Exploring the impact of family stressors on financial behavior: A study of Croatian youth

Barbić Dajana (), Palić Irena () and Lučić Andrea ()
Additional contact information
Barbić Dajana: Faculty of Economics & Business, University of Zagreb, Croatia
Palić Irena: Faculty of Economics & Business, University of Zagreb, Croatia
Lučić Andrea: Faculty of Economics & Business, University of Zagreb, Croatia

Croatian Review of Economic, Business and Social Statistics, 2023, vol. 9, issue 1, 51-60

Abstract: This paper examines the relationship between family stressors and subsequent financial behavior of young individuals in Croatia. Previous research indicates that family stressors are associated with increased levels of financial stress, resulting in impulsive purchases, risky financial behavior, and increased debt. More specifically, family stressors during youth are shown to significantly affect an individual's financial behavior later in life. Research has shown that youth family stressors, such as poverty, parental divorce, and parental unemployment, can lead to financial stress and affect financial behavior in adulthood. This paper provides an illustrative review of the Family Stress Model (FSM) framework to understand how family stressors influence youngsters in the financial domain. Using regression modeling, we estimate that family stress significantly impacts the financial behavior of young individuals in Croatia. Specifically, the study finds that family stress is negatively associated with responsible financial behavior. These findings have important implications for policymakers and practitioners, particularly those involved in financial education and family support programs, highlighting the need to address family stress as a potential risk factor for poor financial outcomes among young individuals. It is important to recognize the relationship between youth family stressors and financial behavior and work on managing both to improve financial well-being in adulthood.

Keywords: family stressors; financial behavior; regression analysis; youth (search for similar items in EconPapers)
JEL-codes: C50 D11 D14 (search for similar items in EconPapers)
Date: 2023
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
https://doi.org/10.2478/crebss-2023-0004 (text/html)

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:vrs:crebss:v:9:y:2023:i:1:p:51-60:n:2

DOI: 10.2478/crebss-2023-0004

Access Statistics for this article

Croatian Review of Economic, Business and Social Statistics is currently edited by Dragan Bagić, Ksenija Dumičić and Nataša Erjavec

More articles in Croatian Review of Economic, Business and Social Statistics from Sciendo
Bibliographic data for series maintained by Peter Golla ().