worries about money matters and tries to be
thrifty in her Spending habits. When the time approached that all the
girls would soon be entering college, she dismissed the hired help to
save that additional money.

She appears to be entirely engrossed in her home and the happiness
of her children" Mrs. Morgan expresses the pleasure she gets from the
physical facilities of their home which is "big enough to accommodate big
people." Every room in the house is lived in and enjoyed by all members
of the family. She is particularly pleased to boast that their living
room has a chair for each member of the family-—six in all. However, she
did say that more stylish furnishings were being sacrificed for the
girls' education at the present time.

Evidence of her sentimentality is exhibited when she states that
she does not change a thing in the girls' rooms while they are away at
school. She can just imagine how they would react if they should come
home and find something different.

There is enthusiasm displayed as she tells about the plan she and
her husband devised to eliminate jealousy among the girls over the
amount of clothes to which they were entitled. When the adopted girl
became a member of the family she had very few clothes and these were
not in keeping with the friends she would make in her new surroundings
so the Morgans discarded all her old garments and bought her an entirely
new outfit. The new clothes were so nice that the adopted girl began
demanding more and more. Mrs. Morgan felt sorry for the girl because
she had been deprived of so much; therefore, she could not resist the
requests for new things. Finally Mrs. Morgan's own girls began to ques-
tion the fact that they were not receiving as much as they should. As a
result, she and.Mr. Morgan attempted to control the conflict that was
develOping.

Mrs. Morgan taught them good shOpping habits when she took them to
buy clothes. She explained in detail how this experience made the girls

79

more careful in their selections when they were little and how the two
older girls since then have learned to sew in order to increase the
quantity and quality of their clothing for the money Spent. When the
girls are dissatisfied with their purchases, Mrs. Morgan lets them make
their own trading arrangements among themselves. She is happy that,
because of their individual colorings and sizes, they are unable to pass
on their clothing to each other.

She realizes that perhaps the girls do not have as much as they
would like, but what they have, they want. Because of their early experi-
ences in managing their own money and making their own mistakes, she
feels that they are better adjusted, are more mature and more capable of
handling financial problems than many other students their own age.

She brags about the fact that with their over-all program of financial
planning they have arranged it so that each Child knows what is available.
They have taken the little boy into consideration and he knows that when
his turn comes, he will have the same opportunities as his older sisters.
This, she feels, makes for good mental health for the children because
they feel secure since they are all treated alike.

This carefully organized plan, Mrs. Morgan observes, has helped to
eliminate money problems for the parents also because they know that so
much money must be set aside each.month and this eliminates future worries.
According to Mrs. Morgan, money is a very personal problem and the whole
philosophy of one's life is tied up into the money part of family living.
"It is funny how so much happiness can be involved and wrapped up in
money matters." "

High School Student

 

When.Ann was about eleven years old, She and her fourteen year old
sister were asked whether they would consent to the family's adopting two
other children. She understood that if they approved the action, it would
mean that their advantages would be cut in half because there was just so
much money and with two other persons in the family, it would have to be
split that many more ways. Both.Ann and Susan decided to share with the
new children. This was a rather grave decision for the girls so young
to make; however, following a waiting period before the final acceptance
of the application, Ann and her sister were still in favor of the new
Situation.

Rather than share a room with her older sister when the family moved
into their new home, Ann asked that she might be allowed to have the small
room in the attic. She did her own decorating and remodeling and the
room now, according to her mother, has more personality than any other in
the house. Evidently Ann has a flair for interior decorating.

80

Ann is quite methodical and has taken an interest in her own
financial accounts that the other children in the family have not. She
has developed this interest on her own initiative probably from Observ-
ing her parent's habits.

For her college major, Ann has deci‘ed to study physical therapy
which will require schooling out of the state. She will get the same
amount of money the other girls have received and any additional expenses
entailed in her out-of-state training will be her own reSponsibility.
Though she is not particularly enthusiastic over the prospects of college
in the fall, she realizes that professional training is an asset.

"Being lazy of nature", Ann does not take an active part in the
financial management process of the family income and,what is more sig-
nificant, she does not want to because it would be a "bother." Should
she show more interest, Ann is sure that her family would resent the
intrusion because she would be interferring in matters that did not
pertain to her. This, she feels, is the general Opinion of most high
school students her age. Yes, Mr. and Mrs. Morgan would listen to any
suggestions she might propose concerning a large expenditure purchase,
but the decision would be made by the parents alone and probably even be-
fore the children were given a chance to offer recommendations. "There
is not family participation in our family. It just exists."

Ann explains that since it is her parents' home, it should be
Operated as they wish and furnished according to their tastes. She should
not interfere with their plans; however, her mother comments that Ann is
discontent over the fact that the dining room serves more as an all-
purpose room than a place for the purpose of serving meals. When she has
her own home, she will have the privilege of maintaining it as She
pleases.

Ann approves of the clothing allowance System and acknowledges the
fact that, because of it, she has learned the principles of wise buying
as well as how to manage her money. However, she maintains, that her
parents are strict in the amount they give their children in comparison
with other families. She recognizes this allowance as a method of self-
training on her part since neither parent has ever sat down and explained
the basic theories of managing money.

SUI-EMMY OF AGILEJIENTS AND DI SAGMLZE-lnl‘ITS 11.340?fo FMEILY Lil-7.31.2118

—
n
.

FHMHIMrS. Morgan expressed her attitudes toward the financial manage-
ment process of the family, she Spoke with the most conviction. She was
the most worried over the family money problems. On the other hand, She
was extremely enthusiastic with the plan that she and her husband had
instigated to give the children equal experience in handling money.

81

In contrast, Mr. Morgan did not even suggest the plan as a special
technique he and his wife had used in teaching the children to handle
money. Nor did he seem to acknowledge any financial problems entailed
in educating three girls at once. Mr. Morgan indicated that "in families
where the income must be planned so carefully" (implying that this was
not necessary in his family) the high school student's participation
would be more welcome. He continued, "If planning in our home were
critical . . ." yet, certainly'Mrs. horgan considered it such.

A third attitude was expressed by Ann who did not feel that she
participated in the process of managing the family finances. But then
she really did not want to be bothered with it anyway.

Mrs. Morgan showed the most interest in the thesis subject. The day
following the interview, she even called to clarify a statement she
thought might have been misinterpreted. Mr. Morgan, during the interview
was building kitchen cabinets and he continued the work throughout the
entire conversation. He seemed to answer the questions dutifully and
not because he was interested in the project or family finances. Ann
assumed still a different degree of interest and reSponfied to the questions
in a joking manner. She was obviously not concerned with anything that
pertained to family finances. These three different reactions concerning
money matters were emphasized by their discussion of financial management.
hrs. Morgan's background situation explains her interest in finances.

Ann probably knows that for the present, money is to be used Sparingly
and the careful managing of the income should be the reSponsibility of the
parents.

All three members of the family agreed that Mr. and.Mrs. Morgan
were not as generous in their giving money to the children as other
parents. This suggests that this problem has evidently been discussed
among the family members. While Mr. Morgan rationalized the issue, Mrs.
Morgan claimed the children were content with the situation as it existed
and were aware of the reasons for the limited funds. But.Ann seemed to
resent the circumstances. "My parents are being pretty stiff when they
put us on this clothing allowance."

82

ABSTRACT OF THE; mama FLI‘IILY INPEnVIEUJS

Father-~Lawyer (Professional and paid by fees)
Mother-~Part time librarian in neighborhood library
Harry-JWas graduated in June from high school
Bill-~Grade eight in junior high school

To Mrs. Parker, "family financial management" meant managing and
helping to execute the family budget. Harry, the adolescent, emphasized
the family's getting together and discussing money matters in his defini-
tion of the phrase while Mr. Parker laid stress upon the role of one
person whose duty it was to earn the money and pay the bills.

The patterns and habits used now in the Parker family, according to
Mr. Parker, are similar to those used in his home When he was a boy.
Mrs. Parker did not volunteer any information about her background.

When the Parker boys were young, their parents gave them money so
they might make their own purchases instead of their parents buying
everything for them. In this way they not only learned to make their own
choices but also learned the principles of buying. They were encouraged
to deposit and withdraw money from their own savings accounts. In addition
to this training at home, Harry was treasurer of his Boy Scout trOOp and
had had some training in the eighth grade on the theories of budgeting.

His allowance was discontinued the summer after his junior year in
high school when he started working. Harry's summer jobs have included
counseling in a camp for underprivileged boys, helping to build houses
and working for an exterminator. From his wages he pays his own dating
expenses and for the majority of his clothes; still he is able to save
a portion of them.

Harry plans to enroll in a college of business administration
in the fall. Here he will train to become a stock broker.

All members of the family help to select a new purchase. Plans are
usually made for the final selection as a family group but not at specifi-
cally designated times.

DLVrlOPF-ZENTAL PATTH‘J‘E

In separate interviews, Mrs. Parker expressed the belief that their
present pattern of financial management was designed by her and her
husband together. This was probably because living conditions and family
interests at present differ from when she was a girl. She cites television

83

in particular as a factor which keeps the f mily home more as compared
to previous years when they frequently left home for a movie.

Contrarily, Mr. Parker relates the methods he and his wife use to
those he knew in his own home when he was a boy. Just as Harry eggs him
until he is forced to give in to his wish, so did he play the role of
a figoading boy" who aggravated his father until he received what he wanted.

Mr. Parker can remember having big ambitions for his own future and
he boasts that he lived to see most of them realized. Harry, too,
aSpires toward high goals for his future professional field and is eager
to make "big money." Neither father nor son considered $50.00 prize of
much value; however, were it a larger sum of money, each might find a
use for it. Here can be seen a similarity in their attitudes toward
money.

Harry's interest in the stock market and.making investments is likely
influenced by his father who is a lawyer by profession but deals in real
estate as a vocation.

During the interviews, Mr. Parker and his son also diSplayed similar
personality traits--i.e., Harry turned the television on louder so that
the rest of the family could not hear his discussion and, as he did so,
laughingly admitted they would be straining to hear his every remark.

Mr. Parker enjoyed making comments for the entertainment of his wife and
sons in the other room.

Though.Mrs. Parker feels that Harry may have his own ideas on
finances, the two males predict that Harry will continue the same fi-
nancial plans to which he has been exposed with possible modifications
of his own.

THE HOLES OF INDIVIDUAL FAMILY MEMBERS IN THE FINANCIAL MANAGEMENT
PROCESS AND THEIR ATTITUDES TOdth THOSE ROLES

Father

 

Mr. Parker denies the fact that he is the head of the household on
the grounds that families are no longer living in an era of paternalism.
Yet, there is evidence of his control over money matters. The final de-
cision for the new car the boys want is his and he does not consider it
a necessary eXpenditure at the present.. Then, even though the family
would have a major part in the decision of an item to purchase, the pay-
ing for it is a definite duty of the father who is chief wage earner of
the family. His son recognizes him as the sole manager of the family
purse and claimshim to be a good one. He is the parent whom the boys
approach when they want something. The final purchase of the television
was his reSponsibility because he knew the dealer and received

Eh

personalized service, both of which he deemsimportant. Mr. Parker him-
self defines family financial management as a reSponsibility of one
family member. For the Parkers, he is it.

Mr. Parker also assumes a major role in training the boys to make
choices. Rather than give them their material needs like most fathers,
he allows them to handle the money, in order that they themselves might
have the experience Of buying. Instead of borrowing, he recommends
that they make a purchase only after they have the necessary cost price.
Other than this, he claims never to have restricted any of their Spend-
ing as long as they are able to pay for it.

Laughingly, Mr. Parker says that the only part his high school son
takes in the financial planning is to nag him into what he would like to
have, but he is sure that this is typical of all boys that age. Mr.
Parker confesses he was guilty Of the same thing.

Being familiar with the organization of corporations, Mr. Parker
compares the family council plan of managing money to a board of directors.
However, he conceives it as impractical in a family situation because no
one person has either the knowledge or the time.to make an elaborate
budget plan for presentation to the family so that it might be discussed
and voted upon. Then, too, it would be particularly hard to try to get
all members of the family to agree. He suggests that it might be a good
idea to incorporate more family COOperation in money matters, but time
and patience would prevent its successful Operation because parents are
not prepared or trained for this type of management. Besides, in an
efficient system of managing, the family should plan for the in-come as
well as the out-go. This is impossible in most cases and oft times un-
successful by those who Co attempt it--namely, Greek restaurant owners
who Operate the enterprise as a family project.

He considers family OOOperation in financial matters possible but
impractical since it would require a gradual training process to educate
families to realize its benefits. PeOple are seldom interested in how
they get to the top, but rather they are concerned about when they will
achieve their financial success and thus gain happiness.

He jokingly prOposes in conclusion, "I would like to hear what the
other members of the family had to say. we can have a family council to
see if we should have a family council."

Mother

There is little mention of Mrs. Parker's role in the managing of the
family finances even though she does augment the income by working part
time in the neighborhood branch library. She maintains that her family

is a unit working tOgether. For example, the whole family joins in
the purchasing of a large expenditure item; or hS0.00 would increase
a Special family vacation fund.

Mrs. Parker seems more concerned than her husband over their methods
of training the boys to manage money. She does not feel that the boys
have assumed much responsibility in establishing the family budget, but,
of course, participation in managing also includes earning a portion of
the family income. This is not customary in families of their position.
She told of just having read a book depicting a large family which was
forced to help plan their activities together because of the inadequate
income of the father. Under those conditions, family c00peration is more
apt to be necessary because all members should understand the outlay of
monev.

Mrs. Parker suggests age should determine the amount of participation
of the high school student--the older they are, the more they should be
consulted. Mrs. Parker wishes that she and her husband had encouraged
the boys to become more aware of money management but when Harry and his
brother were younger she did not think they would have been interested.
Now after evaluating the situation, she imagines they might have develOped
an interest.

The boy , too, she suSpects, are not too pleased with the way the
money is being managed because they want the family to move from the
apartment building into a home of their own. They are also quite desirous
of the family's getting a new car.

High School Student

 

In the Parker family, Harry professes to contribute ideas and sug-
gestions but not dollars and cents to the financial management pregram.
This is sufficient for his age group. "Sure, I am interested in the
family money; I can't imagine any of my friends who would not be."

Since he is almost entirely financially independent of his parents,
Harry has had the reSponsibility of managing his own money. According
to both Harry and his parents, he has been successful in this. Not only
does he pay for current recreation and school expenses, but he has also
saved enough for college incidentals.

Harry examplifies the role his father assigns high school students--
that of driving the parents into buying something the adolescent wants.
He has decided the family should have a new car. Already, Harry has re-
solved it will be a Pontiac convertible and he has even started his
campaign to promote the possibilities with his father.

8 6

Harry seems to have very definite ideas concerning future plans
for himself. he has his goals aimed at financial success--concentrating
on the brokerage business. But triumph in this field, he assigns to
"being smart" and Harry wonders if he has this qualification. He is
to be a confirmed bachelor throughout his college career and even admits
that for a th.OO wager someone might offer him, he would make it a
point to win the bet. Yet Harry usually thinks in terms of larger sums
of money. The money he will earn for the part time work in conjunction
with his college education is more than adequate to finance a college
boy's training. Harry, however, concludes that it actually amounts to
very little.

SLTE‘v’LéhY OF AGRE'ILEGTS AND DISI';GHB;:I*I:£I\ITS NI NO Fill-TIL}: I‘LLELBEAS

There was a difference in Opinion as to the origin of the financial
management method Mr. and Mrs. Parker employed. Mr. Parker emphasized
the similarities between the family in which he was a boy and the family
in which he is father. hrs. Parker thought that she and her husband had
develOped their own method of managing finances because there was so
much difference in living conditions at that time compared to the present.
From the content of the interviews, Mr. Parker's explanation seems the
more probable.

Mrs. Parker considered the management process in their family a
project in which all members were included, however, her Opinions seemed
to be dwarfed by those Of her husband. hr. Parker denied the possibility
of an authoritarian control over his family by one person, but Harry re-
garded him as the parent who had the most influence on the family income.
There was no mention made by Harry of his mother's handling the family
money.

Each person recognized his role as well as the role of the other
members in making decisions for large expenditure items. Mr. Parker
and his wife sought the Opinions and suggestions of Harry and his little
brother, both of whom felt free to voice an Opinion. But the final choice
was usually Mr. Parker's and he wrote the checks for payment.

Harry and his brother were eager for a new car and each member of
the family pointed out the efforts of the boys in trying to convince
their father of its necessitv. This subject must have frequently been
discussed in the Parker family with Mr. Parker having the final say in
the conversations.

High school students do not Qualify to participate in the financial
management process of the family. This idea was expressed by all members
of the Parker family; Mr. Parker stated that they can not be as familiar
with the expenditures as the one who actually writes the checks. Accord-
ing to Mrs. Parker, children must have an income to participate in the
management process. Harry said his father did it well enough and Harry's
participation did not need to extend as far as the financial details.

ABSTTKCT OF THn RbaD FLKILY INTERVIERS

Father-éManufacturer's agent (PrOprietor and paid by profits)
Mother-—Housewife

Rita--Junior in college

Joyce--Senior in high school

The Reed family members offered similar definitions to the phrase
"family financial management." Mrs. Heed said that it referred to living
within certain boundaries of one's income. Joyce and Mr. Reed both sug-
gested that it meant budgeting the income for food, clothing, shelter
and pleasures, but Mr. heed added the importance of the family goals in
guiding the savings and expenditures of the family.

