Extended Families: Support, Socialization, and Stress. (3rd September 2016) - Kim, Jinhee
Abstract : Modern American families take many shapes, and financial educators must meet the needs of diverse family structures, including extended families. Extended family households have increased since the recent recession, and additional family members can be both a source of support and a burden to the household. This article reviews the literature on extended and shared households and their impact on individuals' financial behaviors. The article explains the types of extended and shared households, informal and formal support relationships, family financial socialization, and subgroup idiosyncrasies. The article concludes with implications and suggestions for financial educators and researchers.