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Financial education and the perception of prosperity among emerging adults

Author

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  • Bulău Carmen Mihaela

    (Bucharest University of Economic Studies, Bucharest, Romania)

  • Lungu Violeta

    (Bucharest University of Economic Studies, Bucharest, Romania)

Abstract

Emerging maturity is conceptualized as a distinct stage of life in industrialized countries and encompasses the third decade of life. At this stage, young people are facing decisions about the transition to adulthood. Autonomy and independence from parental support is one of the milestones of emerging maturity. There is not much research on the role of financial education in fulfilling this development task. This study investigates how the level of financial education shapes the perception of prosperity in emerging adult and helps to achieve financial autonomy. This study involved 103 emerging adults, first-year students at the Academy of Economic Studies, University of Bucharest, and Polytechnic University (average age 20.1, SD = 0.78). The study had a quantitative, cross-sectional, descriptive, and inferential design. The results obtained show that: 1. the higher the level of financial education, the more intrinsic the perception of prosperity, 2. the higher the level of financial education, the higher the financial autonomy, 3. between the level of financial education and the profile of the graduated high school / academic choice relations are insignificant. For data collection, questionnaires were developed for which the internal consistency of the items was calculated, and this is valid for this stage of the research.

Suggested Citation

  • Bulău Carmen Mihaela & Lungu Violeta, 2022. "Financial education and the perception of prosperity among emerging adults," Proceedings of the International Conference on Business Excellence, Sciendo, vol. 16(1), pages 567-574, August.
    • Handle: RePEc:vrs:poicbe:v:16:y:2022:i:1:p:567-574:n:23
    DOI: 10.2478/picbe-2022-0054
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    References listed on IDEAS

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    1. Bryce L. Jorgensen & Damon L. Rappleyea & John T. Schweichler & Xiangming Fang & Mary E. Moran, 2017. "The Financial Behavior of Emerging Adults: A Family Financial Socialization Approach," Journal of Family and Economic Issues, Springer, vol. 38(1), pages 57-69, March.
    2. Timothy Besley & Torsten Persson, 2011. "Pillars of Prosperity: The Political Economics of Development Clusters," Economics Books, Princeton University Press, edition 1, number 9624.
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