The primary purpose of the present study is to explore the role of generational differences in the money scripts of Indian baby boomers and millennials while integrating filial piety through the family financial socialization process.
The study adopted an empirical-phenomenological approach and analyzed interviews using Colaizzi's phenomenological method (Haase's adaptation). Semi-structured interviews were conducted with a purposive sample of 54 participants, comprising 26 Millennials and 28 Baby Boomers, to capture the lived experiences of financial socialization and cultural obligations.
The study finds that while millennials feel empowered by easy access to information and digital finance, they struggle with economic uncertainty and with balancing filial duties with economic burdens. The baby boomers, conversely, are more financially stable, with asset ownership and financial freedom forming a significant part of their legacy. However, their struggle lies in maintaining their financial independence while relying on the next generation's filial duties.
The study provides actionable insights for financial therapists and advisors working with South Asian clients. By recognizing the role of Sewa, practitioners can avoid mis-pathologizing intergenerational financial interdependence and instead develop culturally competent interventions that improve family financial well-being.
The study is among the first to conduct a qualitative investigation of money scripts in a collectivist culture across different generations. The study moves beyond a descriptive analysis of existing money script inventories and explores how family structure and filial piety shape beliefs about money across generations. It also links these culturally embedded money beliefs to core behavioral finance constructs, including experience-based risk conditioning, intertemporal choice, and financial well-being.
