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The United States Economic Crisis: Young Adults’ Reports of Economic Pressures, Financial and Religious Coping and Psychological Well-Being

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  • Catherine Stein
  • Erica Hoffmann
  • Erin Bonar
  • Jaclyn Leith
  • Kristen Abraham
  • Alexis Hamill
  • Shane Kraus
  • Shinakee Gumber
  • Wendy Fogo

Abstract

Using a sample of 222 young adults attending college, the present study examined the relative contribution of young adults’ perceived economic pressures, financial coping and religious meaning-making coping strategies in accounting for variation in their reports of psychological well-being within the context of the United States economic crisis. Results suggest a direct relationship between perceived economic pressure and psychological well-being such that young adults who reported having to make more economic adjustments as a result of economic crisis also reported higher levels of depressed mood and anxiety. Young men and women who reported having to make fewer economic adjustments and being able to meet their material needs reported higher levels of life satisfaction. Regardless of young adults’ self-reported level of economic pressures, the use of education and communication financial coping strategies was related to lower levels of self-reported anxiety and depressed mood and greater life satisfaction. Viewing the financial crisis as a punishment from God was generally associated with young adults’ reports of greater depressed mood and less life satisfaction. Implication of findings for research and practice are discussed. Copyright Springer Science+Business Media, LLC 2013

Suggested Citation

  • Catherine Stein & Erica Hoffmann & Erin Bonar & Jaclyn Leith & Kristen Abraham & Alexis Hamill & Shane Kraus & Shinakee Gumber & Wendy Fogo, 2013. "The United States Economic Crisis: Young Adults’ Reports of Economic Pressures, Financial and Religious Coping and Psychological Well-Being," Journal of Family and Economic Issues, Springer, vol. 34(2), pages 200-210, June.
    • Handle: RePEc:kap:jfamec:v:34:y:2013:i:2:p:200-210
    DOI: 10.1007/s10834-012-9328-x
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    References listed on IDEAS

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    Cited by:

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    3. Jing Jian Xiao & Kyoung Tae Kim, 2022. "The Able Worry More? Debt Delinquency, Financial Capability, and Financial Stress," Journal of Family and Economic Issues, Springer, vol. 43(1), pages 138-152, March.
    4. French, Declan & Vigne, Samuel, 2019. "The causes and consequences of household financial strain: A systematic review," International Review of Financial Analysis, Elsevier, vol. 62(C), pages 150-156.
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    6. Stuart Watson & Bonnie Barber & Suzanne Dziurawiec, 2015. "The Role of Economizing and Financial Strain in Australian University Students’ Psychological Well-Being," Journal of Family and Economic Issues, Springer, vol. 36(3), pages 421-433, September.
    7. Xiaomin Li & Melissa A. Curran & Ashley B. LeBaron & Joyce Serido & Soyeon Shim, 2020. "Romantic Attachment Orientations, Financial Behaviors, and Life Outcomes Among Young Adults: A Mediating Analysis of a College Cohort," Journal of Family and Economic Issues, Springer, vol. 41(4), pages 658-671, December.
    8. Vanja Lazarevic & Elizabeth G. Holman & Ramona Faith Oswald & Karen Z. Kramer, 2016. "Relations Between Economic Well-Being, Family Support, Community Attachment, and Life Satisfaction Among LGBQ Adults," Journal of Family and Economic Issues, Springer, vol. 37(4), pages 594-606, December.
    9. Terri Friedline & Zibei Chen & So’Phelia Morrow, 2021. "Families’ Financial Stress & Well-Being: The Importance of the Economy and Economic Environments," Journal of Family and Economic Issues, Springer, vol. 42(1), pages 34-51, July.
    10. Heather H. Kelley & Yoon Lee & Ashley LeBaron-Black & David C. Dollahite & Spencer James & Loren D. Marks & Tyler Hall, 2023. "Change in Financial Stress and Relational Wellbeing During COVID-19: Exacerbating and Alleviating Influences," Journal of Family and Economic Issues, Springer, vol. 44(1), pages 34-52, March.
    11. Terri Friedline & Ilsung Nam & Vernon Loke, 2014. "Households’ Net Worth Accumulation Patterns and Young Adults’ Financial Health: Ripple Effects of the Great Recession?," Journal of Family and Economic Issues, Springer, vol. 35(3), pages 390-410, September.

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