TY - JOUR
T1 - Exploring Processes of Financial Decision-Making Among Emerging Adults
T2 - Evidence From a Qualitative Study
AU - Richmond, Adeya
AU - Gupta, Aditi
AU - Ballard, Jaime
AU - Otto, Mark
AU - Serido, Joyce
AU - Borden, Lynne M.
N1 - Publisher Copyright:
© 2023 Association for Financial Counseling and Planning Education®.
PY - 2023
Y1 - 2023
N2 - Emerging adults face an increasingly complicated financial climate, which necessitates that they possess dynamic financial decision-making skills. With an increased understanding of emerging adults’ financial decision-making processes and what influences their financial decisions, parents, financial counselors, and other individuals can better prepare emerging adults to be financially independent. This qualitative study explored how emerging adults make financial decisions by asking questions about their habits and preferences as well as responding to two hypothetical, financial-related dilemma scenarios. Participants engaged in interactive learning sessions where they were able to share their responses in a group setting. Findings indicated that participants consulted media and their parents the most when they needed advice or additional information to make financial decisions. Based on this study’s findings, it is recommended that financial literacy programs involve emerging adults’ families and leverage the influence of media when teaching financial knowledge and skills.
AB - Emerging adults face an increasingly complicated financial climate, which necessitates that they possess dynamic financial decision-making skills. With an increased understanding of emerging adults’ financial decision-making processes and what influences their financial decisions, parents, financial counselors, and other individuals can better prepare emerging adults to be financially independent. This qualitative study explored how emerging adults make financial decisions by asking questions about their habits and preferences as well as responding to two hypothetical, financial-related dilemma scenarios. Participants engaged in interactive learning sessions where they were able to share their responses in a group setting. Findings indicated that participants consulted media and their parents the most when they needed advice or additional information to make financial decisions. Based on this study’s findings, it is recommended that financial literacy programs involve emerging adults’ families and leverage the influence of media when teaching financial knowledge and skills.
KW - decision-making process
KW - emerging adults
KW - financial decision-making
KW - financial socialization
KW - socialization agents
UR - http://www.scopus.com/inward/record.url?scp=85178960624&partnerID=8YFLogxK
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U2 - 10.1891/JFCP-2021-0018
DO - 10.1891/JFCP-2021-0018
M3 - Article
AN - SCOPUS:85178960624
SN - 1052-3073
VL - 34
SP - 295
EP - 308
JO - Journal of Financial Counseling and Planning
JF - Journal of Financial Counseling and Planning
IS - 3
ER -