IDEAS home Printed from https://ideas.repec.org/a/kap/jfamec/v45y2024i4d10.1007_s10834-023-09930-y.html
   My bibliography  Save this article

Financial Socialization, Financial Identity, and Financial Well-Being Among University Students Taking a Consumer Economics Course

Author

Listed:
  • Brandan E. Wheeler

    (Alabama A&M University)

  • Cecilia Brooks

    (Mississippi University for Women)

Abstract

Derived from Marcia’s (1966) identity statuses, we examine how financial identity statuses (achievement, moratorium, foreclosure, diffusion; Barber et al. (2011); Bosch et al. (2016); Sorgente et al. (2020)) relate to the preparation for taking on financial responsibilities, materialism, compulsive buying, responsible credit management, and financial anxiety and financial well-being among university students taking a Consumer Economics course. Key findings included: (1) Identity achievement was related positively to preparation for taking on financial responsibilities; (2) Identity moratorium was related positively to financial anxiety and related negatively to financial well-being; and (3) Identity diffusion was related negatively to preparation for taking on financial responsibilities and responsible credit management and related positively to materialism and compulsive buying. Findings suggest a combination of helping emerging adults become less financially dependent on parents and greater financial socialization may help them develop financial identity achievement.

Suggested Citation

  • Brandan E. Wheeler & Cecilia Brooks, 2024. "Financial Socialization, Financial Identity, and Financial Well-Being Among University Students Taking a Consumer Economics Course," Journal of Family and Economic Issues, Springer, vol. 45(4), pages 1-16, December.
    • Handle: RePEc:kap:jfamec:v:45:y:2024:i:4:d:10.1007_s10834-023-09930-y
    DOI: 10.1007/s10834-023-09930-y
    as

