Pathways to life success: A conceptual model of financial well-being for young adults

Soyeon Shim, Jing J. Xiao, Bonnie L. Barber, Angela C. Lyons

Research output: Contribution to journalArticlepeer-review


The purpose of this study is to describe and test a conceptual model of the potential antecedents and consequences of financial well-being in young adulthood. Data (N = 781) were collected via an online survey conducted at a large state university in the southwestern United States. Our results suggest that self-actualizing personal values, financial education at home, and formal financial education at school may play important anticipatory socialization roles in the ways that young adults acquire knowledge about financial matters and form attitudes and behavioral intentions based on that knowledge. These financial domains, along with parental normative expectations and young adults' perceived behavioral control, were related to their financial well-being, which was in turn related to academic success and overall life satisfaction, as well as psychological and physical health. Theoretical and applied implications are provided.

Original languageEnglish (US)
Pages (from-to)708-723
Number of pages16
JournalJournal of Applied Developmental Psychology
Issue number6
StatePublished - 2009


  • Financial well-being
  • Life success
  • Young adult development

ASJC Scopus subject areas

  • Developmental and Educational Psychology


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