Written By: Jennie Long Dilworth, Lillian C. Chenoweth and JoAnn Engelbrecht
Parents and their children hold different ideas about financial planning and, specifically, goal-setting. The focus of the present study was to explore the perceived goals for money among a sample of 75 college students and 75 of their parents. The subjects identified several differing goals based on stage of life including savings methods, car and house purchases, vacations, credit card and loan repayments, and money as a means of happiness. An unexpected emphasis on savings was observed among college students whereas both parents and students de-emphasized debt reduction in their responses. Key words: College students, Financial goal-setting, Family life cycle, Future financial expectations
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