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http://hdl.handle.net/1942/42479
Title: | Money education in the business family: a perspective article | Authors: | MICHIELS, Anneleen Astrachan, Claudia Binz |
Issue Date: | 2024 | Publisher: | EMERALD GROUP PUBLISHING LTD | Source: | Journal of Family Business Management, | Status: | Early view | Abstract: | PurposeThe primary aim is to renew academic discourse on financial education in business families. It emphasizes the need for effective financial literacy programs to foster a healthier relationship with money, addressing both technical aspects of finance and its psychological and relational impacts among family members.Design/methodology/approachThis perspective article explores the impact of money education within business families. It discusses the psychological effects of money education on family dynamics and decision-making in family businesses. The research draws on previous studies, surveys and practical examples to highlight the importance of financial education and its implications on family and business sustainability.FindingsFinancial education is essential in business families as it enables more meaningful discussions on money and wealth, fostering informed decisions and decreasing conflict. Yet, it is often overlooked. There is a need for academic research into effective strategies for financial education for family members and the effects of financial literacy, or its absence, on various aspects of the business and the family system. The article presents a selection of pertinent questions for future research in this domain.Originality/valueThis article contributes to the family business field by underscoring the gap in scholarly research on money education within family businesses. It advocates for comprehensive financial education strategies that balance technical knowledge with an understanding of the psychological and relational aspects of money. | Notes: | Michiels, A (corresponding author), Hasselt Univ, Finance & Family Business, Res Ctr Entrepreneurship & Family Firms, Diepenbeek, Belgium. anneleen.michiels@uhasselt.be |
Keywords: | Family business;Family dynamics;Family unit | Document URI: | http://hdl.handle.net/1942/42479 | ISSN: | 2043-6238 | e-ISSN: | 2043-6246 | DOI: | 10.1108/JFBM-01-2024-0006 | ISI #: | 001153517300001 | Rights: | 2024, Emerald Publishing Limited | Category: | A1 | Type: | Journal Contribution |
Appears in Collections: | Research publications |
Files in This Item:
File | Description | Size | Format | |
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Michiels Astrachan_Money Education in the Business Family_Perspective Article_AuthorVersion.pdf Until 2025-02-01 | Peer-reviewed author version | 212.33 kB | Adobe PDF | View/Open Request a copy |
10-1108_JFBM-01-2024-0006 (2).pdf Restricted Access | Early view | 80.44 kB | Adobe PDF | View/Open Request a copy |
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