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Exploring the impact of family stressors on financial behavior: A study of Croatian youth

Author

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  • Barbić Dajana

    (Faculty of Economics & Business, University of Zagreb, Croatia)

  • Palić Irena

    (Faculty of Economics & Business, University of Zagreb, Croatia)

  • Lučić Andrea

    (Faculty of Economics & Business, University of Zagreb, Croatia)

Abstract

This paper examines the relationship between family stressors and subsequent financial behavior of young individuals in Croatia. Previous research indicates that family stressors are associated with increased levels of financial stress, resulting in impulsive purchases, risky financial behavior, and increased debt. More specifically, family stressors during youth are shown to significantly affect an individual's financial behavior later in life. Research has shown that youth family stressors, such as poverty, parental divorce, and parental unemployment, can lead to financial stress and affect financial behavior in adulthood. This paper provides an illustrative review of the Family Stress Model (FSM) framework to understand how family stressors influence youngsters in the financial domain. Using regression modeling, we estimate that family stress significantly impacts the financial behavior of young individuals in Croatia. Specifically, the study finds that family stress is negatively associated with responsible financial behavior. These findings have important implications for policymakers and practitioners, particularly those involved in financial education and family support programs, highlighting the need to address family stress as a potential risk factor for poor financial outcomes among young individuals. It is important to recognize the relationship between youth family stressors and financial behavior and work on managing both to improve financial well-being in adulthood.

Suggested Citation

  • Barbić Dajana & Palić Irena & Lučić Andrea, 2023. "Exploring the impact of family stressors on financial behavior: A study of Croatian youth," Croatian Review of Economic, Business and Social Statistics, Sciendo, vol. 9(1), pages 51-60, July.
    • Handle: RePEc:vrs:crebss:v:9:y:2023:i:1:p:51-60:n:2
    DOI: 10.2478/crebss-2023-0004
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    References listed on IDEAS

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    3. Rindfleisch, Aric & Burroughs, James E & Denton, Frank, 1997. "Family Structure, Materialism, and Compulsive Consumption," Journal of Consumer Research, Journal of Consumer Research Inc., vol. 23(4), pages 312-325, March.
    4. Adele Atkinson & Flore-Anne Messy, 2012. "Measuring Financial Literacy: Results of the OECD / International Network on Financial Education (INFE) Pilot Study," OECD Working Papers on Finance, Insurance and Private Pensions 15, OECD Publishing.
    5. John, Deborah Roedder, 1999. "Consumer Socialization of Children: A Retrospective Look at Twenty-Five Years of Research," Journal of Consumer Research, Journal of Consumer Research Inc., vol. 26(3), pages 183-213, December.
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    More about this item

    Keywords

    family stressors; financial behavior; regression analysis; youth;
    All these keywords.

    JEL classification:

    • C50 - Mathematical and Quantitative Methods - - Econometric Modeling - - - General
    • D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory
    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance

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