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Confident Commitment: Financial Self-Efficacy’s Indirect Association with Romantic Relationship Flourishing Through Financial Behaviors

Author

Listed:
  • Rachel M. Okamoto

    (Brigham Young University)

  • Matthew T. Saxey

    (Brigham Young University)

  • Jocelyn S. Wikle

    (Brigham Young University)

  • Ashley B. LeBaron-Black

    (Brigham Young University)

Abstract

This study examined whether financial behaviors mediate the association between financial selfefficacy and romantic relationship flourishing. Previous research and Family Financial Socialization Theory suggest that financial behaviors may benefit romantic relationship outcomes in emerging adulthood. Previous research also suggests that financial self-efficacy may benefit romantic relationship quality in emerging adulthood. Research has yet to document, however, whether financial self-efficacy may indirectly benefit romantic relationship outcomes through financial behaviors in emerging adulthood. Using data from the Measuring Family Financial Socialization Project (N = 1,950 emerging adults), we used structural equation modeling (SEM) to examine whether financial behaviors mediate the association between financial self-efficacy and romantic relationship flourishing. We found that financial self-efficacy was positively and indirectly associated with romantic relationship flourishing, with financial behaviors fully mediating the relationship. In addition to helping emerging adult couples with their financial behaviors, relational educators and clinicians may consider intervening in emerging adult couples’ financial self-efficacy as an indirect relational treatment. Financial educators and parents might help children, adolescents, and emerging adults build financial self-efficacy to benefit not only their future financial wellbeing but also their future relational wellbeing.

Suggested Citation

  • 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.
    • Handle: RePEc:kap:jfamec:v:45:y:2024:i:1:d:10.1007_s10834-023-09903-1
    DOI: 10.1007/s10834-023-09903-1
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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.
    2. 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.
    3. 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.
    4. Suzanne Bartholomae & Jonathan J. Fox, 2021. "A Decade Review of Research on College Student Financial Behavior and Well-Being," Journal of Family and Economic Issues, Springer, vol. 42(1), pages 154-177, July.
    5. 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.
    6. 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.
    7. Elizabeth Ooi, 2020. "Give mind to the gap: Measuring gender differences in financial knowledge," Journal of Consumer Affairs, Wiley Blackwell, vol. 54(3), pages 931-950, September.
    8. 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.
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