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

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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
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    References listed on IDEAS

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    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.
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