Pathways to life success: A conceptual model of financial well-being for young adults

By Soyeon Shim, Jing Jian Xiao, Bonnie L. Barber, Angela C. Lyons. 2009

218 citations recorded by the source corpus.

The purpose of this study is to describe and test a conceptual model of the potential antecedents and consequences of financial well-being in young adulthood. Data (N = 781) were collected via an online survey conducted at a large state university in the southwestern United States. Our results suggest that self-actualizing personal values, financial education at home, and formal financial education at school may play important anticipatory socialization roles in the ways that young adults acquire knowledge about financial matters and form attitudes and behavioral intentions based on that knowledge. These financial domains, along with parental normative expectations and young adults' perceived behavioral control, were related to their financial well-being, which was in turn related to academic success and overall life satisfaction, as well as psychological and physical health. Theoretical and applied implications are provided.

Subfields: Accounting, Experimental and Cognitive Psychology, Social Psychology

View Paper: https://www.semanticscholar.org/paper/951039d54071f44d695fd330c892879f5496088b

Citations in the corpus

• Foundations of Financial Well-Being: Insights into the Role of Executive Function, Financial Socialization, and Experience-Based Learning in Childhood and Youth (2015, unknown): “Both research and common sense suggest that subjective norms and financial attitudes have an important influence on virtually all aspects of financial well-being (Shim et al. 2009).”
• Childhood Roots of Financial Literacy (2015, unknown): “This result extends earlier findings by Shim et al. (2010) in a sample of U.”
• The Economic Importance of Financial Literacy: Theory and Evidence (2014, unknown): “…literacy .28 In other words, financial literacy may well get its start in the family, perhaps when children observe their parents’ saving and investing habits, or more directly by receiving financial education from parents (Chiteji and Stafford 1999; Li 2009; Shim, Xiao, Barber, and Lyons 2009).”
• Financial Behaviors and Financial Well-Being of College Students: Evidence from a National Survey (2011, unknown): “On the other side, college students experience increased levels of stress and decreased levels of psychological well-being; thus, college students’ financial well-being is negatively correlated with academic progress and health (Adams and Moore 2007; Nelson et al. 2008; Norvilitis and Santa Maria 20”
• Financial well-being: A conceptualization and research agenda (2017, unknown): “For example, many studies that examine students' financial well-being have included the students' level of debt as a measure of their objective well-being and their satisfaction with their financial status as a subjective measure (Shim et al., 2009).”
• Handbook of Consumer Finance Research (2008, unknown): “Most studies measured knowledge objectively but a handful used a selfperceived subjective measure of fi nancial knowledge (Chan, Chau, & Chan, 2012 ; Shim et al., 2009 )—or both (Javine, 2013 ; Goldsmith et al. 1997 ; Huzdik et al., 2014 ; Shim et al., 2009 ; Smith & Barboza, 2014 ; Xiao et al.,…”
• Antecedents and consequences of Personal Financial Management Behavior: a systematic literature review and future research agenda (2021, unknown): “…et al. (2003)* Significant Procrastination Gamst-Klaussen et al. (2019) Negative Personality Xu et al. (2015); Gerrans and Heaney (2016); Xu et al. (2017) Positive Harrison and Chudry (2011) Negative Social Family Financial Socialization Lea et al. (1995); Shim et al. (2009); Grinstein-Weiss et al.”
• Financial well‐being of Malaysian college students (2012, unknown): “Academic ability has been used to predict financial literacy and financial well-being in a number of studies (Chen and Volpe, 1998, 2002; Sabri et al., 2010; Shim et al., 2009).”
• Financial literacy among youth (2018, unknown): “Financial socialisation could occur via formal sources like schools (Goldsmith and Goldsmith, 2006; Shim et al., 2009) or informal sources like family ( John, 1999; Lusardi et al., 2010).”
• A review of financial-literacy education programs for children and adolescents (2018, unknown): “This is in line with van Campenhout (2015) and Shim et al. (2009) who report that the effectiveness of financial-literacy education could be improved if parental involvement were higher.”