Role models play a significant role in shaping financial attitudes from "summary" of The New Psychology of Money by Adrian Furnham
Role models are influential figures who can shape our attitudes and behaviors, particularly in the realm of finance. We look up to these individuals and often seek to emulate their financial decisions and practices. When we see someone we admire handling money responsibly and making wise investments, it can inspire us to do the same. On the other hand, if our role models exhibit careless spending habits or poor financial management, we may unwittingly adopt similar behaviors. This phenomenon is especially pronounced in childhood, where our first exposure to financial concepts typically comes from observing the adults around us. Parents, in particular, serve as powerful role models when it comes to money. Children absorb not only their parents' explicit teachings about finances but also their implicit attitudes and behaviors. If a child grows up in a household where money is openly discussed, budgeting is practi...
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