Journal of Family and Economic Issues

, Volume 34, Issue 2, pp 200–210

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

  • Catherine H. Stein
  • Erica Hoffmann
  • Erin E. Bonar
  • Jaclyn E. Leith
  • Kristen M. Abraham
  • Alexis C. Hamill
  • Shane W. Kraus
  • Shinakee Gumber
  • Wendy R. Fogo
Original Paper

DOI: 10.1007/s10834-012-9328-x

Cite this article as:
Stein, C.H., Hoffmann, E., Bonar, E.E. et al. J Fam Econ Iss (2013) 34: 200. doi:10.1007/s10834-012-9328-x

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.

Keywords

Economic pressureYoung adultsFinancial copingPsychological well-beingReligious copingUnited States economic recession

Copyright information

© Springer Science+Business Media, LLC 2012

Authors and Affiliations

  • Catherine H. Stein
    • 1
  • Erica Hoffmann
    • 2
  • Erin E. Bonar
    • 3
  • Jaclyn E. Leith
    • 1
  • Kristen M. Abraham
    • 4
  • Alexis C. Hamill
    • 5
  • Shane W. Kraus
    • 1
  • Shinakee Gumber
    • 6
  • Wendy R. Fogo
    • 1
  1. 1.Department of PsychologyBowling Green State UniversityBowling GreenUSA
  2. 2.Department of PsychologyNorth Florida/South Georgia Veterans Health SystemGainesvilleUSA
  3. 3.Addiction Research Center, Department of PsychiatryUniversity of MichiganAnn ArborUSA
  4. 4.VA Serious Mental Illness Treatment Resource and Evaluation Center, Center for Clinical Management ResearchUniversity of MichiganAnn ArborUSA
  5. 5.Department of PsychologySan Francisco VA Medical CenterSan FranciscoUSA
  6. 6.Department of Rehabilitation MedicineMount Sinai School of MedicineNew YorkUSA