    Download full text from publisher

    File URL: http://link.springer.com/10.1007/s10834-023-09930-y
    File Function: Abstract
    Download Restriction: Access to full text is restricted to subscribers.
    File URL: https://libkey.io/10.1007/s10834-023-09930-y?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Clinton Gudmunson & Sharon Danes, 2011. "Family Financial Socialization: Theory and Critical Review," Journal of Family and Economic Issues, Springer, vol. 32(4), pages 644-667, December.
    2. Achtziger, Anja & Hubert, Marco & Kenning, Peter & Raab, Gerhard & Reisch, Lucia, 2015. "Debt out of control: The links between self-control, compulsive buying, and real debts," Journal of Economic Psychology, Elsevier, vol. 49(C), pages 141-149.
    3. Rook, Dennis W & Fisher, Robert J, 1995. "Normative Influences on Impulsive Buying Behavior," Journal of Consumer Research, Journal of Consumer Research Inc., vol. 22(3), pages 305-313, December.
    4. Bryce L. Jorgensen & Damon L. Rappleyea & John T. Schweichler & Xiangming Fang & Mary E. Moran, 2017. "The Financial Behavior of Emerging Adults: A Family Financial Socialization Approach," Journal of Family and Economic Issues, Springer, vol. 38(1), pages 57-69, March.
    5. Ashley B. LeBaron & Heather H. Kelley, 2021. "Financial Socialization: A Decade in Review," Journal of Family and Economic Issues, Springer, vol. 42(1), pages 195-206, July.
    6. Faber, Ronald J & O'Guinn, Thomas C, 1992. "A Clinical Screener for Compulsive Buying," Journal of Consumer Research, Journal of Consumer Research Inc., vol. 19(3), pages 459-469, December.
    7. Soyeon Shim & Joyce Serido & Leslie Bosch & Chuanyi Tang, 2013. "Financial Identity-Processing Styles Among Young Adults: A Longitudinal Study of Socialization Factors and Consequences for Financial Capabilities," Journal of Consumer Affairs, Wiley Blackwell, vol. 47(1), pages 128-152, April.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Japutra, Arnold & Ekinci, Yuksel & Simkin, Lyndon, 2019. "Self-congruence, brand attachment and compulsive buying," Journal of Business Research, Elsevier, vol. 99(C), pages 456-463.
    2. Mohamad Fazli Sabri & Mervin Anthony & Siong Hook Law & Husniyah Abdul Rahim & Nik Ahmad Sufian Burhan & Muslimah Ithnin, 2024. "Impact of financial behaviour on financial well-being: evidence among young adults in Malaysia," Journal of Financial Services Marketing, Palgrave Macmillan, vol. 29(3), pages 788-807, September.
    3. Khalid Abdul Ghafoor & Muhammad Akhtar, 2024. "Parents’ financial socialization or socioeconomic characteristics: which has more influence on Gen-Z’s financial wellbeing?," Palgrave Communications, Palgrave Macmillan, vol. 11(1), pages 1-16, December.
    4. 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.
    5. Zewei Liu & Ji-Kang Chen, 2024. "Financial Resilience and Adolescent Development: Exploring a Construct of Family Socioeconomic Determinants and Its Associated Psychological and School Outcomes," Child Indicators Research, Springer;The International Society of Child Indicators (ISCI), vol. 17(5), pages 2283-2318, October.
    6. Julie Birkenmaier & David Rothwell & Mary Agar, 2022. "How is Consumer Financial Capability Measured?," Journal of Family and Economic Issues, Springer, vol. 43(4), pages 654-666, December.
    7. Ashley Larsen Gibby & Logan Pettit & E. Jeffrey Hill & Jeremy Yorgason & Erin Kramer Holmes, 2021. "Implicit and Explicit Childhood Financial Socialization: Protective Factors for Marital Financial Disagreements," Journal of Family and Economic Issues, Springer, vol. 42(2), pages 225-236, June.
    8. John de New & David Ribar & Christopher Ryan & Clement Wong, 2020. "Financial Outcomes in Adolescence and Early Adulthood in Australian Longitudinal Data," Australian Economic Review, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 53(1), pages 126-138, March.
    9. Bryce L. Jorgensen & David B. Allsop & Samuel D. Runyan & Brandan E. Wheeler & David A. Evans & Loren D. Marks, 2019. "Forming Financial Vision: How Parents Prepare Young Adults for Financial Success," Journal of Family and Economic Issues, Springer, vol. 40(3), pages 553-563, September.
    10. NDOU, Adam, 2023. "Parental Financial Socialisation And Socioeconomic Status," Studii Financiare (Financial Studies), Centre of Financial and Monetary Research "Victor Slavescu", vol. 27(1), pages 39-58, March.
    11. Kenneth White & Kimberly Watkins & Megan McCoy & Bertranna Muruthi & Jamie Lynn Byram, 2021. "How Financial Socialization Messages Relate to Financial Management, Optimism and Stress: Variations by Race," Journal of Family and Economic Issues, Springer, vol. 42(2), pages 237-250, June.
    12. Kenneth J. White & Kim Love & Megan McCoy & Miranda Reiter & Desiree M. Seponski & Janet Koposko & Erica Regan, 2022. "Factors associated with the financial strain of transgender and gender diverse college students," Journal of Consumer Affairs, Wiley Blackwell, vol. 56(4), pages 1617-1637, December.
    13. G. Adamczyk & J. Capetillo-Ponce & D. Szczygielski, 2020. "Compulsive Buying in Poland. An Empirical Study of People Married or in a Stable Relationship," Journal of Consumer Policy, Springer, vol. 43(3), pages 593-610, September.
    14. Melissa A. Curran & Ashley B. LeBaron-Black & Xiaomin Li & Casey J. Totenhagen, 2021. "Introduction to the Special Issue on Couples, Families, and Finance," Journal of Family and Economic Issues, Springer, vol. 42(2), pages 215-224, June.
    15. Radoslaw Macik & Dorota Macik, 2011. "Physical vs. Virtual Information Search and Purchase in the Buying Behavior of Polish Young Consumers," MIC 2011: Managing Sustainability? Proceedings of the 12th International Conference, Portorož, 23–26 November 2011 [Selected Papers],, University of Primorska, Faculty of Management Koper.
    16. Sinha, Gaurav & Tan, Kevin & Zhan, Min, 2018. "Patterns of financial attributes and behaviors of emerging adults in the United States," Children and Youth Services Review, Elsevier, vol. 93(C), pages 178-185.
    17. Zhu, Alex Yue Feng, 2019. "School financial education and parental financial socialization: Findings from a sample of Hong Kong adolescents," Children and Youth Services Review, Elsevier, vol. 107(C).
    18. Heather H. Kelley & Ashley B. LeBaron & E. Jeffrey Hill, 2021. "Family Matters: Decade Review from Journal of Family and Economic Issues," Journal of Family and Economic Issues, Springer, vol. 42(1), pages 20-33, July.
    19. Grzegorz Adamczyk & Jorge Capetillo-Ponce & Dominik Szczygielski, 2022. "Links between types of value orientations and consumer behaviours. An empirical study," PLOS ONE, Public Library of Science, vol. 17(2), pages 1-22, February.
    20. Steve Agnew & Patrick Roger & Tristan Roger, 2024. "Adolescent Financial Literacy: Viewing Peers as Good Financial Role Models," Working Papers in Economics 24/14, University of Canterbury, Department of Economics and Finance.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:kap:jfamec:v:45:y:2024:i:4:d:10.1007_s10834-023-09930-y. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.springer.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.