The Financial Behavior of Emerging Adults: A Family Financial Socialization Approach

Bryce L. Jorgensen (), Damon L. Rappleyea, John T. Schweichler, Xiangming Fang and Mary E. Moran
Additional contact information
Bryce L. Jorgensen: New Mexico State University
Damon L. Rappleyea: East Carolina University
Xiangming Fang: East Carolina University
Mary E. Moran: East Carolina University

Journal of Family and Economic Issues, 2017, vol. 38, issue 1, No 5, 57-69

Abstract: Abstract The current study examined the role of attachment insecurity, locus of control, and parental financial communication on the financial behavior of emerging adults from a family financial socialization theory perspective. Data were used from the Emerging Adult Financial Capability Study, the sample consisted of emerging adult college students (N = 321) from a large southeastern university in the United States. Structural equation modeling was used to examine the direct and indirect effects as well as the overall fit of the model that was constructed according to family financial socialization theory. Results suggested that increased attachment insecurity predicted decreased financial communication from parents and a decreased perception of an internal locus of control. Emerging adults who received greater financial instruction (both direct and indirect) and who felt they had a greater ability to influence outcomes in their life engaged in more sound financial behavior. Results also suggested that financial communication and locus of control mediated the relationship between attachment insecurity and financial behavior. The findings supported the inclusion of attachment as an important family relationship variable in the financial socialization process, as well as the structure of a conceptual model of family financial socialization theory.

Keywords: Financial socialization; Family relationships; Financial behavior; Emerging adults; Attachment (search for similar items in EconPapers)
Date: 2017
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (28)

Downloads: (external link)
http://link.springer.com/10.1007/s10834-015-9481-0 Abstract (text/html)
Access to full text is restricted to subscribers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:kap:jfamec:v:38:y:2017:i:1:d:10.1007_s10834-015-9481-0

Ordering information: This journal article can be ordered from
http://www.springer. ... es/journal/10834/PS2

DOI: 10.1007/s10834-015-9481-0

Access Statistics for this article

Journal of Family and Economic Issues is currently edited by Joyce Serido

More articles in Journal of Family and Economic Issues from Springer
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().