This cross-sectional study tests a conceptual financial socialization process model, specifying four-levels that connect anticipatory socialization during adolescence to young adults' current financial learning, to their financial attitudes, and to their financial behavior. A total of 2,098 first-year college students (61.9% females) participated in the survey, representing a diverse ethnic group (32.6% minority participation: Hispanic 14.9%, Asian/Asian American 9%, Black 3.4%, Native American 1.8% and other 3.5%). Structural equation modeling indicated that parents, work, and high school financial education during adolescence predicted young adults' current financial learning, attitude and behavior, with the role played by parents substantially greater than the role played by work experience and high school financial education combined. Data also supported the proposed hierarchical financial socialization four-level model, indicating that early financial socialization is related to financial learning, which in turn is related to financial attitudes and subsequently to financial behavior. The study presents a discussion of how the theories of consumer socialization and planned behavior were combined effectively to depict the financial development of young adults. Several practical implications are also provided for parents, educators and students.

The Credit Card Act of 2009 reflects increased public policy concern about the risky credit behaviors of young adults. This act promotes increased responsibility of parents and implies that young adults must acquire financial knowledge and practice responsible financial behaviors. This study addresses this public issue by investigating the psychological processes underlying young adults’ risky credit card behaviors and the role of parents and financial knowledge in the financial behavior of young adults. A conceptual model based on an extension of the theory of planned behavior is proposed. The authors collected data from a sample of first-year students at a major public university. The results show that both parental norm and parental socioeconomic status are important factors that influence students’ risky credit behaviors. Furthermore, subjective financial knowledge does more to prevent risky credit behaviors than objective financial knowledge. Finally, behavioral intention is the most important factor in preventing risky credit behaviors and credit card debt accumulation. The authors draw on their findings to provide public policy implications.

Using daily telephone interviews of a U.S. national sample of adults, aged 25-74 (N = 1,031), the present analyses draw from theories of the stress process and recent research to examine how chronic role-related stressors and daily hassles affect psychological distress. Four separate hypotheses are examined. The first explores the association between chronic stressors and daily hassles. The second tests whether daily hassles function as an intervening variable between chronic stressors and psychological distress. The third tests whether a chronic stressor moderates the relationship between daily hassles and psychological distress. The fourth hypothesis tests for cross-domain effects of chronic stressors and daily hassles. Findings indicate that chronic stressors and daily hassles are distinct types of stressors with unique contributions to psychological distress. The study provides support for chronic home stressors functioning as a moderating factor on the relationship between daily hassles and psychological distress both within and across domains.

College students, Financial education, Financial knowledge, Financial behavior, Financial attitudes,

The goal of this study was to consider the role of parents in the development of their children's financial independence by the time the children are old enough to enter college. Using data from 2,098 first‐year university students, we examined two pathways to emerging adults' financial, psychological, and personal well‐being, combining research on the positive effects of family financial environment and future‐oriented coping behaviors. Two findings are of particular note. The quality of parent‐child communication regarding financial topics proved to be the most potent predictor of children's financial, psychological, and personal well‐being. Further, parents' expectations had a significant indirect influence (via financial coping behaviors) on their children's well‐being. Implications for promoting financial self‐sufficiency among young adults are discussed.

Findings suggest the importance of considering variation across stressors, particularly implications for self-concept, in understanding sources of differential stressor vulnerability.

This study examined the association of earlier financial literacy and later financial behaviour of college students. Financial literacy was measured by both subjective and objective knowledge and financial behaviours were categorized into risky paying and borrowing behaviours. Based on data collected at two time points from a panel of college students at a major state university in the USA, the results showed that the association between earlier knowledge and later financial behaviours differed by the specific type of knowledge (subjective vs. objective), with stronger effect of subjective knowledge, compared with objective knowledge on both composite and individual measures of risky borrowing and paying behaviours. We found that only subjective knowledge was correlated with a reduction in both composite behaviours. Both subjective and objective knowledge, however, reduced some specific risky paying and borrowing behaviours. Finally, we found consistent differences for two of the control variables: higher GPA (Grade Point Average) was associated with fewer risky paying behaviours; and gender (male vs. female) was associated with more of both types of risky behaviours.

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