TY - JOUR
T1 - Pathways to life success
T2 - A conceptual model of financial well-being for young adults
AU - Shim, Soyeon
AU - Xiao, Jing J.
AU - Barber, Bonnie L.
AU - Lyons, Angela C.
N1 - Funding Information:
This study has been funded by the Take Charge America Institute for Consumer Financial Education and Research at the University of Arizona. The authors also would like to acknowledge the cooperation from the University of Arizona Office of the Student Financial Aid for assisting with online survey data collection.
PY - 2009
Y1 - 2009
N2 - 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.
AB - 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.
KW - Financial well-being
KW - Life success
KW - Young adult development
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U2 - 10.1016/j.appdev.2009.02.003
DO - 10.1016/j.appdev.2009.02.003
M3 - Article
AN - SCOPUS:70350752200
SN - 0193-3973
VL - 30
SP - 708
EP - 723
JO - Journal of Applied Developmental Psychology
JF - Journal of Applied Developmental Psychology
IS - 6
ER -