“Being Able to Support Yourself”: Young Adults’ Meaning of Financial Well-Being Through Family Financial Socialization

Jennifer K. Rea, Sharon M. Danes, Joyce Serido, Lynne M. Borden, Soyeon Shim

Research output: Contribution to journalArticlepeer-review

10 Scopus citations

Abstract

This study investigated how young adults’ (N = 31) perceptions of family financial socialization processes and experiences influenced their definition and understanding of financial well-being. Coding and analysis followed Gilgun et al. (Qualitative methods in family research, Sage, Newbury Park, 1992) pattern-matching approach of analytical induction. The financial socialization processes dimension of Gudmunson and Danes (J Fam Econ Issues, 32:644–667, 2011) Family Financial Socialization (FFS) theory guided confirmation or refutation of theoretical constructs used to organize young adults’ (M = 24 years) personal reflections and interpretations of financial well-being. Findings confirmed current FFS theory constructs while extending the theory by adding the concept of cognitive interpretations of finances and financial well-being (anticipatory socialization) with an accompanying hypothesis. Thus, greater conceptual precision is provided about the connective link between the family’s financial socialization processes and the individual’s development of personal financial dispositions.

Original languageEnglish (US)
Pages (from-to)250-268
Number of pages19
JournalJournal of Family and Economic Issues
Volume40
Issue number2
DOIs
StatePublished - Jun 15 2019

Bibliographical note

Funding Information:
available by the Arizona Pathways to Life Success for University Students (APLUS) project with data collected through a research grant awarded by the National Endowment for Financial Education (NEFE). The authors would like to thank NEFE for its dedication to research, education and outreach in promoting financial literacy. Lastly, a special acknowledgement of research support is due to Jory M. Catalpa at the University of Minnesota.

Funding Information:
The data utilized in this publication was made available by the Arizona Pathways to Life Success for University Students (APLUS) project with data collected through a research grant awarded by the National Endowment for Financial Education (NEFE). The authors would like to thank NEFE for its dedication to research, education and outreach in promoting financial literacy. Lastly, a special acknowledgement of research support is due to Jory M. Catalpa at the University of Minnesota.

Publisher Copyright:
© 2018, Springer Science+Business Media, LLC, part of Springer Nature.

Keywords

  • Anticipatory socialization
  • Financial parenting
  • Financial socialization
  • Financial well-being
  • Young adults

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