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

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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.

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Authors and Affiliations

  1. Department of Psychology, Bowling Green State University, Bowling Green, OH, 43403, USA

    Catherine H. Stein, Jaclyn E. Leith, Shane W. Kraus & Wendy R. Fogo

  2. Department of Psychology, North Florida/South Georgia Veterans Health System, 1601 SW Archer Road, Gainesville, FL, 32608, USA

    Erica Hoffmann

  3. Addiction Research Center, Department of Psychiatry, University of Michigan, 4250 Plymouth Road, Ann Arbor, MI, 48109, USA

    Erin E. Bonar

  4. VA Serious Mental Illness Treatment Resource and Evaluation Center, Center for Clinical Management Research, University of Michigan, North Campus Research Complex, 2800 Plymouth Road, Building 14, Ann Arbor, MI, 48109, USA

    Kristen M. Abraham

  5. Department of Psychology, San Francisco VA Medical Center, 4150 Clement Street, San Francisco, CA, 94121, USA

    Alexis C. Hamill

  6. Department of Rehabilitation Medicine, Mount Sinai School of Medicine, 5 East 98th Street, New York, NY, 10029, USA

    Shinakee Gumber

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  1. Catherine H. Stein
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  2. Erica Hoffmann
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  3. Erin E. Bonar
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  7. Shane W. Kraus
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  8. Shinakee Gumber
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  9. Wendy R. Fogo
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Correspondence to Catherine H. Stein.

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Stein, C.H., Hoffmann, E., Bonar, E.E. et al. The United States Economic Crisis: Young Adults’ Reports of Economic Pressures, Financial and Religious Coping and Psychological Well-Being. J Fam Econ Iss 34, 200–210 (2013). https://doi.org/10.1007/s10834-012-9328-x

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  • DOI: https://doi.org/10.1007/s10834-012-9328-x

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