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Financial and ethical risk-taking by young adults: A role for family dynamics during childhood

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  • Shelia M. Kennison
  • Erin E. Wood
  • Jennifer Byrd-Craven
  • Megan L. Downing

Abstract

The research tested the hypothesis that childhood relationships with parents were related to risk-taking by young adults. Prior research has shown that risk-taking by young children is related to their interactions with mothers and fathers. Few studies have examined how family relationships during childhood are related to risk-taking by young adults. We assessed risk-taking using the domain-specific risk-taking scale (DOSPERT), which measures five domains of risk-taking: ethical, financial, health, recreational, and social. We also assessed sensation-seeking, a personality trait that has been shown to be a predictor of risk-taking and family dynamics, using a measure that quantifies positive and negative childhood relationships with each parent. The three key results were (1) negative mother interactions predicted men’s financial risk-taking; (2) negative father interactions and disinhibition predicted men’s ethical risk-taking; and (3) women’s ethical risk-taking was predicted by negative father interactions, low positive mother interactions, and boredom susceptibility. Implications for identifying young adults most at-risk for ethical and financial risk-taking are discussed.

Suggested Citation

  • Shelia M. Kennison & Erin E. Wood & Jennifer Byrd-Craven & Megan L. Downing, 2016. "Financial and ethical risk-taking by young adults: A role for family dynamics during childhood," Cogent Economics & Finance, Taylor & Francis Journals, vol. 4(1), pages 1232225-123, December.
    • Handle: RePEc:taf:oaefxx:v:4:y:2016:i:1:p:1232225
    DOI: 10.1080/23322039.2016.1232225
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    References listed on IDEAS

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    1. Blais, Ann-Renee & Weber, Elke U., 2001. "Domain-specificity and gender differences in decision making," Risk, Decision and Policy, Cambridge University Press, vol. 6(1), pages 47-69, April.
    2. repec:cup:judgdm:v:9:y:2014:i:1:p:58-64 is not listed on IDEAS
    3. Ann-Renée Blais & Elke U. Weber, 2006. "A Domain-Specific Risk-Taking (DOSPERT)Scale for Adult Populations," CIRANO Working Papers 2006s-24, CIRANO.
    4. repec:cup:judgdm:v:1:y:2006:i::p:33-47 is not listed on IDEAS
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    1. repec:cup:judgdm:v:15:y:2020:i:1:p:112-134 is not listed on IDEAS
    2. Yiyun Shou & Joel Olney, 2020. "Assessing a domain-specific risk-taking construct: A meta-analysis of reliability of the DOSPERT scale," Judgment and Decision Making, Society for Judgment and Decision Making, vol. 15(1), pages 112-134, January.

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