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University Attendance Moderates the Link between Financial Norms and Healthy Financial Behavior for Australian Young Adults

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  • Stuart J. Watson

    (Menzies Health Institute
    Griffith University
    Murdoch University)

  • Bonnie L. Barber

    (Menzies Health Institute
    Griffith University)

Abstract

Young adults’ perceptions are important indicators of adulthood, particularly perceived financial independence. Pathways chosen after high school present opportunities to develop a mature financial skillset, with some pathways more promotive of independence than others. Associations between parent and peer financial norms and young adults’ financial behavior were compared for Australian young adults who were studying and those who were working. Parental injunctive norms most strongly predicted students’ healthy financial behavior, whereas parental descriptive norms most strongly predicted employed young adults’ healthy financial behavior. Although peer descriptive norms predicted both groups’ financial behaviors, the role of parents was stronger overall. The findings demonstrate differences in financial socialization for young adults on different pathways after high school and account for delays in developing financial independence for some during young adulthood.

Suggested Citation

  • Stuart J. Watson & Bonnie L. Barber, 2017. "University Attendance Moderates the Link between Financial Norms and Healthy Financial Behavior for Australian Young Adults," Journal of Family and Economic Issues, Springer, vol. 38(2), pages 238-248, June.
    • Handle: RePEc:kap:jfamec:v:38:y:2017:i:2:d:10.1007_s10834-016-9505-4
    DOI: 10.1007/s10834-016-9505-4
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    References listed on IDEAS

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    1. Cobb-Clark, Deborah A., 2008. "Leaving Home: What Economics Has to Say about the Living Arrangements of Young Australians," IZA Discussion Papers 3309, Institute of Labor Economics (IZA).
    2. repec:bla:ausecr:v:41:y:2008:i:2:p:160-176 is not listed on IDEAS
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    Cited by:

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    2. Suzanne Bartholomae & Jonathan J. Fox, 2021. "A Decade Review of Research on College Student Financial Behavior and Well-Being," Journal of Family and Economic Issues, Springer, vol. 42(1), pages 154-177, July.
    3. Ali Coskun & Nurdilek Dalziel, 2020. "Mediation effect of financial attitude on financial knowledge and financial behavior: The case of university students," International Journal of Research in Business and Social Science (2147-4478), Center for the Strategic Studies in Business and Finance, vol. 9(2), pages 01-08, March.

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