Save, Even If It’s a Penny”: Transnational Financial Socialization of Black Immigrant Women

Authors

Bertranna A. Muruthi, University of OregonFollow
Kimberly Watkins, University of AlabamaFollow
Megan A. McCoy, Kansas State UniversityFollow
Kenneth J. White, University of GeorgiaFollow
Amanda Stafford McRell, University of South CarolinaFollow
Michael Thomas, University of GeorgiaFollow
Abiola Taiwo, University of OregonFollow

Keywords

financial socialization, immigrants, black immigrants, transnational, financial management

Abstract

The purpose of this study is to investigate Black-Caribbean and African women’s transnational financial socialization. Analysis of the data show 1) financial socialization in the country of origin: (a) parents stressed the importance of saving, (b) learned about money management explicitly, (c) learned about money management through observation, (d) learned by observing parent’s struggle; and 2) the impact to women’s financial navigation in the U.S.: (a) not receiving financial education, (b) unexpected financial stressors in the U.S., (c) difficulty saving, (d) the need for more financial education. Implications for mental health and financial practitioners and researchers are provided.

Creative Commons License

This work is licensed under a Creative Commons Attribution-Noncommercial 4.0 License

Recommended Citation

Muruthi, B. A., Watkins, K., McCoy, M. A., White, K. J., McRell, A. S., Thomas, M., & Taiwo, A. (2020). Save, Even If It’s a Penny”: Transnational Financial Socialization of Black Immigrant Women. Journal of Financial Therapy, 11 (2) 3. https://doi.org/10.4148/1944-9771.1234