Mr. Reed came from a farm home where the income of the family was
spotty and irregular. Hrs. heed did not volunteer information concerning
her childhood environment, but she compared the Spending habits of her
mother with her own and decided that, in basic philOSOphy, they were about
the same. But as to the actual mechanics of handling money the methods
of management differed in the two generations of parents.

Most of the training in handling money that Joyce has received has
been from her parents; however, she cited a seventh grade mathematics
class as teaching her the basic principles of budgeting. Each daughter
in the deed family is on both a personal and a clothing allowance.

These have been increased as the girls have gotten older and their de-
cision making reSponsibilities have expanded. The purposes of the
allowances have been to teach them the value of money and to help build
their characters. Mr. Reed refuses to supplement Joyce's allowance in an
effort to teach her to live within the alloted amount of money. However,
she is urged to earn extra money baby sitting or working part time for
zcr father. If she wants additional money, she may do extra household
chores for which she is paid.

Both Heed girls are included in family activities--working together,
looking for a new home, or taking a trip together. Their mother says,
"We have all sort of just grown up together and done things together."
The planning for these projects is done during dishwashing time or while
the family is convened informall". In making a large expenditure purchase
like the new automobile, all members of the family do the final deciding.

DdVHLOPthTAL PATTth
The develOpmental pattern of financial management in the Reed family

is rather hard to trace. Joyce, the adolescent, realizes the importance
of family background as an influence on the spending habits of the family

and she suggests that their habit of buying things tOgether is a result
of her parents' training, but she does not designate from which parent
this practice comes.

Mr. Reed claims that the method of handling money now in his family
differs from his boyhood experiences. As a boy, Mr. Reed lived on a
farm and the income of his parents was quite irregular because of the
seasonal demand for farm products, whereas in his present position, the
family income is somewhat steadier and more predictable.

On the other hand, however, Mrs. Reed claims the present method of
handling money in the Reed household is similar to her husband's family.
But she realizes that she has some of the habits of her parents. For
example, her philosophy that a little money saved from one item may be
justly Spent for something else is a direct carry over from her mother.

Mrs. Reed seems to be a major influence in the family choices and
Joyce has acquired some of her motherls tendency to dominate others.
When Joyce referred to her part in changing a friend's vacation site from
Florida to Northern Ohio, she was showing her control over the decisions
of her friends.

Each parent feels that Joyce will continue the financial management
pattern as it now exists into her own home provided her husband also’
receives a regular income. In her own thinking, Joyce SUpports this
forecast.

THE ROLES OF II‘IDIVIDUIL FAIVIILY 11131131113 IN THIS. FINANC IAL I-U.1‘-IAGB££J‘JT
PROCESS AND THHIH.ATTITUDES TOHLRD THOSJ ROLES

Father

In this family, the father has some control of the purse strings.
He says that he often does not advance money to his daughters, not be-
cause he does not have it, but in an effort to teach them to live within
their allowance. He thus assumes some of the responsibility of training
his daughters in the use of money. His Willingness to hire Joyce for
part time work is another technique he, as a parent, employs to teach
her the value of money.

His part in the selection of particular items, however, is rather
passive. He mentions several times that the decisions of the various
family members are strongly influenced by his wife. He joined in the
shepping for a new car after'Hrs. Reed and the girls had done the initial
shOpping. From the content of'Mr. Reed's conversation and from the
absence of references to his role in financial management by hrs. Reed
and Joyce, it may be thought that he is not too important in the decision
making process.

89

He does not think that high school students participate to a great
degree in the financial management process of the family but this does
not mean they should not. Joyce, he imagines, is just now getting to

he age where she should take a more active part, but as yet neither of
his daughters is in a position where she can make final decisions with-
out "expert" help. At the high school level, students usually don't
know the total income of the family; hr. heed suggests that the amount
of managing and working together as a group depends to a great extent
upon the income of the family--a limited wage requiring more of the
student's participation than a more liberal income.

In reSponse to the question regarding the use of 950.00 in prize
money} Mr. Reed thinks they WoulC probably jdst add it to their Savings
because it is such a small sum. "i ally, now days V30.CO is not a lot
of money at all!"_

Mother

The mother's role in the financial management process of the family
is more important than Mr. heed's. hrs. heed is referred to as the
"expert" in helping Joyce decide on her clothing purchases. If the
family should buy a television, they would "put the final wishes of hrs.
Reed into Operation. . . .She has a major influence in most of our
decisions." The preliminary shOpping for the new car was done by hrs.
Reed and the girls.

hrs. heed is obviously desirous of her family's bettering themselves.
Should the family win a $50.00 prize of money, it would be put into an
educational fund—~not for school, but rather for either a trip or Opera
tickets. In the family group discussion following the more formal inter-
views, hrs. heed leads the conversation asking the most questions about
college possibilities for Joyce, the ratio of men to women at the
different colleges, the details of the thesis findings up to the time
of their interviews and the reSponses of the others to the various ques-
tions.

She is more family—oriented and frequently refers to activities ard
the planning sessions as projects of the family and not prompted by one
particular person. Of all the heads, she expresses the most enthusiasm
over the family cooperation and activities in which they all participate.
When she tells her frie es in brihge table conversations about the fun
her family has doing things together, she is surprised that there seems
to be so few others who share this group unity. As hrs. heed observed,
"host of my friends do not talk in front of the’r children nor bring
their children into the conversation of money nor let them participate
in family planning....They just think they are mere children and why
should they have a voice?" Because of zer daughters' participating in
the money management process, Mrs. Reed thinks her family is exceptional.

90

She does not feel that the average high school student is very
active in family financial management but, because they are adolescent,
they should assume a certain number of responsibilities. By handling
their own.money, they are able to decide if something is worth the money
and to make the final choice themselves.

High School Student

 

Joyce has the reSponsibility of planning her own budget for both
clothing and personal Spending. She also works part time for her father
to supplement these allowances. These experiences she regards as the
extent of her individual role; however, as a family membe , she is a
part of all their projects.

She mentions that she and her sister first joined their mother in
shepping for the new car. For the family to get a television set, Joyce
implies that there are two other members of the family (her parents) who
have to be convinced of its value. Just her expression while telling this
indicates that She and her sister have already begun their campaign to
promote parental interest. These examples illustrate that Joyce probably
Sides with either her sister or mother to get what She wants.

The active part Joyce is urged to take in family financial manage-
ment she ascribes to the PTA and church affiliations of her parents. They
have taught her how to participate and encouraged her to share in their
planning because they realize the importance of such training in their
daughter's informal education. A high school student taking a part in
family planning is not typical of her frien 5. Though her clique members
have similar backgrounds, many of their parents are not as active in
community activities. The difference in their policy as compared to
Joyce's parents, she su gests,is undoubtedly due to the way the parents
were reared.

Joyce is happy to be accepted in the financial management process of
the family‘because we all enjoy it so much. It is really fun." Her
freguent references to "we", meaning the family, and her insistence that
eS0.00 would be Spent on a family fishing trip support this attitude.

SUI-13nd OF fiCmdllBfiTS A if) DISi'iGi-Llsgj-Zfif'l's {.iIIOI‘IG F ISIILY I'll-31333

The Reeds did not agree on the develOpment of their management Sys-
tem. Emile hr. need denied the possibility of the System of managing
the income being derived from his family5 hrs. Reed suggested that it was
patterned after he husband's experience. She did, however, reCOgnize
some of her own habits as being Similar to her mother's.

91

Neither was there total agreement of the three as to the roles of
the individual family members. Much enthusiasm was expressed by Joyce
and her mother over the family activities (a fishing trip) and projects
(selecting a new car or buying a new home). These were considered both
"fun" and "enjoyable." Hrs. Ree; even went to the extent of assuming
that Joyce would give up the Opportunity of doing something with friends
her own age in order to take part in a family activity. But this en-
thusiasm and excitement was primarily expressed by the mother and
daughter. There was little mention made by hr. heed to "family" co-
Operation. He pointed out that his wife definitely influenced the de-
cisions and the management policies in the family. Mr . Reed evidently
did not regard herself as being so important in the family's managing
their income.

The heed family was different from other families--a fact which was
agreed upon by both Joyce and her mother. But it was not recognized as
such.by Mr. heed. First, the two women had observed that other families
did not include children in planning and carrying out the ideas as much
as the Reeds did. Second, high school students did not usually know the
financial status of their parents like Joyce did. In the third place,
Joyce thought it strange that some of her friends had to wait for their
father's pay day before they were given their allowance.

Following the individual interviews, Hrs. Reed asked how her husband
and daughter had responded to particular questions. She noticed the
similarity in their attitudes and said, ". . . . I think_it is interest-
ing to note that we would all put it [LS0.00 prize money] to a good
cause and that it would not be wasted." She realized that living to-
gether as a family unit made the ideas and Opinions of the various members
more in accord.

92

ABSTRACT OF THE thN FAMILY IETERVIEUS

Father-~Salesman (Sales and paid by commissions)
Mother--Housewife

Bettye-Married and living away from home
George--Was graduated in June from high school

"The policies governing the financial set-up of the family," is the
definition Mrs. Ryan gave for the phrase "family financial management."
George included in his interpretation, the process of buying things for
the home. hr. Ryan did not offer a definition at all.

Er. Ryan, whose father died when he was six years old, was one of
seven children. When he was a boy, he carried 125 daily newSpapers and
for that he was paid el.25 per week. This money was put into a bank
account and with his savings he was expected.to buy his own clothes.
Mrs. Ryan does not recall being taught how to manage money when she was
young.

George received a dollar a day for an allowance while in high school.
His parents realized that there would be times when this amount was in-
adequate and they were willing to supplement it for something Special.
This summer, George is working full time at a neighborhood filling sta-
tion. The money he earns is his to manage as he pleases; his parents
put no curtailments on his Spending. George is putting the greater pro—
portion of his earnings into personal luxuries and his car which he
purchased at the beginning of the summer and has been working on during
his leisure hours.

George plans to enroll the fall quarter in agriculture at the state
university and he will select an area in which to Specialize later in
his college career.

Since Mr. hyan is paid on a commission, he figures his income on
a yearly basis. This estimate determines the probable amounts to be
Spent on various expenditures throughout the year. Then the Ryans are
careful not to spend too much during one season when money might be more
affluent.

The selection of large expenditure items in the Ryan family is
done by the person.most interested. For example, mechanical devices
are a hobby with Mr. hyan and for such a purchase as a television set
he would probably have the final say on the instrument. Hrs. Ryan and
her daughter are better qualified to judge the style and color of the
cabinet because of their interior decorating ability.

93

Devmon-«mz'TAL Penman

Mr. Ryan claims that he has not retained any financial habits he
learned as a boy because in those years everything was different for
him than it has been for George. Since he had no father, he had addi-
tional financial reSponsibilities. As a result, he started working when
he was very young in order to pay for his own clothing.

Mrs. Ryan is not conscious of her parents' influence in her fi-
nancial practices now. She does not remember her parents teaching her
anything about money management at all.

Since each denied the possibilities of his financial policies being
similar to his parents', it may be assumed that Mr. and.Mrs. Ryan have
develOped their own methods of financial management. This is prompted
by the fact that he is paid on a commission and hence, his income is
irregular; they have been forced to a Opt their own management process.

Chances are George will continue the techniques of management to
which he has been exposed by his parents, but he suSpects he will be
freer in his spending habits--an observation he has made during his
summer work experience.

Both.Nr. and.Mrs. Ryan are artistically inclined--he in wood crafts
and she in painting and interior decorating. Their daughter majored in
art in college. George, also, is interested in making things with his
hands. Recently he built his own full sized boat in the basement. He
put a new tOp on his convertible and when he drove into a garage for
some supplies, he was immediately offered a job on the basis of his
craftmanship. These personal traits of the children have resulted from
their heredity and parental influence.

THJ ROLES or INDIVIDUAL FAb‘EILY I'IH'BM'LS IN THIS FitmeniL lean'LGn-mzvr
PROCESS AND THEIR ATTITUDES 107va THOSE ROLES

Father

Mr. Ryan takes an important part in selecting large expenditure
items because he is the family authority on the mechanism of the pur-
chase. Any decisions concerning the car are his entirely because to
him, a salesman, the car is essential.

According to Mr. Ryan, high school students do not participate in
the financial management process of the family, nor does he think they
would like to do more. They are interested in other things, for instance,
George's chief interest is his car. There has been no effort on Mr.
Ryan's part to teach George to handle money. Children should not even
be informed of the size of their father's income. But George's summer

9h

responsibilities have been valuable in training him to manage money.
Mr. Ryan presumes that the ability to hen'le money just comes "auto-
matically" because "where there is a will, there is a way;" As George
earns his own money, he acquires with it the ability to manage it.

Mr. Ryan has never expected the children to contribute money for
their support even though they have earned considerable sums in part-
time jobs and during the summer months. This, he acknowledges as their
own, and they are entitled to keep it and spend it as they please.

He knows that the children have had all they ever wanted with one
exception. George asked for a motor scooter and his parents forbid him
to have one. hr. Ryan, like other parents of his acquaintances, always
tries to give his youngsters more than he had himself as a boy even if
it sometimes creates a financial burden. But in modern society, parents
don't want their children to be "back numbers." It is simply "trying
to keep up with the Jonses." For this reason, Mr. Ryan comments that
couples without children are generally able to save large sums of
money. This same generosity to his children is evidenced in.Mr. Ryan's
desire to give the 950.00 prize money the family might win to his wife
and insist that she treat herself.

He does not see the value in giving his children a large allowance
because he is sure that if they had more than they needed for the
essentials, they would lord it over others and Spend it just because the
money was in their pockets. Then Should the children have a harder tim
earning money when they become independent they would have trouble ad-
justing to the new situation.

3

Hot} 1e r

Though perhaps it is not an ideal arrangement, hrs. Ryan feels that
high school students in most families do not take an active part in the
financial management process. She thinks the perfect system is a family
council plan in which the children know the exact amount of the family
income and how it is Spent. But this is impractical because living is
a day to day procedure and there is not as much anticipation of future
goals as there should be. Rather than manage as a family group, parents
naturally assume the responsibility of disbursing the income. This is
primarily due to the difficulty involved in getting the whole family
together.

She disagrees with her husband's idea that the children should not
be told of their father's salary; When they Show enough interest to
pose the Question, they should be told. Even though a person's income
is one of his "most jealously guarded secrets" she does not think it
should be withheld from the children. But this difference of opinion is

characteristic of most families she has noticed. When even the husband
and wife do not share the same theories of financial management, it does
not seem wise to hrs. nyan to include the children in the discussions.

The family council plan, she ventures, is more prevalent in the
middle income bracket where the families are forced to plan their in-
comes. In comparison, the lower income families do not have enough
money to "budget" and the wealthier class has such large earnings there
is no need to skimp on expenditures.

Other than the designated allowance while George was in high school,
she has not used any methods to teach him to manage money. hrs. hyan
reveals her Opinion of this when She says, "T think it is {cssibla with-
out any nc_11nism to JlVd the childr“~ Fititudes and fee ings about how
to handle money. It is really amazing how much they learn from observa—
tion that you don't realize they are learning at the time." This, she
believes, is the extent of parents' influence in teaching their children
how to handle money. She supports her stand further using her danghter
to illustrate the statement. Betty had no financial reSponsibilities at
home; she was not Specifically trained to handle money and she was
usually given all she wanted. When Betty was married, she became money-
minded and turned out to be an exceptionally good manager, according to
her parents, because it was a new "adventure." hrs. hyan believes that
if her daughter had had financial obligations when she *as younger, this
new role of a housewife managing her own money would not be "new" and
"exciting."

hrs. hyan looks upon George's summer employment as a valuable instru—
ment in teaching him to manage his own money because he has had to make
his own decisions of how to Spend his earnings without being expected to
meet family obligations.

host extra money that comes into the house, Mrs. Ryan thinks, would
be put into a general fund because the income of her husband usually
fluctuates. Prize money would not be considered as a separate income
over and above his commission. This situation actually happened to the
family when George was much younger so she Speaks from experience.

High School Student

 

George's summer job has been his first full time employment Oppor-
tunity. It entails the reSponsibility of handling money in that it is
his duty to close the filling station at night and balance the books mak-
ing sure that the number of gallons of 7‘s sold during the day corres-

:36
pended with the dollars in the cash drawer.

Several times during high school, George hinted that his allowance
did not compare in size to those of his friends, but his parents pur-
posely made it small with the understanding that George could reguest

more if a Special occasion arose. They let him Spend his allowance and
his earnings as he wanted unless he was contemplating a purchase of
which they Cid not approve.

If the family should win prize money, Geor e assumes that his
parents would have little trouble Spending it because "there is always
some bill laying around somewhere.

There is not too much participation on his part in the management
pro ess of the family, George indicates. But it is not neces wsary for
him to be more active because if an article is required all the members
of the family do not have to be present to discuss the purchase. It is
just bought. He is concerned only when the money expenditure relates
to his own immediate interest such as college. Other decisions he leaves
to his parents becauw he thinks thegr are capable of doi ng a better job
than 1e could. Circumstances might alter the exte—nt of his desire to

ake part, however. Should the financial decision involve an extremely
large GXpenditure, or should his father have financial difficulties,
George states that his interest in the management process would be in-
creased. This same attitude is prevalent among his friends.

