Parents Influence Responsible Credit Use in Young Adults: Empirical Evidence from the United States, France, and Brazil

Danilo Braun Santos (), Wesley Mendes-Da-Silva (), Jill M. Norvilitis (), Philippe Protin () and Luciana Onusic ()
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Danilo Braun Santos: Federal University of São Paulo, R. Angélica
Wesley Mendes-Da-Silva: Sao Paulo School of Business Administration (FGV/EAESP)
Jill M. Norvilitis: Buffalo State of The State University of New York
Philippe Protin: Grenoble Graduate School of Management
Luciana Onusic: Federal University of São Paulo, R. Angélica

Journal of Family and Economic Issues, 2022, vol. 43, issue 2, No 11, 368-383

Abstract: Abstract From the start of adulthood, consumers are frequently faced with complex financial decisions, and the consequences of these decisions may be reflected throughout the rest of their lives. As access to credit has expanded among college students around the world, it is critical that we understand both universal and culture-specific processes. Although some work has examined credit card use in two cultures simultaneously, there is, to our knowledge, no research examining such use in three cultures on three continents and across both genders. This study analyzes credit card use behavior among 1458 young adults living either in Brazil, the United States, or France. A structural equations model is used to incorporate relationships between the latent variables. The model, which was validated by the study, examines how financial well-being is affected by the way in which the individual uses credit cards, which in its turn is affected by social comparison and by financial self-confidence, the latter being also impacted by the financial education received from the parents. In the comparison between groups we found evidence that men are more dependent on parental education than women.

Keywords: Credit cards; Financial well-being; Cross-cultural studies; Financial literacy (search for similar items in EconPapers)
Date: 2022
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DOI: 10.1007/s10834-021-09792-2

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