This study utilizes the 1997 National Longitudinal Survey of Youth to examine the relationship between financial literacy, conscientiousness, and asset accumulation among young adults. Findings indicate that both conscientiousness and financial literacy are consistent predictors of asset accumulation among young Americans. A one-standard-deviation increase in conscientiousness is correlated with a 40% increase in net worth, a 53% increase in illiquid asset holdings, and a 33% increase in liquid asset holdings. A one-standard-deviation increase in financial literacy is correlated with a 60% increase in illiquid asset holdings and a 30% increase in liquid asset holdings. Financial literacy moderates the effect of conscientiousness on net worth. These findings suggest that conscientiousness and financial literacy are important factors and that policies and programming with a dual emphasis on increasing conscientiousness and financial literacy are likely to have a positive impact on consumer savings and asset-building.

This study uses the National Longitudinal Survey of Youth (1997) to examine the factors that impact homeownership among young adults, with an emphasis on student loan debt. Three key findings arise from the research. First, life cycle and demographic characteristics, such as marital status, education, and income, continue to be strong predictors of homeownership. Married households with a college degree and children are among the most likely to own a home. Second, young adults with student loan debt are no more or less likely to own a home than someone without debt after controlling for a number of factors; however, students who have already paid off their loans are more likely to own a home. Finally, respondents who express a willingness to take risks in finances are more likely to own a home while those who are more conscientious are less likely to own a home.

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Evidence suggests that college students are unaware of their debt obligations. This study utilized the National Student Financial Wellness Study to examine whether aspects of financial parenting contribute to debt ignorance among college students. Reliance on parents for advice, parental financial support, and credit card payment responsibility were positively associated with ignorance of debt. Financial knowledge and working while in college reduced the likelihood of debt ignorance. We discuss implications for how parents can help their children become financially responsible young adults.

This study uses an integrative persistence model to examine college students' expected time-to-degree as a function of sociological and economic factors. The data used in this study are from the 2010 Ohio Student Financial Wellness Survey (SFWS), a web-based survey of undergraduate college students. Of the students surveyed, 25% indicated that they plan to take longer than 4 years to complete their undergraduate degree. Findings from the study indicate college environment and personal financial characteristics are important factors in determining time-to-degree. Students who overspend, have a car loan, credit cards, or high debt, and those who feel stress from their finances are more likely to take longer than 4 years. Students are more likely to finish in 4 years or less if they live or work on campus, have a high GPA, or have met with a financial counselor or advisor. Implications for higher education administrators and parents are discussed.