‘Parents are by far the primary source of information and advice for traditional college students as regards credit card usage. Furthermore, the more information provided by parents, the lower the credit card debt incurred by their college age children, a Penn State study shows.

“According to the students that responded to our survey, the media, peers and high schools and universities furnish far less information to them regarding use (and abuse) of credit cards,” says Dr. Mary Beth Pinto, associate professor of marketing in the Sam and Irene Black School of Business at Penn State Erie, The Behrend College.

Parents — compared to other voices of socialization, particularly peers — tend to exert a stronger impact in the area of core values, including money management, whereas peers are more influential than parents concerning tastes in clothing, dress style and preferred music, Pinto adds.

Pinto - along with Dr. Diane H. Parente, associate professor of management, and Phylis M. Mansfield, assistant professor of marketing, both at Penn State Erie — are co-authors of the paper, “Information Learned from Socialization Agents: Its Relationship to Credit Card Use,” in the current (June) 2005 issue of Family and Consumer Sciences Research Journal.

The researchers surveyed 589 college students attending 11 U.S. public and private colleges during the 2001-02 academic year. The students owned between 1 and 22 credit cards, with the average number per student at 2.16….’

Read more at Students heed parents on credit card advice

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