JEL classification: D14 D12PsycINFO classification: 3900 3920 a b s t r a c t Researchers have become increasingly interested in understanding the sources of heterogeneity in individual financial behaviors. In this paper, we examine how the Big Five personality traits are related to measures of young adults' financial distress. Using data from the National Longitudinal Study of Adolescent to Adult Health in the United States, we find that conscientiousness is negatively correlated, and neuroticism positively correlated with financial distress. These correlations are robust to controlling for early life background and other demographic and socioeconomic factors. Young adulthood sets the stage for financial security in later life; as such, this study provides insight for lifelong financial wellbeing. Based on the empirical results, we discuss potential behavioral and policy interventions that can be used to improve financial wellbeing.

Because of the continuing increase in college costs and the need for a college education, the use of student loans has affected many individuals and households in the United States. Researchers and policy-makers need a comprehensive review of literature to understand the determinants and consequences of student loans. This article provides information on the current trends in student loans, reviews the effect of education loans on college enrollment and career decisions, as well as the effects on personal life decisions. Implications for future research related to methodology, information, and the decision-making process for an at-risk population are offered.Tuition and fees at colleges and universities continue to rise more rapidly than the rate of inflation. The rate of increase was 17% at private nonprofit 4-year colleges and almost 30% at public institutions between

This article reviews external and internal factors influencing homeownership decisions for millennials, that is, those who were born between the 1980s and the early 2000s. The article was written by a multistate group of land‐grant university researchers to inform future research. The review of literature suggests that credit accessibility is an important external factor for millennials’ homeownership. Also important are life cycle factors such as financial resources and student loans liabilities, and family decisions such as marriage and parenthood. It is anticipated that this information will enable financial advisors, educators, and policymakers to understand the challenges of homeownership for millennials and to formulate strategies to help this age cohort with their personal financial planning.

No abstract

This article examines the perception of college based on the investment in human or social capital. An online survey was used to collect data. After deleting the responses from older cohorts (Baby Boomers and the Silent Generation) and incomplete responses, the sample consisted of 1,000 adult participants who had student loans. Similarities and differences between generations X and Y student loan borrowers were investigated. Generation Y ranked social capital reasons for a college education higher than human capital reasons. In contrast, Generation X ranked human capital reasons for a college education higher than social capital reasons. Generation and perceived value of college were significantly associated with the satisfaction related to student loans.