SUTE-‘IAHY OF fLGiiLL1.... T3 AND DIS! $141121“ “ 111011 FLI’TILY 111.. 181.115

An "automatic" transition of Spending habits from parents to children
or unconscious training on the part of the parents when children were
observing--both of these were sowe tei oy'hr. anc Firs. Ryan as being
important for a high school student to learn to manage money.

All three Ryans implied that it was actually impractical for a high
school student to have a major role in the family mana3ement of the
income. hrs. Ryan thought they were too busy with their own activities
and would have no time for financial problems of their parents. hr.

Ryan and George recognized that interest in such matters usually did not
exist in high school students, particularly Geor~e. In addition, George
pointed out, it was really the parents' r’s.ons1oil ty, not the student831

Mrs. Ryan mentionei a matter of disagreement with her husband. It
was her opinion, contrary to Mr. Ryan's, that children should be answered
directly when they expressed enough interest to ask a question involving
financial details. To illustrate, she cited George's inquiry regarding
his father's income. hrs. Ryan wanted to tell George, but Mr. Ryan
recommended ignoring the issue.

While Mr. and mrs. Ryan both indicated that George would be included
in the discussion of a possible large expenditure purchase, George had
the feeling he "would not have too much to say" in the matter. George
offered two reasons for his attitude. First, the family did not usually
buy goods requiring a large enough outlay of money to warrant his partici-
pation. In the second place, if the article were needed, his parents
would get it 1:1 Spite of his Opinion.

97

ABSTEUKJT OF H13 S-IITII FLI-‘IILY I‘I‘lfliVIHa-T"

Father-efirchitect (Professional and salaried)
Mother--Housewife

Patricia--Junior in high school
Lenore--Freshman in high school

All three members of the Smith family who were interviewed agreed
that the phrase "family financial management" meant the budgeting of
one's income so that no amount of money is wasted or spent unnecessarily.

Mr. Smith, who was reared in an orphanage did not have the type
of familial backaround in which he could participate in financial manage-
ment. Hrs. Smith's father gave his wife only enough money for food
and.Mrs. Smith, as a girl, received just those things which were con-
sidered necessary. While living at home and working, Mrs. Smith was
required to pay room and board to her parents.

Patricia and her Sister each receive 13.00 per week allowance from
which Patricia is expected to pay for her school tranSportation. lunches,
recreation, sorority dues and church contributions. The parents buy
Patricia's clothes. The first few years in high School she earned extra
money baby sitting and during the early part of the summer she worked as
a counselor in a camp for crippled children.

The Smith's new employ an envelOpe system of budveting. Each week,
when.Hr. Smith brings home the pay check, he and his wife subtract pre-
determined amounts for the various expenditures necessary in maintaining
a home such as utilities, food,and insurance. It is sometimes necessary
to borrow from one envelOpe in order to have enough in another. This
budgeting system has been explained to Patricia and she understands that
her parents use such a procedure because their income is "limited."

Discussions over financial matters are not carried on during the
meal hours because that time is usually reserved for Mr. Smith to relate
his experiences of the day. Instead, someone breaches the subject at
some other time when all of the members of the family are together. On
these occasions, the family sometimes considers financial details. The
ideas of the children are sought; however, the final decision in the
matter is in the parent's jurisdiction.

DEVfiLOPhENTAL PATdeh
The financial pattern of this I wily was initiated entirely by

hr. and Mrs. Smith without their parental influence. Mr. Smith lived
in an orphanage during his youth and did not have a chance to experience

financial problems frequently found in a family situation. hrs. Smith's
father rave his wife only the required household money and, according
to nrs. Smith, it is probable that hermother did not even know the exact
income of her husband. With such backgrounds hr. and.Mrs. Smith have
established their own pattern of management--the use of enveIOpes.

In Spite of the financial habits of her parents, Patricia tends
to be a "little more reckless with her money." She Spends all the
money she earns on herself AS She gets older, her parents believe that
she will realize the importance of bu:geting and follow her parents'
system of budgeting, particularly if her husoanc is salarie. as Mr. Smith.

T1115 RULES OF IIIDIVIDUA L FILILY 1111111....3 III TIL) FII'LI.’IICII—:.L I~'.‘1".I\.-.".G11-LII1-.T
PhOCuSS Ah) M “IIL.ATTITUD LS TOGInD THOSJ SOLES

Father

"Father just brings home the pay," affirms Patricia concerning her
father's role in the financial matters of the family; He functions in
the management process, too. He pays the bills for the Operating expenses
of the home and helps his wife make decisions concerning large expendi-
ture items.

It is his VieWpoint that high school students do not participate much
in family financial management. The main reason he attributes to the
fact that parents do not start tec ching their children when they are
younger and are not willing to guide them along the way. The same basic
principle ofe early parental instruction applies to any learning situ-
ation the child experiences. To illustrate, hr. Smith recalled Patricia's
first cake in which she used soda instead of baking powrie At the time
she did not realize there was a difference in the two leavening agents.
He thinks children should be taught eSpecially to recognize the value of
money. Then they would understand, as the y:unger Smith girl dis not,
that t.o3 is out of preportion to the worth of three tomatoes. If
children Mou11 learn the lessons early, then the * would profit by t11eir
mistakes.

Jith the eXpem1sthey are required to meet, Mr. Smith thinks that
tleir s stem of bu‘ eting is the best way possible to manage money. He
has not consciously tried to teach Patricia how to use her own money,
however, he does tr to make her realize that things cost so much ani
that "money does not grow on trees." When Patricia complains that her
friends have something now, he eXplains the importance of their buying
only necessities. Kr. Smith hepes that, with Patricia's recent work
experiences, She will re ali7e it takes effort to earn money.

Both of his da ujlt rs have entirely diff; rent Spen ing habits an:
he compares Patricia to Lenore, his younger daughter to illustrate his.

99

Patricia Spends all the money she makes on herself but Lenore saves her
earnings and prefers,to buy bonds. When Special celebrations occur,
Lenore is the one who remembers them with a present. She is the more
cheerful giver and the more generous of the two girls. Mr. Smith pre-
dicts that Lenore's spending habits will more nearly resemble the strict
budget system than Patricia's.

I-Tother

It is suSpected that Mrs. Smith works part time to increase the
family income; however, there was no mention of it made by the family
during the interviews.

Mrs. Smith is reSponsible for the allowances of the children. When
they want more money, they ask their mother. One day, when Patricia was
particularly upset over the small amount of money she was getting, Mrs.
Smith Showed Patricia the exact categories the pay check inclufied and
how the money is needed to meet the necessary expenditures. This sup-
ports the probabilities that nrs. Smith receives most of the children's
complaints about money matters. She also purchases most of their clothes.

In about ninety per cent of the femilies, Mrs. Smith realizes that
the high school student does not participate in family financial manage-
ment. This is true eSpecially in families of "limited means" like the
Smiths because there is not enough money left over after the reguirements
are deducte; to warrant an adolescent's interest and help. She thinks
it is just "foolish to drag them into the planning."

This emphasis on limited funds is contrary to her reSponse when
asked what the family would do if they were to win $50.00 in prize money.
"If we won 150.00, I would probably put it on.my home. If you would
Speak in terms of more money, it would be easier to think of what to do
with it." Such an attitude toward the "small" sum of 150.00 is un-
exf la inable .

hanaging money is an.important part of the Smith family members,
but it is also a private matter. hrs. Smith cautions her daughters of
this fact Since financial management is "the subject most talked about
in the family." Though they are not include; in any planning, she dOes
not feel they should be oblivious to the parents' Spending habits. They
should at least be aware of the fact that the Smith policy is to buy
something only when they are able to pay for it so that they do not
incur debts. But the girls have a hard time understanding this
philOSOpunraJklhrs. Smith has difficulty making it clear particularly
when other families within the same salary racket continue to live
beyond their income.

loo

High School Student

 

Patricia, being more careless with her money than her parents,
spends most of her earnings on herself and she wants to buy the most
expensive items. Since she has been working, she indicates that she has
been more careful in her Spending habits. She has even been keeping
"notes" to determine the amount she has Spent and saved. ”1th the money
she will soon receive from a matureC defense bcnj, Patricia plans to
start her own bank account. This is probably what she woul< do with
her share of any prize money the family might win since she guesses that
it would be divided eQually among the family members to Spend as each
wished.

Her parents give he r an allowance wlich is supposed to take care
of her own school expenses as well as her sorority Obligations. This
latter creates a problem for her and she has to "pinch pennies" to make
ends meet. If she wants more money, she asks her mother who invariably
refuses. Yet Patricia can not unCerstand why her parents regularly
continue her allowance during the summer months since she does not have
school expe ns es to cover.

Of all the Smith , Patricia expresses the most discontent for the
strict budgeting under which her parents function. ”ccording to Patricia,
her parents do not give her as much fur clothing as sh_e would like.

Jlen her friends talk about how much money they Spend for clothes
latricia remains quiet because she knOJS that she can not equal their
expenditures. Ier parents are not unaware of this attituoe and attempt
to explain the necessity for the limitei allowance. Both parents believe
that Patricia is beginning to un erstanc their philosophy of Spending.

Patricia admits that family financial management is a subject about

which she knows very little. She would like to be better informed on

the principles of buying anu managing. This same desire is t pical of
most of her friends who rea.lize the ey are neitler old enough nor sure
enough of themselves to assume additional re Sponsicility in family fi-
mncial management. When she is a year or so 01: er and attenuing college,
she hepes she will be in a better position to understand financial
problems

Patricia appreciates her parents' practice of refusing to show
their concern over money matters. She can never tell when they are

worriee about financial problems and yet she knows that they must be
periodically.

SUI-fl-L’ALLY OF A £111ng TS” 1.1 D DIES (11.11.111.15 LIN " F'JIILY £-..'.1113th8

In most cases, hr. and hrs. Smith and Patricia shared similar ideas
of the roles of the inCividual members in the financial ma.nagement

lCl

process and they were all aware of the problems involved. Some of
their attitudes, however, differed slightly.

They all agreed that Pat did not participate in the financial man-
agement process of the family to any great extent but their reasons
varied. A limited income which met only the necessary expenditures was
attributed by Mrs. Smith as the cause for the situation.‘ In Patricia's
estimation, it was her lack of understanding the management process.
But she assumed this would be corrected as she went farther along in
school. Patricia's Opinion supported hr. Smith's feeling that parents
should be blamed for not teaching young children the principles of
handling money and not continuing to guide them as they grew older.

According to both parents, Patricia often displayed discontent
when she did not get as much allowance as some other high school stu-
dents, hr. and Mrs. Smith felt that she was beginning to understand
the reasons behind the small allotment and Patricia herself mentioned
the need for strict budgeting in her family. While her parents seemed
to consider the problem solved, Patricia still claimed she was hesitant
in talking about new clothes with her friends.

Neither Mr. Smith nor his wife were sure of Patricia's future fi-
nancial management practices. Both guessed that hcrhusband's source
of income and financial background would influence her habits. But
Patricia thought she would probably manage money like her parents do.
When she predicted this, she could not have been too unhappy with their
present plan.

102

hBSThACT OF Tfln SNYDLR FAMILY INTLRVIEWS

Father--Divisional sales manager of local inCustry'(Manager and
salaried)

hother--Housewife

Holen--Junior in high school

Ralph--Grade eight in junior high school

Peggy--Grade four in elementary schOOl

Similar definitions were offered by all three members of the Snyder
family for the phrase "family financial management." Each regarded it
as a systematic planning and budgeting of a person's savings and ex-
penditures so as not to waste money. There was particular emphasis on
saving for educational goals--the idea adoed by Mrs. Snyder who was a
former school teacher herself.

hr. Snyder's father was a teacher and the parents invested a large
amount of money in retirement funds and insurance policies. The china
pitcher on the cupboard shelf was the family bank. The income of his
father was adeQuate to support the family but it did not provide extra
money for indulgence. Both Mr. Snyder and his sister worked their way
through college. In contrast, hrs. Snyder was an only child. She was
usually given all the money she wanted when she asked for it. However,
when she entered high school her mother began limiting her clothing
expenditures and she was reguired to stay within the alloted sum.

When each of the Snyder children approached age five, they were
given a small allowance with which hey could do as they wished. This
allowance has been increased in prOportion to their needs as they have
grown oller. how'Helen is expected to take care of her school lunches
and tranSportation, her church obligations and her sorority dues. If
any of the children want additional money for something Special, they
bargain among themselves establishing their own interest rates for the
loans. Besides this source of money, Helen is given free use of the
family charge account in the downtown stores to buy clothing and supplies.
She also workel part time during the summer months taking inventory for
a.department store.

The family sometimes holds "family councils;" however, the matters
discussed are more apt to be disciplinary problems than financial.

Mr. and Mrs. Snyder do not make a practice of talking about money
in front of the children nor do they tell the youngsters their father's
income. Helen and the others are not include- in the selecting of
large expenditure items for the house. hather, the parents do the de-
ciding and then bring the purchases home to "surprise" the children

103

DEVELOPMEETAL PfiTTth

Though Mr. Snyder was accustomed to a china pitcher on the shelf
as a youth, he has since changed his saving habits to use modern bank
facilities. This illustration he offers to exemplify the genesis of
family financial management patterns. He does believe, however, that
from his family he acquired a general awareness of the planning and
saving that prevailed. But, he jokingly admits that he was a better
manager then than he is now because money matters were simpler in those
days. His father, a school teacnor, had a Specific purpose in mind for
his savings--provisions for the retirement years. Mr. Snyder was never
given much money to Spend and, like his father, had to put himself through
college as did his brother and sister. Helen is so impressed by the way
her father and paternal re atives have financed their own college edu-
cations that she has insisted she be allowed to do the same, irregardless
of the fact that her parents have offered to support her through college.
Helen has consented to her parents'giving her sufficient money for the
first year of college because it is rumored to be the most difficult,
but after this start, she wants to be financially independent.

On the other hand, Mrs. Snyder, who was an only child, got money as
she wanted it. Her parents gave her more than she needed and did not
care how she spent the monev. She became more conscious of the value of
money in high school when her mother gave her the entire year's clothing
allotment in a lump sum. Mrs. Snyder recalls that she Spent the greater
percentage of the money for one angora sweater. Soon she regreted the
extravagance because she was forced to wear the sweater many times since
she could not afford new changes of clothing. Partially as a result of
this experience, Mrs. Snyder is more aware of the need to develOp good
judgment and thrift in her children.

Both Mr. and Mrs. Snyser recognize their pattern to be greatly in-
fluenced by Mr. Snyder's background. When the two were considering
marriage, hr. Snyder was much concerned over their differences in child-
hood training and he was doubtful that his wife would have the ability
to manage his income. Starting a home and making a small salary at the
same time put hrs. Snyder to a test and she proved capable of staying
within her husband's salary. As she views the change, "New, I am more
'penny-wise' and he is more 'dollar-wise'."

Of great concern to the parents is Helen's tendency to be too
"penny-wise"--to make sacrifices of strong desires for the sake of saving
money. heither parent knows where she acquired this trait.

Mr. Snyder notes that Helen is quick to develOp her own plan of
managing money. But Helen thinks she will follow her parents procedures
as she has observed_them. There is already evidence of this. She watched
her parents put their money into various envelOpes and followed their
example by using tin cans instead.

THL RULES OF INDIVIDUALF AhIL1I ALTB‘IS IN THE FI=PWFI1Lshfm1GL1LWT
PHOCESS AND THLIH A'i IfUDm OVAHD THC a hOLLS

Father

Hr. Snyder's role in the family financial management pattern was
not clearly defined either by himself or by the other members of the
family. However, his attitudes toward the roles of other members and
regarding the use of money are definitely put forth.

Hr. Snyder is happy to have Hele en use the ch r3e-a-plate as she wants
because he considers it an outward Sign to her that he rec0gnizes her
adult-like status. But he maintains that she is not aware of the dis-
tinction between a cash payment at the time of the purchase and the same
payment at a later date with a charge account. After saying this he re-
considered his accusation and decided he was a bit unfair in judging his
daughter's abilities.

In the Opinion of Mr. Snyder, high school students only cooperate
in family financial management on problems that effect them directly,
such as who is going to camp and to what camp they should go. However,
they should take a mo re active part because the items that are of Special
interest to them are only a very small preporT ion of the total money
problems a family faces. Helen should be urged to do more grocery shep-
pingy at he doubts if she would demonstrate more than an initial interest
in any project that die not relate to her immediate realm of thinking.
She would soon tire of the reSponsibilities involved after the novelty
of helping to mana; 3e mone for the family items were off. He thinks that
many parents are reluctant to include the children in the managing of the
income and would resist such a law if it were preposed. This by pe of
information is confidential and children have a tendency to reveal family
secrets "in the school locker rooms. Of course, Helen could be trusted
in such matters

Age is a determining factor in the amount of participation a child
assumes in financial matters. He compares Helen's interest as a "young
lady" to that of her younger sister and brother.

