Our exploratory study aims to examine individual factors that may differentiate young adults' trust in banks and financial institutions. We use a longitudinal data set compiled during two, timed surveys, before and after the collapse of the nation's financial system. Participants (N=748) were classified into three groups distinguished according to their differing levels of trust. Findings based on ANOVA and three-group discriminant analyses indicate that several individual factors - self-reported well-being (overall well-being, financial well-being, subjective financial knowledge) and financial status (determined by parents' socioeconomic status and total debt level) - significantly influence young adult consumers' level of trust in banks and financial institutions.
|Original language||English (US)|
|Number of pages||8|
|Journal||Journal of Retailing and Consumer Services|
|State||Published - Jan 2013|
- Consumer trust
- Financial institutions
- Young adults