Friday, May 18 • 10:45am - 12:15pm
B1c-Parental Financial Socialization and Financial Instability of Young Adults: The Mediating Role of Financial Capability Trajectory (APLUS)

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Sun Young Ahn, Dayoung Bae, Joyce Serido, Soyeon Shim - This study investigated how financial capability (i.e., financial self-efficacy and borrowing behavior) developed over time and how the trajectories mediate the linkage between early parental financial socialization and young adults’ later financial stability. A latent growth curve (LGC) model was used with a longitudinal data on young adults’ financial behaviors (Wave1-Wave4; N=1,999). Results indicated increase in financial self-efficacy and decrease in borrowing behavior over time. In addition, parental financial socialization positively influenced the growth of financial self-efficacy and negatively influenced the initial level of borrowing behavior. The growth of self-efficacy contributed to young adults’ later financial stability. Although changes in borrowing behavior did not significantly influence financial instability, higher initial levels of borrowing behavior predicted less increases in financial self-efficacy and increased financial instability._x000D_


Sun Young Ahn

Visiting Assistant Professor, Washington College

Friday May 18, 2018 10:45am - 12:15pm

Attendees (1)