Rather than include t1e children in the selection of a larg e ex-
penditure item, Hr. Snye er (and his wife) T-Duld rather surprise them
with the new purchase. He gets pleasure out of watching the children's
eyes and he assumes that neither Helen nor her sister and brother are
eager to help make the final selection. Helen showed little enthusiasm
when she took a trial ride in the car being considered arn.little halph
cried at his disappointment over getting rid of "Bessie," their old car.

Hr. Snyder has not used any techniques for teaching Helen how to
manage money out sugge csts that perhaps he should have. Both he and his
wife have tried to show her where she has Spent her money foolishly and

105

each has been particularly concerned with her being "tight-fisted."

Mr. Snyder relates how she will buy cheap slips from the basement de-
partments that wear only a short thus instead of Spending an additional
amount for a more durable Slip. On another occasion, She was given
e30.00 to buy a new formal for a sorority dance but she bought a 95.00
one that did not fit and was out of style. She knew when she bought

it that the dress would have to be remade before she could wear it, but
she saved t25.00 for other purposes. To him, this was senseless.

Evidently there is some disagreement among the family members as
to what should be done with money the family earns. He suspects that
the family, if they won 950.00 in prize money, would "chew it around
every evening for a week or so. 'Te have these sessions every so often
when something comes up."

No ther

 

Hrs. Snyder serves as an advisor to her children in managing their
allowance. Under her direction, the children make their own plans for
Spending and savings. Then she occasionally questions them as to how
their plan is working. In addition, Hrs. Snyder gives Helen money for
clothing when she needs it.

In an effort to extend the food dollar, she recently made her own
survey ofvthe advantages of shOpping in a supermarket as compared with
an independent grocery. Though the neighborhood store enables her to
save more time for reading, she continues to patronize the large super-
markets because of the lower prices. The difference was great enough
that, in this instance, Hrs. Snyder has decided the money saved was

more important than the time consumed.

Mrs. Snyder confesses that Helen needs to shOp around by herself.
Even though Helen has made some unwise purchases, she learns through
these mistakes. However, the children are not permitted to spend as
much as they might like. They often times lack Sufficient judgment to
make intelligent decisions. In families like the Snyders, parents are
usually so capable of handling the money that they do not have the patience
to allow their children to make errors and learn from their own experiences.

Experience is important in training children, advances Mrs. Snyder,
even perhaps more important than judgment. She claims they are born with
judgment, but it is not fully develOped until they reach adulthood
through a series of successes and failures. "They live in experience and
through this they learn to Spend wisely."

According to Mrs. Snyder, some girls Helen's age have further
experience in financial matters. If there are more children in the family
or if the mothers work, then the high school girls have additional re-
Sponsibilities at home doing the marketing or clothing the little brothers
and Sisters. ‘

n f.
L: «J

In comparing her family to others of her acquaintances, she boasts
that her children can manage their money better than her friends be-
cause those with whom she associates tend to indulge their children.

The allowances she and her husband have given their children have been
useful aids in teaching the value of money. However, She too, is aware
that Helen is not as free in her Spending habits as other girls her age.
She even expresses relief in the fact that Helen's high school sorority
has frequent social activities that create financial demands on her
budget.

Hrs. Snyder claims that though they do not talk about money in front

of their children, they try to impart to them he impression that they
do not make a habit of buying everything they want just because they want
it. She was amused at her children's lack of conception of their father's
income. When someone mentioned the approximate income of the President}
halph imagined it to be "just about as large as his father's." Children
should not know when their parents are having financial difficulties.
Come what may, there will always be food on the table and clothing in

he closets so that Helen and the younger children will feel secure at
all times. Yet She knows children, like everyone else, want to have some
money they know they can Spend for any whim they might have. This is a
normal impulse .

The family wants record changing attachments for their victrola and

if they won 950.00 prize money, this is what Hrs. Snyder thinks they
would do with it.

High School Student

 

Both of Helen's parents accuse her of being extremely "tight-fisted"
a "tight wad" and "stingy". She gives up a movie or horseback riding,
both of which she particularly enjoys, so that she migxt save the money.
She may use the charge accounts at her discretion, but, according to her
father, she will charge a 95.00 hair brush in a fancy plastic case and
pay the same amount in cash for a new dress. Her father also observes
that she is perhaps stingier with her own money than she is with her
parent's.

She is constantly saving for college. When She workefi during the
first part of the summer, she was disappointed because she was not asked
to work many hours. The money she did earn was invested in government
bonds. She is trying to arrange a plan with her father whereby he can
invest her money in stock of his company so that her money will draw
more interest. But if a government bond were to mature, it would be put
into her college fund.

It is Helen's Opinion that high school students do not take an active
part in financial management of the family income, nor should they have

107

the right to expect to take part. If the family would win prize money,
she would not have anything to Say in deciding its ultimate use.
However, she indicates that some students have a more adult judgment
than others irreSpeetive of their age. Her offering suggestions to her
parermsies been limited to such things as choosing the wall paper for
her bedroom.

Helen is a very dete-mined person. She wanted a horse and saved
her money in a coffee can so that she might buy one. Then when her
parents said they had no room for the animal in the city, she began
tearing up the garage to install a hay manger so that she could prove
it was possible to make a stable in half of the garage. She refuses
financial aid beyo d the first year of college because she wants to sup-
port herself and, what is more, she is sure that she can do it.

She has not had any training in handling money outside of her allow-
ance, purchasing some of her own clothes, and occasionally buying the
groceries. Helen knows that she will be able to manage her money when
she is independent. he has solved her problems so far without disturb-
ing her savings. At first, Helen expects to have some difficulty but
she reasons that this initial trouble is inevitable; If she were not
going to college, hese first problems would come at an earlier age.

r' ‘ '(N‘. r1

SUI‘LUlIiY OF 1; GIL-42113413 MID DIELGHSJMI‘JTS Anvil: THE FLKILY Iii-[813113

hr. and Mrs. Snyder both agreed that Helen had free use of the
charge account and they allowed her to Spend it as she wanted without
any parental guidance. To them, this was both a symbol of her becoming
an adult and a method of giving her experience in Shepping by herself.
by making decisions on her own accord, her parents have hoped Helen
will develOp an adult judgment. However, Helen was not permitted so
much freedom with her own allowance. according to Mr. Snyder, Helen's
plan of managing her money was develOped under her mother's guidance and
Mrs. Snyder sonetimes checks With Helen to see how She is pregressing.

"Judgment" was considered by all three Snyders as an attribute to
be desired in high school stufents. Perhaps this was mentioned because
of a recent discussion in the family regarding the develOpment of this
characteristic. Hr. Snyder implied that Helen diSplayed poor judgment
when she continued to buy many inexpensive Slips. Helen's making un-
wise purchases was considered by Mrs. Snyder to be one of the experi-
ences by which Helen would increase her jurgment. Helen herself sug-
gested that "judgment" was not directly related to age. She pointed out
that some adults had childish judgments. ”he family concluded that
judgment could only be obtained by experience.

Hr. and.Mrs. Snyder mentioned Helen's tendency to be "tight-fisted"
and seemed worried about the matter. But Helen made no reference to it.

108

It was possible that she did not recognize it to be as serious as her
parents assumed. She had established certain goals she wanted to ach-
ieve-—buying a horse and financing her way through college. Saving

every possible penny was probably her way of attaining these aims.

But in so doing, it was possible that she was not being as 'tight" as

her parents believed. Hather, Helen might just have been failing to

show mature judgment in her means of attaining the end. This trait might
change as she gains more experience.

Helen and her parents were of the opinion that Helen was capable of
handling her own money and to a certain extent had successfully done so.
Hrs. Snyder said that at least Helen knew how to manage money and from
observing others this was not the general rule of many other adolescents.
Then Mrs. Snyder and her husband both proceeded to illustrate where
Helen had handled money foolishly or made mistakes in buying.

It was generally expressed that Helen did not participate to any
1 e in the management of the family income. But each one suggested
that the situation would be different under other circumstances, vis.,
the age and maturity of the children, the size of the family, and if

the mother worked.

CELEPT 3411 V

CHAPTER V

F I1‘T"II~-i be

An attempt has been made in this chapter to survey the a. eements

5,-
and disagreements regarding the roles of the individual members in the
family financial management process and their attitudes toward those
roles. The purpose is to show the rights and duties which are inherent
in the roles of each member of the family as well as their Opinions
which might form a pattern in the 12 case studies.

When it seemed important, the responses were looked at in three~dif-
ferent ways. First, the statements of all 38 persons were viewed to
determine any major resemblances or variations existing within the total
group. The second way in which the reSponses were considered was to see
how many families as a unit agreed or disagreed on the separate phases
of the management process. Then, the reactions of those in the various
family positions (father, mother and high school student) were compared
to pick out any agreements or disagreenents among them.

These three methods of comparison begin with the definition of the
phrase "family financial management." hext the develOpmental pattern

of the financial mana ement habits from generation to generation is dis-

3
cussed and this is followed by details of the management processes used
within the families and the attitudes of the individual members toward

these. The latter two tOpics will include such practices as the method

llC

of training the high school student to handle money and the amount of
management of the family income in which the high school student parti-
cipates. In conclusion, evidences of long-time goals are pointed out.
It will be noted that sometimes not all the persons or families are
accounted for since only major similarities and dissimilarities are

emphasized.
Findings of the neSponses of the Total Group

Definition of "Family Financial Management"

 

Each of the 38 persons interviewed was asked to define the phrase
"family financial management." Of those who ventured a definition (only
two could not express its meaning and these were a mother and son from
the same family) 18 reSponses considered management to be the first of
the three step processl--i.e., the act of planning or, as those inter-
viewed said, "budgeting" and nothing more. The next most frequently
given definition (seven peOple) suggested that it meant simply "living
within your income." As Mrs. Morgan said, "We have a certain amount of
dollars and they have to stretch so far." Some emphasized the second
step of the management process or the controlling of the money plan--
for example, "making the best buys" (Mrs. Snyder), "taking care of the
financial reSponsibilities that are naturally entailed in the daily
process of living" (Tom Hudson) or "doing something yourself rather than

hiring it to be done" (David Lee). The least recognized phase of

 

1 See Introduction, p. 1;.

lll

management process was that Of evaluating the plan itself as well as
how it was carried out. This probably does not mean that they did not
evaluate, but rather they did not seem to consider it a part Of manage-
ment.

It is interesting to note that even when the word "family" was
stressed by the interviewer, only two persons (and these were both high
school students) included all the members Of the family in their con-
ception Of managing the income. Taking an Opposite point Of view,
three fathers (hr. Parker, Mr. Adams, and Hr. Lee) delegated the respons-
ibility Of "family" financial management to only one person. The rest
just eliminated "family" from the explanation of the phrase and concen-

trated on the managing Of the finances,

Developmental Pattern

 

In tracing the intergenerational similarities Of family financial
management patterns, the parents were asked to compare the practices Of
their childhood years with those under which they now Operate.

The Observation most evident was the number Of adults (ten mothers
and six fathers) who indicated that their present management habits were
not derived from those Of their parents. The most freQuently'mentioned
reason Offered by these 15 adults for this situation was the fact that
they, as adolescents, had not been given money Of their own with which
they could buy what they pleased. Some blamed a paternalistic control
Of the family income where the wife and children only got money when the

father gave it to them. Two Of the mothers admitted that they had been

112

indulged as children and neither maintained this practice in her own
hone. Other explanations cited a rural environment and broken homes as
the major causes Of the change in the management practices.

Mr. Davis, who said, "He as adults tend to force the situation into
which we Were brought up onto our childre ," expressed the viewpoint Of
four Of the fathers and one mother as they recognized similarities in
the process of management between the two generations. Mr. Davis con-
tinued:

"we handle money pretty much like my parents; however, we have

departed to the extent that we recognize the fact that living

today is not like it was in 1910 or 1915."

Mr. Snyder, too, realized that alterations had occurred in the method Of
management though he thought the basic plan was the same.

"In our family now we use a bank instead Of a china pitcher on

the cupboard shelf. I think ligot a general awareness Of the

planning and saving in my family, but I was a much better manager

when I was ten than I am now because money matters were much

simpler then."

The five pairs Of parents who agreed that there was nO similarity
to either side have probably devised their own systems Of financial
management. These Observations tend to indicate that when two peOple
marry, they do not necessarily continue their parents' practices in
handling money. Modern inventions such as movies and television, a rise
in economic status, as well as ever-changing living conditions-~all these
help to promote the change in the basic management practices from genera-

tion to generation. Many Of these adults were reared under the "Old

patriarchial pattern" (hrs. Morgan) that prevailed in their youth and

113

there is still evidence of it being important, particularly in the
matter of managing finances.

Karvin B. Sussman suggests in his study of family continuity that
the child-rearing philOSOphy and practices of the parents are partially
reSponsible for the carry-over of habits from one generation to another.
Children are more apt to follow their parents' practices if "cordiality"
and "familyémindedness" exist within the family unit. Iarents who en-
courage their children to become reSponsible and self—reliant are, in
a measure, paving the way for their children to adopt their family
practices and philOSOphies.2

From the descriptions many of the parents gave of their family life
when they were children, it is doubtful that the factors Dr. Sussman
deemed so important were much in evidence in these 12 cases.

"In my own family there was no say-so as to family financial
management." (hrs. Davis)

"Ky parents always bought things for us until we were able to

work and then we started buying our own. But until we worked,

we never had any money of our own." (Hrs. Baker)

"In my family, my father just gave mother the grocery money or

the household money and I doubt if.hother ever knew how much

money Daddy mace." (hrs. Smith)

However, as will be elaborated upon later, both "family-mindedness"
and encouraging the children to become more reSponsible were somewhat
more typical practices of those midd e—class families.

But to what extent would the modern adolescent continue the family

methods of money management in his own home? Seventeen parents and

 

2 Sussman, Marvin B., Family Continuity; a Stu y of Factors which [ffect
Relationships Between Families at Generational Levels, Doctoral thesis,
Yale UniVersity, 1951, p. 13.

11h

high school students (representing 10 of the 12 fanilies) stated with-
out any hesitation that the adolescent would manage the finances in his
own home in much the same manner as his parents . Another group of 1h
persons agreed hat the teen age student would probably continue the
same practices but his final plan might be changed slightly by several
conditions: 1) a compromise between his habits and those of the partner
he would marry; 2) supplemental reading to improve his methods with more
emphasis on budgeting; and 3) the source of income. Only four parents
said that they thought their children might deVelOp different methods of‘
money'management.

This was the prediction of the majority of those interviewed for the
future money management habits of the high school student. Here may be
noted a discrepancy in beliefs and actual happenings. As has been dis-

3

cussed previously,3 most of the parents did not think they had carried

..

over their childhood experiences, yet they expected their children woulf.
.1.

There are at least two explanations for this. Fier, all of the teen

a e children se acted for the study were from similar socio-economic

backgrounds while their parents were reared in a variety of environmental
situations. Secondly, the probabilities of the students following their
parents' habits as stringently as expected may not come about in reality.
Unforeseen conditions are apt to change the children's future money
management practices in the same way hat most of the parents interviewed

led recognized influences causing differences between their current process

of money management and that of their own parents.

 

3 See page 111.

The comments of the family members, particularly those of the
adolescents, might be taken as indiccs of the amount of satisfaction
the high school students felt toward the management process under which
their parents Operated. If this be the case, 13 of the 1h.youths indi-
cated that they would adopt their parents' system of management as it
was or With some modification because it was "fun" (Joyce heed) or
"their system is good" (Pete Jackson). The fourteenth girl has already
initiated her own strict budget system of managing money while her parents
used a very casual type. Still the mothers and fathers (17 in all) were
generally agreed that their adolescent child woulo follow their system.
This large prOportion of family members with similar forecasts might be
taken as an indication that the high school student is not unhappy with
the process of management with which he is most closely associatec.

Details of The hanagement Processes and
Lttitufles Toward Them

 

 

 

Methods of budgeting money.

 

It was thought that the exact method the families employed of handline
money was too personal a matter in which to make inquiry. However, the
information was provided voluntarily by at least one person from eight
families.

Perhaps the most casual method of management of those described was
like the Bakers.

"To me, the best budget is how much we have Spent. There is

absolutely no need to know just for what the money is spent

because who cares. every year we make out a statement of how
much has been made and how much has been Spent and that shows

1

what is left. To me that is all one neens to know." (Mr. Baker)

116

I more formal system of handling money was used by the Smith family as

('1)

scribed by Patricia:

"I know they Operate on a budget system and put aside a certain

amount each week in the envelopes; I have seen the envelopes.

They always do that first. Of course, sometimes they have to

borrow from one envelOpe to pay for something out of another."

Several of the peOple, thinking that management meant only budgeting,
explained that they did not "stick to a budget. 'We just try to look
ahead and plan, but we also tr; to live within our means." (Hrs. Jackson)
This attitude of the parents is probably due to the fact that they rave
learned through experience how much money must be Spent for Specific
items and they are unaware that the; still "budget” their incomes. It
has become habitual through years of repetition.

High school students have had less experience in handling money

'than their parents. For this reason they put particular emphasis on
the budgeting step of the management proceSS. AS harian Davis said,

"[A budget] is a means of telling how much you can afford if you

want something else and do not know if you can afford to bud l .
You just look at the budget and it is there."

While there was no mention of the parents recording their expendi-
tures, this was the practice of at least six of the high school students
who accounted for their own money in account books or on scraps of paper.
In some instances, this was done at the instigation of the parents in an

effort to show their children how much was required to support them.

