“Being Able to Support Yourself”: Young Adults’ Meaning of Financial Well-Being Through Family Financial Socialization

Jennifer K. Rea (), Sharon M. Danes, Joyce Serido, Lynne M. Borden and Soyeon Shim
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Jennifer K. Rea: University of Minnesota
Sharon M. Danes: University of Minnesota
Joyce Serido: University of Minnesota
Lynne M. Borden: University of Minnesota
Soyeon Shim: University of Wisconsin-Madison

Journal of Family and Economic Issues, 2019, vol. 40, issue 2, No 9, 250-268

Abstract: Abstract This study investigated how young adults’ (N = 31) perceptions of family financial socialization processes and experiences influenced their definition and understanding of financial well-being. Coding and analysis followed Gilgun et al. (Qualitative methods in family research, Sage, Newbury Park, 1992) pattern-matching approach of analytical induction. The financial socialization processes dimension of Gudmunson and Danes (J Fam Econ Issues, 32:644–667, 2011) Family Financial Socialization (FFS) theory guided confirmation or refutation of theoretical constructs used to organize young adults’ (M = 24 years) personal reflections and interpretations of financial well-being. Findings confirmed current FFS theory constructs while extending the theory by adding the concept of cognitive interpretations of finances and financial well-being (anticipatory socialization) with an accompanying hypothesis. Thus, greater conceptual precision is provided about the connective link between the family’s financial socialization processes and the individual’s development of personal financial dispositions.

Keywords: Anticipatory socialization; Financial socialization; Financial well-being; Young adults; Financial parenting (search for similar items in EconPapers)
Date: 2019
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Citations: View citations in EconPapers (11)

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DOI: 10.1007/s10834-018-9602-7

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