Exploring the Experiences of African American Women Parents’ Role Regarding Financial Socialization in Sacramento, California.

Financial socialization encompasses the process of acquiring financial values, attitudes, norms, knowledge, and behaviors, with parental influence being pivotal in shaping children's financial understanding and well-being. This study addresses the lack of comprehensive research on the financial socialization experiences of African American women and the role played by parents in shaping their financial management skills, self-efficacy, and identity. By bridging this gap, this study provides valuable insights into the financial socialization processes within African American families, which can have long-term impacts on economic outcomes and wealth-building strategies. Recognizing a gap in the literature, this study addresses the lack of comprehensive research on the financial socialization experiences of African American women. By bridging this gap, this study provides while bridging gap literature and valuable insights into the financial socialization processes within African American families. Consequently, the purpose of this hermeneutic phenomenological qualitative study was to explore the lived experiences of African American women’s parents in Sacramento, California. The study used semi-structured interviews and semistructured observations. Thematic analysis of the data was scrutinized, resulting in the identification of 10 codes, five categories, and eight themes, reflecting the intricate dynamics of parental involvement in financial socialization. The research concludes that increasing parental involvement in financial education can significantly improve financial outcomes for African American women. Moreover, this research has the potential to drive significant positive social change by guiding the creation of programs and policies that enhance financial literacy among African American women. Finally, the research highlights the crucial role of parental influence in shaping financial outcomes.