Understanding generational differences in financial literacy in Hmong immigrant families

The purpose of this study was to describe financial literacy in two-generation Hmong immigrant families. Interviews with 7 pairs of parents and their young adult children provided evidence that families were adapting to the U.S. economic system while maintaining important cultural values and practices. Hmong parents prioritized traditional values and practices of sharing resources, living simply, saving regularly, and avoiding debt. Young adult children were more inclined to spend than save, use credit to satisfy wants, and articulate American values of independence, individualism, and personal happiness. Generational gaps have the potential to create conflict within Hmong families as they adapt to the complex U.S. economic environment. This study highlights the importance of considering the influences of culture, acculturation, and the immigrant experience in developing financial literacy.