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

Author

Listed:
  • Jennifer K. Rea

    (University of Minnesota)

  • Sharon M. Danes

    (University of Minnesota)

  • Joyce Serido

    (University of Minnesota)

  • Lynne M. Borden

    (University of Minnesota)

  • Soyeon Shim

    (University of Wisconsin-Madison)

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.

Suggested Citation

  • Jennifer K. Rea & Sharon M. Danes & Joyce Serido & Lynne M. Borden & Soyeon Shim, 2019. "“Being Able to Support Yourself”: Young Adults’ Meaning of Financial Well-Being Through Family Financial Socialization," Journal of Family and Economic Issues, Springer, vol. 40(2), pages 250-268, June.
    • Handle: RePEc:kap:jfamec:v:40:y:2019:i:2:d:10.1007_s10834-018-9602-7
    DOI: 10.1007/s10834-018-9602-7
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    References listed on IDEAS

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    1. Clinton Gudmunson & Sharon Danes, 2011. "Family Financial Socialization: Theory and Critical Review," Journal of Family and Economic Issues, Springer, vol. 32(4), pages 644-667, December.
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    3. Vineetha Mathew & Santhosh Kumar P K & Sanjeev M A, 2024. "Financial Well-being and Its Psychological Determinants— An Emerging Country Perspective," FIIB Business Review, , vol. 13(1), pages 42-55, January.
    4. Ifra Bashir & Ishtiaq Hussain Qureshi, 2023. "A Systematic Literature Review on Personal Financial Well-Being: The Link to Key Sustainable Development Goals 2030," FIIB Business Review, , vol. 12(1), pages 31-48, March.
    5. Mahendru, Mandeep & Sharma, Gagan Deep & Pereira, Vijay & Gupta, Mansi & Mundi, Hardeep Singh, 2022. "Is it all about money honey? Analyzing and mapping financial well-being research and identifying future research agenda," Journal of Business Research, Elsevier, vol. 150(C), pages 417-436.
    6. Adam Ndou, 2023. "Parental Financial Socialisation and Financial Knowledge: A Structural Equation Modelling Analysis," International Journal of Business and Economic Sciences Applied Research (IJBESAR), International Hellenic University (IHU), Kavala Campus, Greece (formerly Eastern Macedonia and Thrace Institute of Technology - EMaTTech), vol. 16(1), pages 27-39, October.
    7. Adam Ndou, 2023. "The Impact of Parental Financial Socialisation on Financial Decision-Making of Young Black African Adults in Rural and Low-Income Area in South Africa," International Journal of Economics and Financial Issues, Econjournals, vol. 13(4), pages 84-91, July.
    8. Rachel M. Okamoto & Matthew T. Saxey & Jocelyn S. Wikle & Ashley B. LeBaron-Black, 2024. "Confident Commitment: Financial Self-Efficacy’s Indirect Association with Romantic Relationship Flourishing Through Financial Behaviors," Journal of Family and Economic Issues, Springer, vol. 45(1), pages 35-44, March.
    9. Melissa J. Wilmarth, 2021. "Financial and Economic Well-Being: A Decade Review from Journal of Family and Economic Issues," Journal of Family and Economic Issues, Springer, vol. 42(1), pages 124-130, July.

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