After the global financial crash: Individual factors differentiating young adult consumers' trust in banks and financial institutions

Soyeon Shim, Joyce Serido, Chuanyi Tang

Research output: Contribution to journalArticle

10 Scopus citations

Abstract

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 languageEnglish (US)
Pages (from-to)26-33
Number of pages8
JournalJournal of Retailing and Consumer Services
Volume20
Issue number1
DOIs
StatePublished - Jan 1 2013

Keywords

  • Consumer trust
  • Financial institutions
  • Young adults

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