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Young Adults’ Life Outcomes and Well-Being: Perceived Financial Socialization from Parents, the Romantic Partner, and Young Adults’ Own Financial Behaviors

Author

Listed:
  • Melissa A. Curran

    (University of Arizona)

  • Emily Parrott

    (University of Wisconsin - Madison)

  • Sun Young Ahn

    (Washington College)

  • Joyce Serido

    (University of Minnesota)

  • Soyeon Shim

    (University of Wisconsin - Madison)

Abstract

We examined how perceived financial socialization—from parents, the romantic partner, and young adults’ own behavior—was associated with young adults’ life outcomes and well-being (i.e., physical and mental health, finances, romantic relationship). Using data (N = 504) from young adults specific to their finances, results from hierarchical regression analyses showed that young adults’ own financial behaviors were the most patterned, followed by financial socialization from the romantic partner, and then from financial socialization from parents (only objective financial knowledge). We discuss how young adults’ financial behavior, financial socialization from the romantic partner and, to a lesser extent, parental socialization are associated with young adults’ life domains, underscoring the developmental salience of increased financial capability and relationship formation and decreased dependence on parents during the transition to adulthood.

Suggested Citation

  • Melissa A. Curran & Emily Parrott & Sun Young Ahn & Joyce Serido & Soyeon Shim, 2018. "Young Adults’ Life Outcomes and Well-Being: Perceived Financial Socialization from Parents, the Romantic Partner, and Young Adults’ Own Financial Behaviors," Journal of Family and Economic Issues, Springer, vol. 39(3), pages 445-456, September.
    • Handle: RePEc:kap:jfamec:v:39:y:2018:i:3:d:10.1007_s10834-018-9572-9
    DOI: 10.1007/s10834-018-9572-9
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    References listed on IDEAS

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    Cited by:

    1. Casey J. Totenhagen & Melissa J. Wilmarth & Joyce Serido & Melissa A. Curran & Soyeon Shim, 2019. "Pathways from Financial Knowledge to Relationship Satisfaction: The Roles of Financial Behaviors, Perceived Shared Financial Values with the Romantic Partner, and Debt," Journal of Family and Economic Issues, Springer, vol. 40(3), pages 423-437, September.
    2. Robin Henager & Sophia T. Anong & Joyce Serido & Soyeon Shim, 2021. "Does Financial Satisfaction Vary Depending on the Funding Strategy Used to Pay for College?," Journal of Family and Economic Issues, Springer, vol. 42(3), pages 429-448, September.
    3. Bomi Nomlala, 2021. "Financial Socialisation of Accounting Students in South Africa," International Journal of Finance & Banking Studies, Center for the Strategic Studies in Business and Finance, vol. 10(2), pages 01-15, April.
    4. Nkosivile Welcome Madinga & Eugine Tafadzwa Maziriri & Tinashe Chuchu & Zinzi Magoda, 2022. "An Investigation of the Impact of Financial Literacy and Financial Socialization on Financial Satisfaction: Mediating Role of Financial Risk Attitude," Global Journal of Emerging Market Economies, Emerging Markets Forum, vol. 14(1), pages 60-75, January.
    5. WIDYASTUTI Umi & PURWANA Dedi & RESPATI Dwi Kismayanti & ZULAIHATI Sri, 2023. "Entrepreneurial Awareness And Entrepreneurial Intention: Understanding The Role Of Family And School," Studies in Business and Economics, Lucian Blaga University of Sibiu, Faculty of Economic Sciences, vol. 18(2), pages 320-335, August.
    6. Heather H. Kelley & Ashley B. LeBaron & E. Jeffrey Hill, 2021. "Family Matters: Decade Review from Journal of Family and Economic Issues," Journal of Family and Economic Issues, Springer, vol. 42(1), pages 20-33, July.
    7. Hyesun Hwang & Hyung In Park, 2023. "The relationships of financial literacy with both financial behavior and financial well‐being: Meta‐analyses based on the selective literature review," Journal of Consumer Affairs, Wiley Blackwell, vol. 57(1), pages 222-244, January.
    8. Ashley B. LeBaron & Heather H. Kelley, 2021. "Financial Socialization: A Decade in Review," Journal of Family and Economic Issues, Springer, vol. 42(1), pages 195-206, July.
    9. Lynne Robertson-Rose, 2020. "“Because My Father Told Me To”: Exploratory Insights into Parental Influence on the Retirement Savings Behavior of Adult Children," Journal of Family and Economic Issues, Springer, vol. 41(2), pages 364-376, June.
    10. 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.
    11. Xiaomin Li & Melissa A. Curran & Ashley B. LeBaron-Black & Bryce Jorgensen & Jeremy Yorgason & Melissa J. Wilmarth, 2023. "Couple-Level Attachment Styles, Finances, and Marital Satisfaction: Mediational Analyses Among Young Adult Newlywed Couples," Journal of Family and Economic Issues, Springer, vol. 44(1), pages 125-142, March.
    12. Ashley B. LeBaron & Melissa A. Curran & Xiaomin Li & Jeffrey P. Dew & Trevor K. Sharp & Melissa A. Barnett, 2020. "Financial Stressors as Catalysts for Relational Growth: Bonadaptation Among Lower-Income, Unmarried Couples," Journal of Family and Economic Issues, Springer, vol. 41(3), pages 424-441, September.
    13. David B. Allsop & McKay N. Boyack & E. Jeffrey Hill & Christoffer L. Loderup & Joshua E. Timmons, 2021. "When Parenting Pays Off: Influences of Parental Financial Socialization on Children’s Outcomes in Emerging Adulthood," Journal of Family and Economic Issues, Springer, vol. 42(3), pages 545-560, September.
    14. Jeffrey Anvari-Clark & David Ansong, 2022. "Predicting Financial Well-Being Using the Financial Capability Perspective: The Roles of Financial Shocks, Income Volatility, Financial Products, and Savings Behaviors," Journal of Family and Economic Issues, Springer, vol. 43(4), pages 730-743, December.
    15. Teodora Slavinski & Dragan Bjelica & Dejana Pavlović & Valentina Vukmirović, 2021. "Academic Performance and Physical Activities as Positive Factors for Life Satisfaction among University Students," Sustainability, MDPI, vol. 13(2), pages 1-17, January.
    16. 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.
    17. Ashley Larsen Gibby & Logan Pettit & E. Jeffrey Hill & Jeremy Yorgason & Erin Kramer Holmes, 2021. "Implicit and Explicit Childhood Financial Socialization: Protective Factors for Marital Financial Disagreements," Journal of Family and Economic Issues, Springer, vol. 42(2), pages 225-236, June.
    18. Ji Hyun Kim & Julia Torquati, 2021. "Are You Close with Your Parents? The Mediation Effects of Parent–Child Closeness on Young Adults’ Financial Socialization Through Young Adults’ Self-reported Responsibility," Journal of Family and Economic Issues, Springer, vol. 42(2), pages 314-324, June.

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