Training the student to manage his money.
For this investigation the methods the parents used to teach their

adolescent children to manage money were considered more important than

117

the System of management they themselves employed. Therefore, all those
interviewed were asked what Special techniques had been practiced by the
parents in the home. Their answers may be grouped as follows: 1) there
was no conscious effort on the part of the parents; 2) the children were
given an allowance; 3) the students had had additional Opportunities to
handle money; h) the parents offered ad ice and guidance; 5) the parents
became an ezample for their children. experience out of the home in-
cluded part and full time employment, formal training in school, and
serving as treasurer of organizations. Each of these will be discussed
more in detail.

Eleven parents from eight families claimed that they had not con-
sciously used any techniques to train their children in money management.
Three of these suggested that this was a part of their obligation that
they as parents had probably neglected; high school students should be
taught the value of money. Five more fathers and mothers explained why
it was not necessary to include this training in home education. Their
reasons were similar. They suggested that this knowledge just came
"automatically" or "on her own" or "they just grow into it."

But not all of these 11 parents actually meant what they stated so
emphatically, for three went on to mention later that one of the reasons
for giving their children an allowance was to let them manage money for
themselves. Fourteen of the total group of 38 specifically mentioned an
allowance as a means of teaching the student to manage his own money.

The usual practice was to start the child on an allowance when he was

young and then increase it as he grew older and assumed more responsibilities.

118

The allowance was the most ccmmon way by which the high school
students FGCEiVen their own Spending money. Two of the boys earned
enough by outside employment and their parents had discontinued the’
allowance at least during the summer months. One boy was given money
whenever he needed it. The rest of the stucents were expected to pay
for their school expenses such as supplies, lunch, and tranSportation
as well as church contributions and recreation from a set amount of
money. Any money over and above these necessities they could Spend for
whatever they pleased. If the teen age student made a mistake in manag-
ing his own money most of the parents considered that a part Of his
education and hOped that he would profit from the experience. As hnn
Eorgan told it:

"Honmand Dad have put us on our Own allowance and we are supposed

to stay within that. I guess it is a sort of self-training and

we are in a bad way if we do not learn to train ourselves."

Two of the mothers explained that the allowances were purposely made low
so that the children would not think that money was so easy to obtain.
In both these cases, the allowance was sometimes Supplemented when the
children asked for more funds.

In addition to their own allowances for school and personal expenses,
five of the high school students received a clothing allowance from which
they were to buy all except costly articles of clothing. This appeared
to be a separate allowance, but again the children were given the liberty
of allocating it to whatever they wanted to buy. It was not necessarily
restricted ts clothing purchases.

Giving children other Opportunities to handle money was mentioned

as another form of teaching them to manage. For example, Helen Snyder

119

had taken over the reSponsibility of buying the family groceries on a
few occasions when her mother was not able to do it. After his children
were old enough, Mr. Hudson gave them the weekly savings for their
college education to deposit thezselves. hr. Parker allowed his son to
buy small items for himself instead of his buying them and giving them
to the boy. Five of the high school students were permitted to use
their parents' charge accounts for their clothing and supplies and, in
some cases, without any limitations.

The other most frequently mentioned technique the parents used and
that which was proposed by five of the lb high school students in addi-
tion to several of the fathers and mothers (representing seven families)
was the parents' roles as "counselors" or "advisers". Either the father
or the mother advised the children on certain expenditures or assumed
the reSponsibility of having them realize the value of the dollar.

Often they helped them to set up a budget system for their allowances.

To have the parents set an example was mentioned by two of the
adolescents as an important part of their training.

"They have not sat down and showed us or taught us family

finances but rather they have just taught us by example."

Ann Morgan)

Most of these 2h parents encouraged their children to earn extra
money when they had the Opportunity either by baby sitting or doing jobs
around the home and neighborhood. They believed this exnerience to be
valuable for the adolescent. is Ir. Smith said, "By Patricia's working
this summer I think that she is beginning to realize that money is perhaps

a little bit harder to rret." Then, too, Mr. uyan suggested, "George got

b

120

a lot of beneficial training in handling money when he works; at an
oil station all summer....He was responsible for balancing the gallons
of gas sold with the money intake."

Of the total group of lh high school students, all but two were

either working currently or had been at some time during the summer.

#11

or at least six, this was their first summer of work experience.

IDClUdBL among their jobs were a camp counselor, secretary, inventory

y technician, bakery'utility man, exterminator, nurses's

taker, laborator

aid and assistant Craftsman. The two unemployed were a531gned Cuties
around their home for which they were reSponsible.

Then the high school students were asked if they had had any train-
ing outside of the home, most of them first thought of their formal
schooling and little mention was made of their work experience. Five of
the students recalled some instruction in mathematics classes in junior
high school but as to its value as an educational device, their opinions
differed. Joyce Reed thought the training was useful.

"Ye learned what comes first when you are making out a budget,

what you think of first and then how to divide the budget into

percentages."
But Jane Baker took an entirely different attitude.

" We had to keep a record of all our expenditures for a week

but it was really a farce because we had to record all that

en had Spent and sign the paper that we had spent that much.

Then it was collectefi and the teacher said that they were

fine. Nothing else happened after that."

Lnother girl said that she had been taught some of the principles of
L

buymanship in seventh and eighth grade home economics classes but she

did not remember any of them.

These students are juniors and seniors in high school and not one
of them mentioned having had any formal training in money management
since they were 12 and 13 years of age at which time it was limited to
mathematics classes. Though it was only mentioned by one girl, her ex-
planation points out a logical reason for the situation as it existed
in this particular middle class group of families. "I have not had any
training in high school because I have not taken a general business
course." Since Patricia Smith, like all the rest of the stufients are
college bound, the course of study they follow is geared to prepare them
for college entrance and not so much for practical application and adult
reSponsibilities. The latter are usually found in the curricula followed
by those students completing their.formal education with high school
graduation.

In addition to schooling, three of the boys had served as treasurers
of Boy Scouts or church organizations which gave them the Opportunity to
see "how the money came in and how it was expended." They also "are
trained to set up budgets and have definite goals toward which they must
work." (hr. Monroe)

In spite of nearly half of the parents denying the use of any con-
scious techniques to teach their children to handle money, and regardless
of the lack of formal schooling on the subject, the general opinion
among the parents and the children was that the students would be
capable of handling their own money when they became independent. After

all, in many cases, they were "doing it now." Only three (two mothers

122

and a girl) suggested that there might be some trouble at first or
that they might need temporary guidance.

Pete Jackson admitted, "I can't think of any training here at home.
But I must have learned from somebody, I don't know where." firs. Ryan
appeared to have the answer:

"I think it is possible without any mechanisms to give the

children attitudes and feelings about how to handle money.

It is really amazing how much they learn from observation

that you do not realize they are learning at the time."

If the parents and students had not assumed the adolescents to be
prepared to handle their own money, it would have been a reflection on
the parents' poor training. However, from the reSponses concerning
methods of teaching the children to manage money, it is generally evident
that neither the parents nor the students think the type of training
they have received is inadequate, scarce as it appears to be in some
cases.

Participation of High School Students
in the Money Management Process

 

 

The importance of each member of‘a democratic family unit having
the Opportunity to participate in all group activities and actually
assuming that right was noted in the Introduction. The management of
the family finances may be considered a family project.

In this particular study, it was assumed that the high school stu-
dents did not participate to any great degree in the management of the
family finances--at least not to the extent that is generally recommended.

Each person interviewed was confronted with this assumption in order to

123

obtain his reaction. This section of the chapter is an attempt to
summarize their reSponses and attitudes toward the student's partici-

pation in the management process of the family.

Attitudes toward the subject of the project.

 

When the subject of the study was first introduced to the 38 per-
sons involved, only three of the total group showed any skepticism toward
the value of such an investigation. These hree were all fathers, two
of whom had obtained advanced college degrees themselves, but in the
exact sciences. They also controlled their family purses, perhaps more
so than in most of the other families, and believed that it was necessary
for one person to handle the family income rather than to depend upon
the c00peration of the whole family.

The rest of the persons sanctioned the topic and agreed that it
merited further study. It was considered to be "basic for future life
and therefore one in which it is a good thing to get in on early."

Robert Hudson expressed the attitude of several others when he said,

"It is an important subject because you ought to know what is going on

in regard to financial things and how the family is budgeting the income."
Several suggested that it was a subject about which "too few knew too
little," and such a study might "enlighten" those who had "often wondered
how [they] could be better managers." "You have to have financial
planning and management." Four of this group agreed that it was an
important subject but seemed to regard it as particularly valuable for

"some" not necessarily themselves.

12h

Attitudes toward a "family council".

 

A "family council" system of money management, in which the older
children would c00perate, was prOposed to each one of the 38 in an effort
to get his Opinion of such a plan. Their viewpoints were divided with
the parents doing most of the commenting. Mr. and Mrs. Lee both suggested
that it was not their practice because they had really never "given it
much thought." It was tried in the Davis household but because of lack
of interest, the system was abandoned for money management but retained
for occasional disciplinary matters. Seven other persons (four fathers,
one mother and two students) agreed that it was probably an ideal arrange-
ment but not the usual practice. Practicality stood in the way. The
time factor prevented such a management pattern.

"I don't see that there is too much accomplished by it all.

we have a very small family and a large family would never

be able to get together. It is hard enough with ours

because Pete has Sea Scouts and Joan has her sorority and

they both have lessons in the winter." (hrs. Jackson).

"Living is just a day to day experience. We don't take a

long look forward like we ought to do. We all tend to take

the easy way out and do things the easiest way possible;

therefore, we don't follow the family council plan because

it is often times terribly hard to even get the whole

family to gether." (Mrs. Ryan).

It is interesting to note that three students who discussed the
"ideal" system denied the existence of a "family council" but then ex-
plained that they had informal sessions in which they debated or discussed

h

financial matters. According to writers in the field of family economics,

 

h Gross, I. H. and Crandall, E.‘W. Unpublished book, Home hanaggment,
Chapter "The Management Process", pp. 93-97 of the manuscript.

 

125

a family council should actually be a pleasant, informal and Spontaneous
get-together of the family members primarily for the purposes of planning
and evaluating. This was not the conception these high school students
seemed to have had when they said there was no such system in their
family.

Several other pecple made specific reference to the recommendations
prOposed in current literature. Dr. Paul POpenoe, who writes a syndicated
column appearing in a local newspaper, was cited by two of the mothers
as being one who advocated the adolescent's independence in managing his
own money and at the same time taking a part in the frhily financial
management process. But neither of these women followed his advice en-
tirely. .As Mrs. Morgan said,

"Somethnes I feel that children that are not raised according

to the books are better adjusted. we feel that it is better‘

to handle the money as we do whether it agrees with POpenoe's
way or not."

Four other parents expressed another attitude toward the writers'
suggestion that the high school students should take an active part.
It was good council but needed to be "educated into the families....
starting in the school." (Mr. Morgan) hr. Parker commented,

"Writers look longingly at the average American home and

write about it. But it is really impractical to plunge

right in the middle. You have to gradually introduce one

thing at a time and maybe after a while, this will grow

in importance."

These reSponsos suggest that parents are not ready to accept fully

the recommendations prOpounded. However, the larger prOportion of those

interviewed (35 out of 38 persons) who considered the high school student's

participation an important part of the management process of the family
finances, indicates that the trend is directed toward acceptance. But
to what extent are the young pecple actually allowed to enter in the
management of finances? How do the family members feel toward their
roles in the management process? What factors affect the participation
of the high school student? Are the students encouraged to plan for

and select large—expenditure items? How do the families in this study
think they compare with others as to the role of the adolescents in the
management of the finances? These and other questions will be discussed

in the following pages.

Degree of participation of high school student.

 

The answer to the first question may be stated very simply. High
school students are not allowed to participate to any great degree in
the management process of the family finances. This was the belief of
the total group of 38 persons; however, four stated that whereas it was
the general pattern in other families, it was not the situation in theirs
because they were exceptions.

This does not mean to imply that the adolescent was excluded entirely
from the management process. But his participation was limited either
to contributing ideas and suggestions in.making a particular purchase and/
or managing his own money rather than that of the whole family; He seemed
to have little to do with such practices as making of a family budget,
deciding upon the financial details of a purchase or, in some cases,
even helping to determine the amount of his own allowance, Hr. smyder

expressed it another way:

127

"You are making a right assumption I think except they co-

Ope~ate in our family on such things as who goes to camp

and what camp they are going to and items that involve

them in particular. But these items are only minor in

frequency in prOportion to the amount of financial planning

and the expenditures that goes on in the family that only

affect them indirectly."

There were many explanations preposed for the lack of participa-
tion on the part of the high school student. hat which was mentioned
by many (three fathers, three mothers and eight stuients from 10
families) pointed out that the parents were capable of making the de-
cisions; they had deveIOped the habit and hence did not have the patience
to allow their children to make mistakes. Tle eight adolescents just
assumed it to be a responsibility of the parents and were content to abide
by their judgments.

"I have always thought that t} ese were the sort of problems
that are just taken care of by the parents." (Marian Davis)

"I think the mother and father can best see where the money
goes anl can do a better joo at t1e planning....They know better

than I do what the whole financial status of the family is."
(Jane Baker)

"The high school student takes in confidence his parents' judg-
ment and assumes that it is sound." (Robert Hudson)

These quotations illustrate the faith the high school student has
in his parents' decisions. 'With this, evidently they are not too
interested in the financial management process of the family. Ninete n
persons (six fathers, five mothers and eight students) supplied this
as another reason for lack of participation. They were too busy with
their own activities to be concerned with the financial details of the
family. Typical remarks were

"I don't want to participate any more because it is such a
Jother to me. I 53 I am just laZy of nature." (Ann Morgan)

g)

"Personally, I don't want to know any hing more about it.
I am too busy with other things." (David Lee)

"I think the children that age are not too much interested

in the family income. I don't think they should be inter-

ested.at all. They have long enough to worry about it

when they get out of school." (hr. Jackson)

hrs. Parker added,

"I think that perhaps we could have stimulated more interest

in the family finances but then we did tot think they would

be interested. Now that I think of it, they might have been."

Her feeling, along with that of others interviewed, shows that a third
cause for the small amount of awanolescents' participation in the
management process of the family income might have been due to a deficiency
in training that could have been corrected earlier. As hrs. Monroe viewed
the situation,

"If things were worked out so that they had more reSponsibility

they would get more mature ideas than they do when they just

earn money of their own."

The students themselves szpported this. Six of the 1h admitted that
they did not know enough about money management and they lacked the ex-
perience that was necessary for them to participate.

"We do not participate as much as we should in family financial

management because it is something we don't understand....I

would like to know what to Spend my money on." (Patricia Smith)
Four parents suggested that high school students were not qualified to do
much planning; they lacked mature judgment and experience.

Anotler reason for the high school student's inactive part in the
management of the family income was that he did not have a right to have

any control over the management of his parents' income. This theory was

advanced by four persons (two fathers and two high school students):

"If I tried to become too interested, the fami y would
probably think I was trying to run the whole business."
(Marian Davis)

"I do not think they (high school students] are interested
in the family finances because they might take a position
'Of differing with their parents. This is a position most
children would rather shrink from or he might be slapped
away from." (Mr. Baker)

F3

hese are only the major reasons prOposed by the 12 family groups
interviewed. It should be noted that the number of answers accounted
for in previous paragraphs exceeded 38 reSponses. This was because

several explanations were sometimes suggested by one person.

attitudes toward the high school student's participation.

The majority of the teen agers (all but four) stated that they did
not want to take a more active part in the management process of the family
nor should they have more Of an Opportunity than was given them. To be
sure, if they wanted to express an Opinion, most of them felt free to do
so and their ideas might be considered, but they were content with the
existing circumstances. David Lee summarized the attitude that seemed
to prevail among the adolescents:

"I am not particularly interested in the finances. There is

always something else that is better to do. I don't think I

should have anything to do with it. I don't think any stu-

dents m" age are interested in the Spending of the family

income. All we are particularly interested in is getting

three meals a day and if we get that, it is enough."

An interesting observation is that while this feeling was prominent
in this age group, the parents took an Opposite viewpoint. All but a

very few suggested that their children should take a greater part and

might even want to do so. They seemed to feel guilty over their neglect

130

Of this aspect Of their training.

"Maybe they should have more contact with the running
expenses of the house." (hr. honroe)

"I think that if you would sit down and think it over and

talk about it you would conclude that you should have given

the high school student more of a part in the financial

planning because of his age." (Mr. Lee)

Factors affecting the participation Of the high school student.

Different circumstances might alter the extent of the high school
student's participation in the money management procedure Of the family.
Those factors most frequently Offered by the group were the age of the
child and the economic status Of the family.

The first--age of the child-~was mentioned as being a determinant
by 13 individuals (three fathers, four mothers and six students). It was
generally agreed that as the child reached high school graduation he
should be taking a greater interest in the management process of the
family; however, two additional persons thought that maturity was equally
as important as chronological age.

