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“Being Able to Support Yourself”: Young Adults’ Meaning of Financial Well-Being Through Family Financial Socialization

Author

Listed:
  • Jennifer K. Rea

    (University of Minnesota)

  • Sharon M. Danes

    (University of Minnesota)

  • Joyce Serido

    (University of Minnesota)

  • Lynne M. Borden

    (University of Minnesota)

  • Soyeon Shim

    (University of Wisconsin-Madison)

Abstract

This study investigated how young adults’ (N = 31) perceptions of family financial socialization processes and experiences influenced their definition and understanding of financial well-being. Coding and analysis followed Gilgun et al. (Qualitative methods in family research, Sage, Newbury Park, 1992) pattern-matching approach of analytical induction. The financial socialization processes dimension of Gudmunson and Danes (J Fam Econ Issues, 32:644–667, 2011) Family Financial Socialization (FFS) theory guided confirmation or refutation of theoretical constructs used to organize young adults’ (M = 24 years) personal reflections and interpretations of financial well-being. Findings confirmed current FFS theory constructs while extending the theory by adding the concept of cognitive interpretations of finances and financial well-being (anticipatory socialization) with an accompanying hypothesis. Thus, greater conceptual precision is provided about the connective link between the family’s financial socialization processes and the individual’s development of personal financial dispositions.

Suggested Citation

  • Jennifer K. Rea & Sharon M. Danes & Joyce Serido & Lynne M. Borden & Soyeon Shim, 2019. "“Being Able to Support Yourself”: Young Adults’ Meaning of Financial Well-Being Through Family Financial Socialization," Journal of Family and Economic Issues, Springer, vol. 40(2), pages 250-268, June.
    • Handle: RePEc:kap:jfamec:v:40:y:2019:i:2:d:10.1007_s10834-018-9602-7
    DOI: 10.1007/s10834-018-9602-7
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    References listed on IDEAS

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