Financial Socialization, Financial Identity, and Financial Well-Being Among University Students Taking a Consumer Economics Course

Brandan E. Wheeler () and Cecilia Brooks
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Brandan E. Wheeler: Alabama A&M University
Cecilia Brooks: Mississippi University for Women

Journal of Family and Economic Issues, 2024, vol. 45, issue 4, No 7, 16 pages

Abstract: Abstract Derived from Marcia’s (1966) identity statuses, we examine how financial identity statuses (achievement, moratorium, foreclosure, diffusion; Barber et al. (2011); Bosch et al. (2016); Sorgente et al. (2020)) relate to the preparation for taking on financial responsibilities, materialism, compulsive buying, responsible credit management, and financial anxiety and financial well-being among university students taking a Consumer Economics course. Key findings included: (1) Identity achievement was related positively to preparation for taking on financial responsibilities; (2) Identity moratorium was related positively to financial anxiety and related negatively to financial well-being; and (3) Identity diffusion was related negatively to preparation for taking on financial responsibilities and responsible credit management and related positively to materialism and compulsive buying. Findings suggest a combination of helping emerging adults become less financially dependent on parents and greater financial socialization may help them develop financial identity achievement.

Keywords: Emerging adulthood; Financial identity; Financial well-being; Financial attitudes; Financial behaviors; Financial socialization (search for similar items in EconPapers)
Date: 2024
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DOI: 10.1007/s10834-023-09930-y

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