Referring to the economic status of the family, 11 (four fathers, two

mothers and five students) suggested that in the lower income families
the OOOperation of the whole family was more apt to be required. As Mr.
Reed explained,

"If the income is limited, the parents are more forced to

explain the reasons why their children's wants are limited...

there is more explaining required to the teen agers as to why

the daughter can not have a new formal like the others. Then

I think .«..the children have to contribute to the family in-

cmne by working and they are in closer contact with the family
income and expenditures."

131

Other factors stated as affecting the degree of participation of
the teen age student were: the number of children in the family;
whether the mother worked; the education of the parents; the size of a
single expenditure; and the size of the community; As the size of the
family and the cost of a single item increased, so should the respons-
ibility of the high school student in the management of the family money.
The mother's working would give the adolescent more Opportunity to handle
money. Highly educated parents with special training in family economics
should see the value of allowing the child to share in money managem;nt.
A larger community would have more activities demanding the time of the
students away from home, thus decreasing their interest in family money

management.

Purchasing large expenditure items.

It has been shown that the feelings of the parents and their children
indicated that the high school student did not participate to a large
extent in the financial management process of the family. In order to
obtain more concrete evidence of the actual participation of the family
members in one Specific aSpect of the management process, each of the
38 was asked to either describe the process of selecting and buying an
item that was recently acquired for the home or else to tell of how a
large expenditure purchase might be chosen.

Seventeen of the entire group reported that the final decision for
the items was usually'left up to both of the parents. Four other persons

claimed that only one of the parents would do the final choosing depending

132

upon the item being bought. For instance, if it were a car, the father
would undoubtedly have the final decision but if it were a piece of
furniture or something for the home the mother would be the major in-
fluence. Six delegated the reSponsibilities for deciding upon all pur-
chases to one parent--three to the father and three to the mother.

This total of 27 reSponses indicated that the parents either singly
Or COOperatively m de the final decisions on all large expenditure items
for the whole family. But this does not mean that the children were
eliminated from the selection procedure at all. Only seven persons
intimated such a situation. The rest who left the final decision in the
hanos of the parents added that the children would be aware of the pend-
ing purchase. In most cases, the whole group would talk about it and
each would have an Opinion as to the style and make they wanted. This,
however, limited the student's participation to the planning step of
the management process. Three of the mothers claimed that though their
children were given the Opportunity to voice an Opinion, they were seldom
interested in such details and were satisfied with the decisions of the
parents.

The remaining 11 persons, representing six families (two individuals
from each of five families and one from the sixth), considered the pur-
chase of a large expenditure item to be more a family project--one in
which they all took an active part in the planninr and actual purchase.
But often times the participation of the high school student was limited
to choosing the size, shape, color, and make rather than the price or
the method of payment for the item. In no instance was the child expected

to pay for a part of the item.

Comparisons with other families.

 

References to other socio-economic classes with regard to the high
school students' participation in the family financial management process
has been discussed previously. While this was mentioned by only a few
persons, the entire gr up was asked to compare the rfamily's management
practices with those Of their friends and neighbors. Ten (three fathers,
three mothers and four students) could not compare their habits with
others of their aCQuaintances. This was perhaps, as five persons supposed,
because they did not ordinarily discuss finances with their friends.
"Finances are one of our most jealously guarded secrets." (hrs. hyan)'

"I don't go around talking about my financial problems to

others and they do not come to me to talk about theirs."

(Harry Parker)

Ther emaining pecple ventured a comparison of their manag>m nt prac-
tices. That most prevalent among the high school a~ed group in particular
yes that their family was "typical" or "average" with those of their
friends--this being the reSponse of nine stuzents, five fathers and three
mo hers. This is probably because, as Joyce Read said, "Those girls that
I go around with have about the same background as I do."

Ten other persons suggested tml t tllcir family pra _ ctice s were not as
li‘m ral as those of their friencs . The children sometimes came 1H0 ewith
stories of how much money other stu ents wer getting for an allowance
compared to their own.

"According to the boys'stories they are held down. They tell

about how others who can drive to schoo and this looks too

extravagant to us. Je do not think Harold is capable of
managing it and we do not see the necesSity of it (Hrs. Monroe)

13b
This was usually the time when the parents felt an obligttion to e"elain
to their children the necessity of limiting their allowance or of cur-
tailing their expenditures. Of the ten persons making such comparisons,
it is to be noted that two family units accounted for six of the re-
sponse . Then it was a problem in the family, evidently each one was
aware of it and it had been a familiar tepic of conversation.

Three persons had observed that tleir system of management differed
from other with which they were familiar. hrs. Reed and her daughter
remarked that their family COOperation on all types of activities was
not generally found in those of their friends. Mrs. Snyder thought h:r

children to be better "handlers of the dollar" than most others their

Evidences of Long-Time Goals

 

"If the family were to win a pSC.CO prize, for instance on a radio
quiz contest, what would you do with it?" Each of the 35 persons were
confronted with this situation and it was honed their resaonsos would
sucgest long-time goals. The answers were varied.

Eighteen of the entire group suggested saving the prize money for
something in the future--a vacation trip, an extra pleasure, or college.
The latter was mentioned most frequently by the high school students
(five in all) perhaps because they were more concerned with their own
aims. The majority of the students would put a matured war bond in
their college savings also. Robert Hudson explained the practice that

seemed to be most pepuler with the stucents:

Y " '- s w Pa 0- ' . ---
"Flen My NOLF’ eoes towgrd colleg;, it
a hazy ILTL. It goes just into a gener
~ :~Px rj-xrfi - APJ- -',- w n, -. fi 1 -“
not to o: ess; n te ior such anu such
-V l. n.‘ -- .. A ‘ ' ,. . _
host of the adolescsrts Were rbin, to t
people--l.e., engineers, t aclors, an archit
a w. n . n 5 __ u ‘ ’ . n ‘ v
a miSsionary GNU a stock oroler Var; 14w n
“lorrinfi to oe anr those w3re

Five persons indicat”

. r41.

:eneral checking account. It was noted,

resentef only two family groups both of whic

o I .- ‘ I . ‘1 ‘ '.-V . I.- ,~ I ‘_l V,
irregular income tnrou,n fe_s an- com: seion

on.

7:191" j- l '3

of when 3 mothers, spec en c particular

’1)

e .L ‘ ,.‘ A
;e Stuccnt) Le

!

Six others (five fathers and 0'
money to other members of the family--perhap

the group or fivine it to their w ves to Spe

tion, a father and son would give the great?
to charitable organizations.

lbw persons (a father and son) did

sun of money with :ich to bother.

A 1‘.

"If you had said LlOO0.00, it would may
decide where we would Spend it, but if
we would prohebl ‘squander that." \Kr.

\

It was amazing how many others (about one—Si
aereed that oSO.UO did not amount to too moo

J

a possible use for it.

rgfiio or a record player for which the non

135

is put into srrt of

81 CIQll‘Bigz’B f {‘1’

fl

rain to be professioral

‘ETSiCQl thereoist,

id not know what they

J
v

1%3r9

he juniors in hl’fh school.

he additional money to their

however, that these five rep-

1
[i

ordinarily received an

7‘

5. live more pecple, forr

item such as a gas furnace,

t immefiatelv.

=xrrmuld be s .

p C‘fl
L-

VA-

. , r
1 | .b’a, 13‘

c thev would “ive t1

5 dividing it equally among
In addi-

nd on therselves.

nnings

st proportion of the vi

not think it was a large enough

0 it a lot easier to
it were only cSQ,CG
Parker)

xth of those interviewed)

out thev

l;

1 no "~~.r
11 Ahonuc} ,

136

Findings of Agreements and Dis
Among Family hembers

In discussing the previously mentioned topics, it was almost im-
possible to sepat rate the three methods of looking at the material. This
por ion of the chapter is an elabor tion of the agreements and disaaree-
ments among family members within the same iamily unit. mere will be
shown, as far as possible, those persons within each fami lgr unit who
shared the same be liefs and att itudes

There are several possibilities for awreement or oisagreement.
Either all family en/‘rs may have the same idea on a particular subject
r all foster unlike opinions. in is also conceivable that the
moth er and father may have beliefs t} at are shnilar but unlike the high
school students. In some instances, either the father and the teen age
student or the mother and the adolescent may agre on certain topics.

In most instances, it was only possible to compare the responses to sub—
ject matter on which the majority of the persons replie

When defining the phrase "f mxily financial menarcm nt,’ all members
Within each ofs Hi fa.milJ e Woups prOposeu different meanings of the
phrase. This points out the nee(l for more under stancinz of the manage-
ment steps, at least among this particular selected sample. It also tenfs
to indicate that money management is not a subject in which all members
take an equal part, because if they did, they would surely be in more
aereenlent as to its me? ning.

In contrast, only one family group offered similar meanings of thw

phrase. In three of the other families, it was the father ana the high

137

c: ool stud: at who agreed that Litancial mahagw ment, in essence, meant
'buogeting." A mother and her two seen ave children unr ted in their

lief that hue eting was the major aspect of money mana.jehent. In the
' 1

1 '-'1 1 .‘x . '. Irl ') '“ - ““ "1' ‘ i ‘ V" ' ”4" "V ‘0 Y“:
i IOdu neitn r the hOtnLP nor the SUI Ve puree a heiini-

3.) I’ 3

EA

tw m“ {'4' 1"" ‘n‘
'IL—LJ— U1). .3— v...

1+ t» M Iti -' 1% . n we; w t'vr 4;»
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n4 -, . ~ I» ‘ -' 1. +‘» 4-.. , -. . ‘ - D :
thLILI‘ 81:: de'g'J UO («017.1112le uric IT“) {16", 11611353.?“ 11L: £“I‘Q C" 1:3 Cf- Tilld J-al'n-l‘ 1,3".

r‘ '1 - ' .. ,- . r. a . flip”; . .., ,_ . - .. .L I‘: , .3

when; 11-13 parents Wei"; Eagle“ tu GUI-.9312) 11-13;: 13“}. LJLJIIL; III".31’1C_1.E“._;_
,~ .._ A, J- “' ~' ‘ ' ‘- - ' -: 1- “ 1., w -, “ .., « ~ -- 4— -. -, —’ —: , ' . '
19181-18 H‘JIII 311k) ILL-«Ll. no“ uh. nil tL-' OK; T1113“)! 1'1"; Luv“ “£21 C081- ulc‘,’ EJJJFZC ”1.": 111?, . ITJ “[57; S

(f’

1" . .- .: '. ‘. .1. :1 '- ‘, , —. N, . , -' 4" ,4 i . . ,. . 2‘ ' - ... ,. s '- . . 1, 1 ,.. .,
1.0 1.111;). L113; 4 0.1. 1.113 .11., 1.133 .13." cl 1»?! :31’1 “LS , .1. 1.7-? hi“; 3L1 L: ‘3 “L 1*. '3 on 11119145 JlV‘JQ
" ~ ‘ I -' ‘ - " " "‘ ' ' ' " t . "' ‘ '1 5‘ . '- ~ —: — *V . ,~ —-\ ‘ 41 w ’l‘ "q ’ '1 '
ails—:1 131%; k) “USO ILO CUIIQ‘Jl'J', S (,Csf'l “‘ "(1 \f- I O]. _1__L’.§:."lu_._5‘._1_ PFC»: 13.“..pr .L -. '31. L-.. 3 LI“

.- .L ‘ ..1 . ‘14. : .,... if, ., 5,1,1, 4,... m1 ‘. ., 4. .,._ 1..
dwumli. 1-110l11:31“ b:o CLL pdi“‘311u.> 3519:591- Nil—.1. LeLJ Obud‘ (1.1.50, L‘llt bllcd' 511;,-

-.' :+ Il‘,,._1 - r 1 _ .L‘--' . 1.». n4—' sue ' -
L‘JDLJU. L; :31; U113.) 11? -_ ILC'JI" OI“;1LJ(‘\, uilflll“ ‘31“"'lbo' JI'QCULC‘JS into “Cl. ll" OVTU

. P‘ ~ .‘4. . J (V L- ‘ " —‘ I I. I I ‘r‘ - /' ‘
nanau;nenc graces , JG wwcn the parents 01 the Other iour ldfl1119‘,
there was else gre'"eut as to the origin of their pattern of ma nagement.

JV»,

4. - . 11..—tar '..'.4 .0 1 '..‘ ,. , , '
CO ‘I' 1311111: she prUlc'Q.,~J_l.Lt/l‘$b Os. LPG 1L1, 11 SC 1031 5111 H": t ileum.“ 1‘11
4— 3- -,,y. .~,-—~. 1- , ~, 3 C“ \ D ‘ . v»? .~ - --‘ “ - -— ", .‘r'~1"\ . « J- “, J—. -' .~‘
:sz13 1|. {311‘de hit—'1‘ "“'lu I“ mike.) C," 111.8 516.13: 111:; to 1-1.5 0’31; new; in one filmh“: ,

:4_ _"n '-,r‘-‘- 'r'x \ . .L- ’ ""‘*.'.-‘ I _‘ ' v. ”(“ '3‘", . (‘fl . “9‘ ..“.,.._
,LU “'Tcrn. .LC'llllki LL'C" U lIC~J..L OI. U110- 4.c4.'u‘_L.l.lCS 531’": €11.51.“ .I‘Q‘VL 81"1U11C‘tU'JI-UHST31V‘J “uric. b

(I)

he p1 ocaol would. In mos* of the other six cases the father was the
.1"
1ZaIM1t ressing the g‘eater degree of donut.
I 1'3: 'r ~: Arm 117 401 11 w v‘ 4'" I ~T~-.»-uln.‘~' 7‘11”? 4'11- .3;
it has seen note a on p€.wg Lat 3a-ento kihe alinl b.f33

r‘ ' “ ‘~1 N "u-r. -" ‘L‘ ' “ r- u - ”1' '1'“: I'“ -v . ‘ ~' "3 ‘.‘ n. ”‘ V. I '1
01 mothers aha fathers) 311494 that the, nae not consciouslj train»;

'1'
'31
L4-
’1
U1

..‘,.-:. ;' .7. ' J.‘,, n. . . TV, r ‘. L 3" ' 4, ...'.j. .
their callaren in CLQ use of honey. in aiuitien b0 LHlb “ether lar e

 

r‘ I" A . ’ fl " ’ ‘ ‘ . ' ': 1 ' “J ": ‘3 . .' " ’ “ T. '. " ’ 'L J 'I : "'.‘;‘ “' '

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, . . . .: oni- ,1 ,‘ .,,. 1),, - 1 3., ., ,- ,4 -. ,, l. . ' H, . ,n, ,3 ,4.
LW‘) Of bird .La- blue—1‘0 ‘11".-lxl;.~.s_;, ”0111311 I“: Sure“: lila.J1:1,;l£L-? 11’} in 11.0 I"; 12:10 «1 .

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L;

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54.4-

0111. '=‘

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1

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an o

SUCL1

{D
.0

2am

"'1
Ah

.1

t1

4. 1

to

'3 I“ :. .74-
JL~ v11u~J

of their 1

zrts
L 111
.118

.X

ool

3:1

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1,,

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to

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101ntod out
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rs
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our total $9311

{-4-

1101;“

3 t1
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famili

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i
u

n?-

..

139

nu

student's small amount of participation was his lack of interest. lUiS
was preposed by two complete family units and two sets of mothers and
fathers together. In two other families, the high SCLOOl student shared
the same opinion as his mother in one instance and his father in the
other. With so many parents giving the high school student's lack of
interest as a reason for his small amount of participation, it appeared
that they were not assuming the reSponsibility for causing little desire
to participate.

While six students said they did not have enough knowledge of how
to manage money, this was agreed with by only one mother. however, two
pairs of parents pointed out where their teen age children had immature
judgment and, therefore, were not qualified to participate.

One of the factors mentioned as influencing the child's degree
of participation was his age. Two members each from four families ex-
nressed this opinion. They included: two fathers and adolescents; one
mother and higd school student; and one father and mother.

When comparing the descriptions of purchasing large expenditure
items, it was found that seven of the family groups were agreed among
themselves. Five of them put the final reSponsibility in the hands of
the parents after the family had been consultei. The other two families

agreed that the final decisions were family activities in which all

members participated. In the other five farily units studied, it was

generally the Student who viewed the procedure of selecting a large
expenditure purchase differently from his parents. They either felt
more a part of the selection proceS“ than their parents indicated or
else they took an extrene point of View and thought themselves less
important than their parents meant for them to be.

In comparing their families' financial management habits With those
of other families, five entire family groups Were in agreement. These
were comprised of: 1) one family who did not compare their family with
others; 2) two families who believed themselves to be "average" and
"typical" of their friends; and 3) two families who expressed the belief
that they were not as liberal in giving their children money as they
had observed their friends to be. Two other family units were in com-
plete disagreement in how their own management practices compared with
others. In both cases, the students felt they were like others, but
the parents either did not venture a comparison or felt themselves to be
more conservative than their acquaintances. Within each of the remain-
ing five families, there was agreement between two persons. One pair of
parents believed that they were like others in managing their money,
but their daughter felt it depended upon many outside influences. Two
fathers sided with the children in observing that their management
habits were similar to their friends. In the last two families, it was
the mothers and students who shared like Opinions as to how their family
compared with others.

