Young Adults’ Life Outcomes and Well-Being: Perceived Financial Socialization from Parents, the Romantic Partner, and Young Adults’ Own Financial Behaviors

Abstract

We examined how perceived financial socialization—from parents, the romantic partner, and young adults’ own behavior—was associated with young adults’ life outcomes and well-being (i.e., physical and mental health, finances, romantic relationship). Using data (N = 504) from young adults specific to their finances, results from hierarchical regression analyses showed that young adults’ own financial behaviors were the most patterned, followed by financial socialization from the romantic partner, and then from financial socialization from parents (only objective financial knowledge). We discuss how young adults’ financial behavior, financial socialization from the romantic partner and, to a lesser extent, parental socialization are associated with young adults’ life domains, underscoring the developmental salience of increased financial capability and relationship formation and decreased dependence on parents during the transition to adulthood.

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Funding

This study was funded by the National Endowment of Financial Education and the Take Charge of America Institute at the University of Arizona.

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Correspondence to Melissa A. Curran.

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Curran, M.A., Parrott, E., Ahn, S.Y. et al. Young Adults’ Life Outcomes and Well-Being: Perceived Financial Socialization from Parents, the Romantic Partner, and Young Adults’ Own Financial Behaviors. J Fam Econ Iss 39, 445–456 (2018). https://doi.org/10.1007/s10834-018-9572-9

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Keywords

  • Financial socialization
  • Parenting young adults
  • Transition to adulthood
  • Young adult financial behavior
  • Young adult romantic partner