Patterns of financial attributes and behaviors of emerging adults in the United States

Sinha, Gaurav; Tan, Kevin; Zhan, Min

doi:10.1016/j.childyouth.2018.07.023

Cited by 35 publications

(36 citation statements)

References 26 publications

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“…Based on the results it can be stated that although young adults differ from older generations in a number of aspects regarding financial attitudes and behaviour, they themselves form a quite heterogeneous group. This statement is in accordance with findings of Sinha et al (2018) or De Beckker et al (2019, who also emphasize the importance of different groups in the same age-group. We may further deepen the picture and knowledge about them if we divide them into smaller groups, thus, create segments.…”

Section: Discussionsupporting

confidence: 92%

“…In order to implement the above skills such as preparing budgets, calculation skills or product recognition and product use need to be developed. In accordance with findings of Sinha et al (2018) deeper understanding of patterns in financial behaviors of emerging adults can lead to better design of need-based programs and products. 0-female, 1-male) -0,19 0,738 0,12 0,470 age 0,11 0,091 0,02 0,230 small town (3000-15000 inhabitants) -0,46 0,520 0,36 0,079 medium-sized town (15000-100000 inhabitants)…”

Section: Discussionsupporting

confidence: 73%

“…Based on Xiao and O'Neill (2016) findings we can state that financial education (general or specific) of young consumers shows positive associations with financial capability and financial literacy. The financial capability was investigated in the research of Sinha et al (2018). Their results show that the 18-24 years old consumers can devided into four groups based on their financial attributes and behaviors.…”

Section: Introductionmentioning

confidence: 99%

See 2 more Smart Citations

Anxious spenders: Background factors of financial vulnerability

Németh¹,

Zsótér²

2019

Economics &Amp; Sociology

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1) Background: Financial literacy, its attitudinal and behavioral components are subject to increasing awareness in Hungary, especially after the economical crisis of 2018. 2) Methods: Our study examines the selected aspects of the Hungarian young adults' behavior, using the data of the survey conducted on a representative sample to compare financial knowledge, attitudes, behaviors and habits of the 18-35 year-olds with the group of older ones. We also analyze what kind can describe the selected groups, and whether clusters can be established. 3) Results: Financial consciousness and setting long-term financial goals are less typical among young adults. They intend to reach their financial aims not by decreasing their costs or saving but rather by preparing action plans or undertaking more work. Three clusters were identified: worried spenders, satisfied risk-takers and careful considerers. 4) Conclusions: Financial vulnerability is specific to the worried spenders, this cluster represents almost a quarter of young adults. They live for today, financial problems make their existence harder, this, in turn, causes depression, they do not dispose savings. Furthermore, when comparing this cluster to the two other clusters, their financial knowledge and skills are of lower level, less of them make a budget, their income is lower and they tend not to set financial goals as such. JEL Classification: A22financially vulnerable groups have, what information they use for orientation, how they deal with their finances and how they see their own competencies. We are convinced that before any good-intentioned intervention it is important to examine the distinctive features of the social group in need for support, especially in the field of attitudes and behavioural patterns.

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Section: Discussionsupporting

confidence: 92%

Section: Discussionsupporting

confidence: 73%

Section: Introductionmentioning

confidence: 99%

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Anxious spenders: Background factors of financial vulnerability

Németh¹,

Zsótér²

2019

Economics &Amp; Sociology

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“…Briefly analyzing the results, we must say that these results are not aligned with some authors, like Sinha et al (2018), that affirms that "any young people are entering adulthood without adequate financial capabilities to ensure their future well-being and that of their children. "…”

Section: Questionnairementioning

confidence: 88%

Thinking about the Future: How Do Young People Deal with Money?

Mont’Alvão

Bevilaqua²,

Cappelletto³

2021

JSE

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The world population is changing and ageing. And young adults? Are they prepared to be an older adult? How to deal with expectations for life and financial aspects in the long term? These are the questions discussed in this paper, gathering information design, financial literacy, and human factors. A descriptive approach considered a literature review of financial education and literacy, consumer consumption by adolescents and young adults, and how human factors specialists discuss this topic. Based on this information, both qualitative and quantitative research with young adults on their financial literacy was conducted to investigate young adults' perspectives on their future, decision-making about money now, and retiring. Data results pointed out a view, and some solutions are proposed as the next steps.

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“…For those engaged in policy advocacy, this kind of organized information becomes an analytical tool to communicate with the policymakers. As the social work profession has renewed its focus on influencing the financial well-being of the people, this article hopes to contribute significantly to the growing literature on financial capability and asset building of the vulnerable population at the macro level (Sinha, 2016;Sinha et al, 2018).…”

Section: Implications: Institutional Memory and Social Work Practicementioning

confidence: 99%

Unbanked in India: A qualitative analysis of 24 years of financial inclusion policies

Sinha

Piedra

2020

International Social Work

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Social work has historically engaged in pioneering interventions to improve the financial well-being of people. India is an interesting case as it has the highest number of unbanked people on one side and numerous policy interventions on the other. Using systematic review and Gioia methodology, we analyzed 24 years of financial inclusion policies. Our analysis revealed that the efficacy of policies was impeded by flawed designs, as the policymakers preferred ‘quick fixes’ over long-term solutions. Our study highlights the need for learning from the past and organizing complex information in a way that helps policymakers in taking informed policy design decisions.

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Patterns of financial attributes and behaviors of emerging adults in the United States

Cited by 35 publications

References 26 publications

Anxious spenders: Background factors of financial vulnerability

Anxious spenders: Background factors of financial vulnerability

Thinking about the Future: How Do Young People Deal with Money?

Unbanked in India: A qualitative analysis of 24 years of financial inclusion policies

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