Among the 12 family groups, there was only one in which all the

members indicated exactly the same use for 950.00 in prize money the

family should win. This was a family in which the income fluctuated
from month to month; every one of them sue ested that the money would
just be considered another source of income. It was true that in four
other family units, all the family members suggested that they would
put the money for a particular "good" cause, but the exact objectives
were not well defined within the group. Each of the members of two
family groups suggested different objectives entirely for the use of the
money. In four of the family groups, it was the mother and the adolescent
who shared similar opinions as to what purpose the money should be put.
The parents together mentioned about the same uses for the money in two
more of the families, while in the remaining three cases interviewed,
it was the father and high school student who agreed on the destination
of the prize money. From these findings, it appeared that the parents
were more in accord with their children on the matter of what to do with
an unexpected amount of inc0me than with each other.
rindinzs Concerning holes and Attitudes

of Individual Family.hembers

For most topics reported in the findings, it has already been
shown how the individuals in the various family positions reacted to

f“

certain aSpects of money management. his portion of the chapter will

put particular emphasis on the different attitudes and Opinions which
appear to be characteristic of either the father. mother, or high school
student.

Of the entire group of 38 persons interviewed, IE pecple limited

management to budgeting; half of whom were high school students. The

lh2

other nine reSponses were divided oetween the fathers and mothers.
This part of the management process is prohaoly the one in which the
children have received the most training and therefore believe to be
the most important. Several of them mentioned having been instructed
in setting up a budget in junior high school. It was the mothers in
particular who stressed the necessity of living within one's income

as the meaning of "family financial management." Three fathers seemed
to dismiss the belief of family c00peration being desirable in the
management of the family income and they stressed the necessity of one
person being reSponsible for the management of the family income.

Kore mothers (ten) than fathers (six) reported they were not con-
tinuing their parents' management habits in their present family prac-
tices. Four fathers Specifically referred to their childhood experi-
ences as the foundation for the management practices they now follow.
From these findings, it may be assumed that the husband has dominated
the present money management process in many of these cases. All of the
students predicted that they would adopt their parents' money management
haoits in their own homes; however, six of the lh suggested circumstances
that might alter the degree of transference. It was the mother who
tended to agree with the children. The father was of the same Opinion
in most cases, but he was the parent more apt to be cautious about too
definite a prediction.

When discussing the types of training given oy the parents in money
manaqement, six fathers stated that they had not used any particular

method. Five mothers made similar remarks but then went on further to

11:3

explain what experiences the children had received to teach them the
value of money. This shows that though perhaps they did not realize it
as being important, they were employing various techniques. The stu-
dents evidently were more conscious of their parents' teachings than
their mothers and fathers because only one of them made no reference to
evidences of parental training. To many of the adolescents, guidance
and counseling was considered important.

In all the methods of training the high school student to manage
money, the mother assumed the more important role of the parents. In
fact, two of the fathers suggested that if there were any schemes used,
they did not know of them but perhaps their wives would, The mothers
were major influences in the children's expenditures for clothing,
recreation and pleasure as well as showing mistakes in buying that might
have been corrected. The fathers gave the children their allowances and
aside from occasional advice and help on financial problems, they usually
turned over the responsibility of the actual teaching to the mothers.

The parents knew very little about the students' learning experi-
ences in school but were more familiar with the fact that their children
had served as treasurers in various organizations. In these cases, the
father had been consulted when his child had assumed the position.

In explaining why high school students usually did not participate
in the money management process of the family, the students (eight)
either suggested that the parents could manage the money better than
they and it was their duty, or that they were not interested in the

management of the family income (eight adolescents). Six of the youths

1th

admitted they did not know enough about money management to participate.
It should be noted that the persons discussing the student's degree of

participation in family financial management often named several ex-

planations. The parents together were venerally in agreement with the

g
children on these matters, but they were equally divided on their
reSponses. The parents suggested that lack of maturity, judgment and
experience were the reasons.

All but four of the adolescents claimed that they did not want to
take a greater part in the management process of the family income. On

.‘
T

the other hand the parents were of the Opinion that they should be more

3
active in their participation.

In suggesting the factors that affected the degree of the high
school students' participation, the students mentioned age and the eco-
nomic status of the family as being important. While there was a tendency
for the mothers to be more conscious of age, the fathers pointed out the
economic level of the family to be a decided influence on the children's
participation.

When procedure for selecting and purchasing large expenditure items
was described by the fathers, mothers and students, it was found that
there were few differences in their reSponses. The mothers appeared to
stress the family's participation in all aSpects of the buying of the
items--not just in the planning and discussing the prOposed purchases.
Three of the high school students thought that,while they were given an
Opportunity to express an opinion, it would not have much influence on

the parentS' final decisions. But these attitudes were indeed not

its

typical of the group of high school students, the majority of whom
seemed content with their prese.t amount of participation.

Each was asked to compare the money'management practices of the
family with those of his friends. The students (nine) thought the
process employed in their own home was very similar to those of their
friends. The fathers, in five of these cases,agreed with their children.
The mothers' reSponses were too divided to show any pattern to be character-
istic of their position in the family.

Possible uses for $50.00 prize money were compared, but again there
were manv different reSponses. It may be concluded, however, that the
women appeared to be the most interested in Spending the money for the
home or a family pleasure, that the men seemed the most generous in want-
ing to give to others and that the students were perhaps the most college-

minded and felt the $50.00 would be saved for that purpose.

CLLAPi‘LL-L VI

n

UHLP‘Sh Vl

Shnuhhi Ahd CUNCLUSICNS

With_th-e denocrauic or*:ni *Uio n of 1""11 liVin;_uas come the

1

emphasis upon the importance of each individual within the group. r"he
area of home management, too, has recognized the human element in its
subject matter and has attempted to make management a process in which
all members of the family should participate.

3ut little has he an done to determine to what extent the adolescent
in his junior or St anior dear in high school does participate in the
management of the fa.mil;,r finances. That was the prix';'1ar,; purpose of the
study. In addition, an attempt was made to find out his reaction toward
his participation as well as the attitude of each of his parents. The
developmental pattern of the adolescent ‘s role wss traced in an effort
to point out tlmo e oachground factors that miqht have influenced it as
well as the roles and attitudes of each his parents.

The case study method was employed with the use of the interview

as a m ans of gaining; the information. This was thought to ce the best

(0

zvethod for getting attitu es and Opinions since th facial expression
and voice infle ect ions coulc be observed and judged in addition to the

verbal reSpons s

(C

(1...! .
(D
C
0

Twelve families were asked to cosperate in the research pro

These were selected according to predetermined criteria--occupation of

chief breadwinner, the source of known income, the type of house, the

}.J
J: -
'«3

dwelling area, the religious preference, and the school year of the

teen an child in the fam U1 It was found that the majority of the

(7 O

(U

men were either professional or prOprietors and manag~rs, therefore,
receiving their incomes mostly from salaries. The houses we re all rated
"very good" or "good" and the residential neighborhood was judged to be
"above average." all l2 families attended the local hethodist church
and each had at least one boy or irl who had oeen in either the junior
or senior class in high school the previous school year. Using an Inde
of Status Characteristics, the group of ina.i ilies finally cho osen was
thought to be noxoeeneous in its socio-economic class; they all were
ratedu uppe r-mic dle. The par+ icular sue area in which the families
lived was nC ar the home of the investiga or and all were personal
acquaintances.

ho set: at+ ern of interviewing was followed because it has felt
that informal conversation, yet one that 12 s guii e‘d Ly the investigator,
would furnish a freer flow of reSponse than the que stion— —answc r approach.
Only remarks concerning the roles of the various members in the manage-
ment of family finances were encouraged; details of family inco.e, ex-

ic ulties were avoided because of the

:M

penditures and financial dif
intimacy of the subject. mach of the 36 persons (two sets of twins were
included in the study) was interviewed e_parately in an effort to gain
only his own feelings.

During the interview, notes were taken and immediately following
T

the conve~sation were recorded in complete form. dhen this part of the

project was finished, the interviews of the persons within the 12 family

16;

(L:
.._1

units were com;:arcci: l) to pick out the d" i of the mo ey‘.1anage-
ment process; 2) to trace the genesis of the manasrmcn' practices and
attitudes; 3/ to point out the roles and attitu dzs of the fathers,
mothers, and adolescent children; ar-d h) to show on what isaues the
family nenao -3rs a'recd or disagreed. The fahily groups were then compared
with each other in an atterpt to pich out ar\ pattezns that nigght cone

to light as being ‘3pical of this particular selected group of families.

It was not th

(D

purpose of this study to juote the money were event
practices of these 12 familie es, out rather to try to determine the roles

J articularly the high school stuicnt) and

L!
f‘\

of the indivich aal me
their attitudes toward these roles. With such a small sample, it was
impossicle to draw any conclusions regardirg the money management process
of the sanlp , however, generalizations can he ImJoe pUlutlI” out thos

itens on which the largest nlno er of persons commented. Along with the

L

1

following gene ializ ations Jersonal oJinions of the investigator are
interSpersed.

The first portion of the findings dealt with the attitudes and
Opinions of the entire group of 38 persons. To the majority of the
persons interviewed, ”family financial nana.t elcrt" meant only planning
the expenoitures or cud gating. h few mentioned the act of controlling
the plan but practically no one ref<rred to the eve ”1 a
management process. Also, when defining the phrase, most of the persons

ignored the word "family" completely. Some stl ss sod the importance of

(L

one incividual handling the money income, Very few verbally reco;ip ”*2
the mane; ;irg of the fanuily income to he a project in which the entire

&.ilv cootm ateu.

z (1,; -\ .‘ J- ‘ r~ ~ . ~ r- -' r h . , , - , -.1 -v- 1" ‘ ,I‘ '-~- r 7 . . -» 1 s ‘ ~ ' . . (1
“JUL, bl ul‘c beluga I:;c1f;cif)g;zl.._:f;t “adios ib-.,J. 143 tin; Hal‘sllub 111 this
I - - v- " ‘ "\ ~" 4‘ -. R ‘L ‘ ,,—~, \‘ P‘ - 4" L . V . .1 1“. ,'~ -‘ w” x .P ‘ '. ‘ V-p. ‘ \ ‘\' “ “ F‘
Strict” r131”: 11L) u like US it.) at: 04. their Culluuuvkl E313 Cf‘l‘jiivz . II; SUIlrd OI.
V .3 _. . 1‘ | r‘ _t 1) ’_ _ r' . ‘ '-': ,__‘ . .. r. '_ I _"I _ ' . _‘ F ‘ _: ‘l . a '3 .-- _o_ o "' ‘ _o .W n c ,— ,-
ti“; (IE-duo , [ILL/r0 JLLS SVJ-\.CILVQ 04. 14113 paternal irlLlULblLCU Sblli eJCLQ-Llll.:;

n: , 7 ..1‘. .L..' . ,. vn, .L
on oaVelOpeo their an maLGQJLan

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practices after the3 were marriec, but11e Listicticns of the parents
and the chilaren were that the students inclucec in the study woulu be
>3 of MSlE in; finances to Which the3 were
accustomed. This was taheh as an indication that the stud nt seemed
satisfiau with tlfle ILanagexr -ent S3stem his parents used.

nearly half of the 1x a1ents stated the3 used no Special tecdnihues
to teach their children to manage money. [ctua 113 this was not the case
for some Want on to exglain the incortance of their chilCren's allowance
as a device for teaching them the v; lue of money Other techniques
consioureu to oe inc thant were: giving the children some reSponsibility
in handlingi i wily mone3; guiuing the children's exm:e 11:ittr res; exteri-
cncing outside work; anu serving as treasurer of various or m izatiOhs.
The home raining Oi the chiluren in money management tendeo to be more
a responsibility of the moths; than the father, particular V with regard
to clothing and recreation eAsc.citc-cs.
an educational committee of the Lake Placid

As earlr as 1900

l 3 3 .
Confezence reportao that there WOT: n-n3 cl.iL;ren from all SQCLO-

3

activi—

F1

economic classes who did not have the Opoortunity to taxe part i1

ties at home and it was up to the schools to suppl3 this de

 

1 Lake flacio Corier nee on hone Economics, Proc-,uinbs of the first,
seconw and thir: conferenc;s, Lrhe fiacio, yew i"ork, lfiLl.

 

130

In more recent times, there has even been a greater increase in the

(‘
i3

nurber of out-of-the-home activities requiring the time of the tee
age student, thereby decreasing his home interest to a greater extent.
But from the findings of this study, it appeared that the school was
not assuming much responsioility for teaching the e upper-middle class
studentsnoney management practices

so one helieved they were using the so-called "family council"
system of money management, They seemed to think it was a formal meet-
ing of the family members in which a vote was the customary manner of

reaching a final decision. Perhaps the term should be renamed because

L

the wor° "council" itself denotes a formal gathering Operating under
the laws of parliamentary procedure.

All of t1e entire group of 38 persons agreed that the high school
student did not participate to any great degree in the management of
the family finances. The parents were capable of doing the managing
and the students were content to let them take the full responsibility.
nary of the children had no interest in the family finances when they
were not concerned directly by the decisions.

Sometimes the students, if they were interested, would help in
the final selection of an item; however, the parents only encouraged
them to help choose the physical characteristics of the purchase and
not to make decisions reqarding the monetary details. The latter became
the reSponsibility of the parents who usually c00perated in the decisions.
Often times the final choice of an article was left to the "expert" on
that particular purchase--i.e., the father would select the automobile

and the mother would choose household necessities.

151

On the whole,

the students did not want to participate more than
they were doing alreed". They did not feel they had the right to influ-

ence their parents opinions; parents shou d have the responsioility.

The reason for the limited garticipation of the high school student

C+

that perhaps had he most significance to the home economist was that
many of these lh students lacked the training or experience necessary
to share in managing money.

However, the high school student was not eliminated from the money

management process of the family entirely. They participated to some

to
extent, but their participation was usually limitedAone aSpect of the
first step of the management process, that of planning for a future
purchase The exact amount of the income or any financial difficulty
that might occur in the family, was, as a rule, withheld from the child's
knowledge. He had no part in budgeting the family income. He only had
the reSponsibility of managing his own money and, in some c ses, this
was under the guidance and direction of one or both parents.

It wcs hard for many of these 38 persons to compare their own
financial management process with that of others because money matters
were generally not a common tOpic of conversation among friends. Many
suspected that the management system in their family was much the same
as that of their aCQuaintances. Others had observed that the parents

0'} I

in some of these families were less lioeral in giving money to their
children and more liable to curtail the children's wants and wishes.

All of the lh students were college bound and it was for this pur-

pose they thought any prize money might be put. But most of the mothers

1'32
were more interested in either providing an extra pleasure which the
whole family could enjoy or else improving the home, The fathers
generally were of the Opinion that the money would be divided equally
among the family group or given to their wives to spend on themselves,

For this group of 12 families, it is almost too late to encourage
more family participation because the teen age children were already
making plans to leave home for college, Any promoting of the concept
that the children should become active in the money management process

of the family finances should be done, as su gested by several of the

3
parents, when the children are young. Therefore,the value of democratic
participation in the managing of family finances needs to be instilled

in parents long before the children reach adolescence.

The next section of the findings was an attempt to point out the
major aspects of family financial management on which the various members
of the family units agreed or disagreed. ho precise conclusions can be
drawn because there were no consistent patterns of agreement or disagree-
ments among family members. For this reason, only the broadest generali-
zations can be made.

Each individual family that was selected for the research project
had been established for at least lb years and from the subjective view—
point of the investigator appeared to have good family relations among
the group members. There were few issues discussed upon which there
was a rabid disagreement among family members, The main source of dis-

agreement between the parents appeared to be concerning the method

they should use to train their Children to manage money.

153

On many Of the tOpics on which the entire family were in full
agreement, it was obvious that there had been recent family conversa-
tions about the matter. A popular meaning attached to the phrase "family
financial management" by most Of the family groups was “budgeting."

This was mentioned in families which were either conscious of the need
for it or were attempting to demonstrate the necessity of budgeting to
their<flfildren.

When there was disagreement among the family members, it seemed to
be the high school students who did not share the same Opinions and be-
liefs as their parents, There are two possible explanations for this.
The parents, since they knew the investigator, were perhaps making the
financial management process and the attitudes of each Of the members
toward it appear rather optimistic. The children, on the other hanc,
expressed their true feelings with little thought to how it sounded. Or
perhaps, the parents were just unaware Of their children's apparent
disagreement over financial matters since there was not much discussion
Of finances within the family groups.

From an over—all observation, it may be concluded that when the
members within the family disagreed on one aSpect of the money manage-
ment process, they were apt to disagree on several others. It may be
further generalized that when the adolescent had an Opinion on a money
matter that was similar to one Of his parents, the tendency was for him
to agree with that particular parent on other situations.

While it was relatively simple to pick out the his! school students'

Opinions and attitudes, it was more difficult to determine the beliefs

15h

that were characteristic of either the mother or the father. This was
because the parents tended to be more in accord with each other's
statements and opinions than with their children.

Little information was Obtained about the exact methods of manage-
ment employed by the families; however, there was evidence that the
children put more importance on badgeting and recording their expendi-
tures than did their parents.

It was found that in this particular upper-middle class group of
families, there was still a slight tendency for the father to dominate
the money management process of the household. Evidently the practices
of managing the family income were satisfactory to the students because
so many indicated that they would adopt their parents' habits in their
future homes.

In training the children to manage money, the mothers were more
aware of the methods employed than were the fathers who seemed to shift
the reSponsibility to their wives, Also the women tended to be more
family oriented in discussing the purchase of a large expenditure item
and in determining a use for fiD0.00 prize money.

While the children said they were content with the degree of fi-
nancial management they had been permitted in the family, the parents
believed that they should have stimulated more interest and should have

encouraged more participation.

Suggestions for Further Study

The purpose of a case study approach is to suegest hypotheses and
ideas for further investigations. From the information Obtained by
talking with the selected sample included in this study, several
possibilities can be presented as leads for a deeper or perhaps more
statistical analysis.

The development of the individual's attitudes toward money and his
practices Of money management might be further investigated. It was
generally found that the mothers and fathers in the study differed from
their parents in the methods Of money management. Yet, they each felt
that the modern adolescent would continue the same attitudes toward
money that his mother and father had. It may be hypothesized, then,
that the next generation will be more like the present than the present
is like the last. In other words, how much is one generation like
another? how do money'management habits and attitudes transfer from the
parents to the children when the subject appears to be so apart from the
adolescent's realm of interest and the parents do not seem to teach them
money'management?

If it can be assumed that children's participation in the money
management process of the family is desirable, then it is necessary to
begin this habit when the children are young. At what age should it be
started? How does it develOp as the child is included in more and more
family financial discussions and decisions? hore detailed case studies

of individuals tracing their money management practices would perhaps

reveal the value of starting their participation earl} in the Child's
experiences. The attitudes of the individual toward money during his
lifetime could be related to outside influen(;es such as the business
cycle of inflation amid deflation, the various stases of the family life

cycle, the age a person married or the occu MP nce of some family crisis.

raw
I r
‘0

(I)

(I)

l I"

have been Quite a few research projects done on the methods
families employ in managing their money, but further study would perhaps
show how the high school student manages his own money. It would indicate
the methods he himself uses as well as point to the origin of some of

parents, or I om mere

0)

those nethods-—wtether it oe from St hool, from hi

Statistical analdsis of data is impossinle with such a small sample
of families. Therefore, it is recommended that in future studies of
this nature, a larger number of participants be chosen so that the inte?-

mfleof

(D

view could be aCCthFhin by a questionnaire or definite sch

gues tions. These could be analyzed quantitatively. however, it must

be realized that in doing this, the inforjal casual discussion of rioney
management might be sacrificed for more objective data.

Only a small Sam; 13 of 12 upper-middle class families wer e included
in this project. A further study could be to select a sample from

nether socio-econOLio class (preferably the lower class) and to co: here

:1)

fl

the degree of partiCWMation of the high school student in the two Classes.
It was generally agreed that in this particular socio—economic class
there was a limite ; amount of participation on the part of the lit} school

It was succested th:-t in the

f .

O":
U)
0

.,‘V. 3.- r. ,....,.- .L ,
student in the money management probe

lower income group family COOperation would be more 'ypical. Let it be

suerestem for additional study) that the lack of communication between

CW?

venerations in the upper socio-economic class of people is a mechanism

to enhance the class status and prestige of this particular group of
families.

There were many reasons offered for lack of full family cooneration
in the money management process. Further study might delve more deeply
into these with the intention of determining which of those are actually
defense mechanisms on the part of the family members and which are valid
excuses,

Since the adolescents did not apnear to be interested in the maiage-

.L

ment of the family'inccme, and since they were the family members to be

(\
(1'.
0

more in disagreement with their parents than their parents were with
other, it may oe hgpothesized that these two iactors are, in reality,

manifestations of tte adolescent's desire for independence from 'amily

other possible causes for this particular

(U
H
[J
KM

ties. On the other h

«1

., F‘ on —: . (N .l‘ -- x3 -‘./-. x- l"l - q.‘r g“ r), $"- b- ‘.r*"
sanole oi iamllics Klbu he: 1) these adolescents had law llnanClul or

material needs that were not satisfiec my their parents; 2) there was

J. a J ‘-« ,, '9. —,r' I». w a '~
no iJI'USoL;I“3 to Us IuOI‘U llliUl‘n‘CU; 3) “\1’. Incl"; Jifjt 132', .

l

hanv persons mentioned the age or the stucent as a factor affecting

O

.. 1 fl . r“ J.

the amount of participation children should have. another reSLarch

(‘5‘

- .'.,V J. ',... .L 7 . ,. ..,,. n . n. . h _: . , , .z. + “_
DFOJUCU mi5ho oe uirected toward otter age aroips in an eiioru to ce-

—'

La ‘ -fl .1, -' ,., -r' ~ ' .. .3 W.“ -' 3H,.L: . 20.0, ,... 3 _._,._, .3
termine tn; hind CLJ extent oi par.i0icution at Jae oiliereht age chels,

1

Thoufih there tag no deiinite indication of it in the comnants of

these particular 30 persons, the role of the high sen ol student in

O

| V
r

’ '— "">‘|>' ' I‘~ 7’ ‘L ‘Iv‘ '. |‘ " 4" ‘ ~ I11 ~‘ ' ‘ " 1' " - 1',‘ 'V' ‘ ‘
monca Laflzgcmpdb mlJLL he iniluenceu DJ the s: :x oi the acolescent.

ff for leI ther 5t ‘:‘_‘*-—€. comparissn of

lUlS intrOuucss ar cthor mosaioili

.- , to ,K , ‘ _.‘,-. _ _ ‘- _:, L-) m ' ,- rungs ,., "I: \ -.' r.
tin: noun-4' 0-11-1. -ll‘lS' 8,-l‘o85 Oi ‘tjr;.1"L_LC_;L.,~aolC--J in 11'.“ .LC-.4..-L._L‘ lflfjc'lfldl'sl

a.” at a 1. “an: .. . .0 . ,1» -> .~ — n . 4 —:
maneoenert 01 the :amilJ luCOJG; o HLGU :AJont does an "only" chila

J .

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p.-

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b X} ‘4

.-‘ x‘ r‘ ‘ rs ‘. 4" ‘ . :- I" ‘r ‘2 . 7‘ -. ‘r' ~ ‘ 1 - ' '1 r(‘ ~‘ ."~ J‘ ,l v 31"-
J1: “Q t‘? VILLUL :4; D 35131} in NOEL); mulls; ”81,;"111 L; CO 21x11 "(:‘x, V. S‘ V ‘1‘:

i .
cinjghrii in the fetid; 2

ScLools marticularlg ni'n schools, are publicly suppor’;;u iastitu-
'or alalt Iocponsi ili ties. Do

I

1‘ u I . - - -.r-V ' —'- ‘fl n4-.r -y ».—-.r.. ,‘.'n' ‘, r« ,rr‘,.-,.\;—,~— _ ‘ "_ J— -‘ ’. . ">.'
T1133.) MO bills 111 the (7.10:1 Of 4.1.13-3 lsal Lieutiefis‘QmLILo for thOoB Sully-ll S «no

, “a, . o .L, ..- .. r~ r: , 1) {—5,-1A'._:J.A ,qw
lollod a Cblitbs Ls-oarator5 coarse. LLpSD in stuoc‘ n ' ctain-u to lat‘

,__\

. _ -,,.,d °'J-‘_l “u ,— 4» - 4.. 'v... f. “,5. ,1 *’ , . V1 . ,.r ‘0‘ a 2--.
Ed'clvua llCoLu lincnciol tralLlu’ 1 u‘HOUl. it woulu, thecelore, oe

' '.-- “WI- '., .. A. -7 - -L. “-3 . N , .L 3...“, M- -2. .fi. .,1, was: M... a- ,
lDEUFUoulflQ to stucy the Cirric ula as outlined t, uh" educoJOIQ to :iLu

\ '0 in; ' ,IL- _ - '1- 7,.) a “7. .L‘ .- - ,f, '1 - .r ‘3, ‘
out 1L thcd nan inten;3d to inclm a i . iorhats UNJJ haVe celegateu it
3 \ v'- ‘ A ’“n ’\ ’.‘ . f" rfl" r" Q '~-,’\ " J‘ . ‘ ‘ r0 ‘ “ ' ' . ‘ 1 . ‘4 1“ "-1 “ A ‘3" . “3| ‘L

to none e ononios classes, iornetting LMdL in niQh school, he n Jorluy
oi students are not er llec in lamil; life courses.

4* . " r ,- 1 \ ~.r~ 1, w 1 J. ‘ ,‘J- 1‘ nr‘ rw - ‘.v - \ ~1.—-‘ ~.» :. ,-.. ."

Lut then, cn tne other hand, dust quaUcd tn; Stwupnts uia not
-< . . ,4- “ (N m ' —. '. C. . ,‘1 ; ‘ -‘ ‘1"\“ . «, 1 . ‘ ~ ‘ :~. - -. 0% '1-. ,- ,1 _.,. r ,3 a- .f‘ Hr“ -.u ‘ ~ " "\ J
{-‘Ollz‘u t: ' a Spy ll 1'4 COLL; b; 7.11 7.45.24.01. this"; ldr‘i L'J'J. Lithj’ “cilia _:)€-.I|Adht , ' -«q L1

,.;,,« m”; m- _- .. .i,‘ 14" 4-7M,“ V “‘4. '_ , .:_ '- r- . V .11
\4.U.JL) ILUU Ilqviaosgi.r.Lll "HT“;AJ TJJOL blur-J til“ llCJL; liav:3 Ullc lornlnlff 1n SChOOl,

'~"- ' A""‘ vu\~ \ '1." - "w -L ‘1, ‘, A n‘ q - 1‘ ,r‘ -,~._ -L‘ r\ f3
rernaps it was not tu~ fault of tde sc;0ol cuiricula. mc,uo the hilJer n

i.._J
‘\,]A

wvre exyo ed to the suogect out did not reneweer it or rec gnize it as

U)

being a part of their training in money management,

a few of the parents stated that they did not include the children
in tie mone* manage ent process of the family Lecause children had a
tehi nay to discuss private matters outside of the home envircnnent.
'pothesis to we tested might we stated as f llows: Children
are proud of their families and when they are entrusted with confidential

information and realize it to be private, they will not d scuss it among

their friends.

b IBLICG‘I'JAHY

[\D
o

'3.

’ o

10.

ll.

1;: 11311101111111; 1'

Aikin, Lnn.thntyre, thnOus of handling Famil3 Finance in Homes of

 

1" f'

hen College Students, Unpuolished n. n. nesi s, nichigan State
Colleqe, 193t, Co numb .lew eves

 

I
f
s.

Slankemeyer, Della A Studv of the Methods Used and the nesp nsibili-

 

ties Lssuned by 1 fl» nCnCtr hen 1Crc1asinp Certain UthOLLClCS

 

Unpuolished h. A. thesis, l'exas State College for ”omen, l939,
llo numb. leaves.

Duvall, hvel3n Lillis, "Cl anging holes in the Family Cycle," Journal
of no te acononics, Vol. L2, Lo. 6, 1950, pp. h35-h36.

 

 

We rqu, Alba M., ._}1gv,tlbal l1d3—X of Occufations and Incustries,
U. 3. Denartnent oi Commerce, oureau of the Census, Jashington,
D. C., l9hO.

Fisher, Sarah Carolyn, helati ons hi; 3 in CitJCCs Oninions, and
Values Among Family henhers University of California Publica-

 

 

9
tions in Culture and Society, University of California Press,
13 C’I‘keley’ £11111 LOS nI1; 81-33 , Vol. 2, 110. 2, 191,8, pp. 29-100,

Fitzsimmons, Cleo and Perkins, Lellie L., "The Hown gmaki ing Plans of
50 harm Home ma.1:ers, 'Rural Sooiolcgf, Vol. 10 , 110 h, 1955,

pp. LOB-le.

 

frank, Lawrence K., Introduction, "’dole escencc as a Period of
Transition, " nelson B. henry, Lditor, The Forty-Third Iearoook
of t1e Lati onal Societr for the Stu<y of C<rcutton Part I,
Adolescence, hational Society ior the Study of Lducation,

Chicago, l9hh.

 

 

 

Fuller, Josephine, Method of Handling Family Eirance in hone es 9:
Women College Students, Unpublisheo.h. S. thesis,1uichigan Ctate
College, 1935, as numb. leaves.

 

 

Gee, Wilson, Social Science Research 11ethods, Appleton-C entury-
Crofts, Inc., Le w Iork, 1950.

 

Gross, I. h., Likin,ih,, Tordt, T. ,Zwemer, E. A., and Eaten, W. D.,

A Stud Loi‘ Three Lethods of Research in Home Management, hichigan

 

 

State College, Tecix lical Dulletin l'(l, February l9h0.

Gross, l. h. and Crandall, Elizabeth W., Home Management, Forthcoming

 

book to be published by Appleton-Century-Crofts Co., Inc.

lol

pannoflfient in 11Cbl"rn Lor1cs,

 

’’’’’

Cross, I. H. and ZWemer, Lvelgn A.
, Agricultural LXperiment Station

 

 

l2.
1 iciigan State Colle-C
T ChniCEl bulletin.nl9o, dune, l9Lh.
l3. navi Qhurst, nooert J., "Social Clas , Diff 1:nC,C and Family Life
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The lupact of Social Classes

 

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l5. Lollin"SnCC1, :ugusC C.,
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conomics, Pro oceeuin;s of the first,

 

 

 

leaves.

15. Lake Placid Conference on home L
seconu anl thirn CCnICrcncCs Lake Ilacid, new iork, 1901.
AtC1tu.~s and Ira ctices Oi hi_h School Bo;s and
Mar ‘li es, Unpublished

 

17. Lennon, Inez Livers,
Cirls CorCCinifi"r MC xev Lina; 1.:t LurinQr
h. Sc. thesis, Orecon State Colle Cge , l9hL: llo numb.
' ‘ D. LpplotCn-Century Conpanr, Inc.,

The Stud},r of ""

 

 

l'JLA'Il ,

 

18. Linton, Ralph,
Lew York, l93o.
George, Social nes;arch, Longmans , Green and Comran, Lew

 

19.1uuooerg,
Iork, 19L7.
Family Life,

 

iLdult Lduca.tion for Democracv in
Iowa, l9u4.

 

”O. L3le , nary Stewart,
l'he Collegiate Press, Inc., imes
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in home Leonomics Classes Unpublished M. Sc. thesis,
l9hO, llE numb. leaves.

 

1)"

 

I II‘Oll 1A4
sLmen to

University of LinneSoCa
1h» nCsnonse of a Group of ColleQe bro
1aster' s the sis, hansas

 

Unpublished

‘ leaves.

"Focused Interview," american
-3. ‘1'"?

5u1"53I.

Income in 360 Selected

IIiCLiQan State

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to College, l9pl, 9C Lune

N»
[\C‘)
o

Lr]

Qbu
23. herton, Robert K. and Kendall, P L
-. o - W1 /

J urnal oi SOCiolon, Vol. rl, Lay l9uo, pp.
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It

3 USG Oi Morph
l7t—rL1.

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31.

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v‘

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lc3 numb. leaves,

 

Troelstrup, Arch W ,Consuner Pros ml ms, First edition, thraw-nill
book Company, Inc ,, .Cr J1ork, 1752.

 

Varney, Theresa Mae, A Study of 100 College Students‘ Past Eh eri-
ences and Present Attitudes melative to Longi;uafloqumbnu,
tnpublishee master‘s thesis, Oregon State College, 17h2.

 

 

Werner, w, Lloyd, Leeker, Marchia, bells, Kenneth, Social Class in

 

America, Science Research Associates, Inc., Chicago, 17L9,

'Natkins,‘hargaret horcom, A Study of the Attitudes and Practices of

 

h1gh School Girls ConcerningQnonegjhanagement, Unpuolished m. Sc.
thesis, Orcron State College, 19h3, 93 numb. leaves.

 

 

 

Wirth, huriel Jeannette, The fl.ttitudcs of One Hundred Hi 15h lschool
Freshmen Ci rls fornrd -JMSLlJKo 11eir Fani1y'nelhcrs, and
is oiates, Unpuolished haster' s tiw eS1' 8, Oregon State Col ege,

J)

1E:1__._.

/L+

Woodhouse, Chase Uoing, "Lanaging the Money in Successful Families,"

Journal of home boononics, Vol. 23, no. 1, 1731, pp. l-t.

 

Young, Pauline V., Scientific Social Surveys and Research, Prentice-
nall, Inc., New lurk, 17LO.

 

APFLE‘IDIX

 

 

 

 

 

 

 

 

 

 

 

 

   

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1th

3017 Boudinot Avenue
Cincinnati 3t, Ohio
August 2, 1952

Dear Ar. and hrs.

To complete the requirements for my'Laster' 3 degree at Iichi*an
State College I am required to writ e a thesis.

The subject I have chosen is concerned with the role of the
junior and senior class high school student in the family financial
ma nacement process. This refers to the amount of his participation
in the IAnaging of the family income and his attitudes and feelings
toward his participation from both the student's and his parents'
point of view. Gathering information on this subject will require
individual interviews with and each of you as her
parents at your conveniences.

Your family could help me by expressing these attitudes and
impressions. I am not interested in family financial details of
income, expenditures or problems at all. «ould you consider partici-
pating in this project among yourselves? I will call you ior your
decision later this week.

Thank'you for your interest.

Sincerely,

Denise Francq

Y,

ROOM UQE CHI.

’1

am.-
.

3

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