The Role of Financial Identity Processes in Financial Behaviors and Financial Well-Being

Vosylis, Rimantas; Sorgente, Angela; Lanz, Margherita

doi:10.1177/21676968211016142

Cited by 4 publications

(1 citation statement)

References 46 publications

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“…The primary sources of obtaining information on finances among school learners of form 12 in Latgale are parents and friends 71%, the Internet 69%, and mass media 53%. The data on financial literacy in the context of the linkage between the causes of family and youth financial literacy received within the present research has confirmed the conclusions obtained by other scientists (Vosylis et al, 2021;Jančius et al, 2022). Researches highlight the school's impact on youth financial literacy level (Kuzma et al, 2022;Compen et al, 2022).…”

Section: Discussionsupporting

confidence: 89%

Financial literacy of secondary school leavers: a case of Latgale region in Latvia

Čaplinska¹,

Ohotina²

2022

JESI

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Financial literacy, as a totality of knowledge and skills, provides an opportunity for a person to manage finances successfully, and take rational decisions concerning the choice of various financial services, thus facilitating both individual and public welfare and sustainability. The financial markets have changed along with the financial consumers' awareness. Financial services have become a mass and freely accessible product group, whereas financial institutions have become a part of everyday life for all social groups. Over time, the age of the persons involved in financial processes and evolving consumers of financial services becomes younger and younger. Hence, the need for knowledge and awareness of finances, financial product diversity and related risks is growing more acute for improving financial decision-making. For this reason, financial literacy is acknowledged as a vital life skill globally. The research aims to study, assess, and analyse the financial literacy of secondary school leavers in Latgale.

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Section: Discussionsupporting

confidence: 89%

Financial literacy of secondary school leavers: a case of Latgale region in Latvia

Čaplinska¹,

Ohotina²

2022

JESI

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Covid-Related Stress in the Financial, Relational and Health Domains. Which Longitudinal Effects on Present and Future Perception?

et al. 2023

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While pre-covid literature about stress has indicated the importance of studying domain-specific stress, studies conducted during the pandemic have investigated covid-related stress as a monodimensional construct. The current study aimed to assess the impact that covid-related stress in three domains (financial, relational, health) had on individuals’ psychological well-being and future anxiety. Furthermore, we aimed to assess whether the relationship among variables changed during the different phases of the pandemic as well as whether age moderated those relationships. Data were collected from 4185 Italian participants (55.4% female) aged 18–90 years ( M = 46.10; SD = 13.47) at three waves: April 2020 (time 1), July 2020 (time 2), May 2021 (time 3). A cross-lagged panel model was run in Mplus. Results indicated that the financial domain is the life domain within which people are most worried during the pandemic, as it had the strongest impact on both psychological well-being and future anxiety. Having high levels of psychological well-being at time t served as a protective factor, as it was negatively related to any kinds of stress as well as to future anxiety at time t+1. These relationships among variables were stable over the course of the pandemic. Finally, we found significant age differences in the mean level for all variables under investigation, where young adults were the group with the highest level of stress and future anxiety as well as the lowest level of psychological well-being. Despite these differences in the variables’ level, the relationships between variables were invariant across age groups. Implications for researchers and practitioners are discussed.

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Unequally Indebted: Debt by Education, Race, and Ethnicity and the, Accumulation of Inequality in Emerging Adulthood

Dwyer,

DeMarco

2024

Emerging Adulthood

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Emerging adults in the U.S. face significant economic uncertainty during the early life course. Economic uncertainties grew in the 2000s, especially for the Millennial cohort. Access to credit can be a resource to manage the instability that characterizes emerging adulthood. However, debt can also become a burden, making credit like a “double-edged sword.” We study inequality in debt holding for five debt types that provide distinct resources and burdens, including mortgages, car loans, student loans, credit cards, and other debts to businesses. We analyze the extent to which the Millennial cohort accumulated unequal debts by the end of emerging adulthood using the National Longitudinal Survey of Youth, 1997 Cohort. We find strikingly unequal debt holding by education, race/ethnicity, and education-by-race/ethnicity for Millennial emerging adults. We conclude that policies and programs that support emerging adult financial wellbeing will be crucial for healthy development and reduced inequalities during this life course stage.

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The Role of Financial Identity Processes in Financial Behaviors and Financial Well-Being

Cited by 4 publications

References 46 publications

Financial literacy of secondary school leavers: a case of Latgale region in Latvia

Financial literacy of secondary school leavers: a case of Latgale region in Latvia

Covid-Related Stress in the Financial, Relational and Health Domains. Which Longitudinal Effects on Present and Future Perception?

Unequally Indebted: Debt by Education, Race, and Ethnicity and the, Accumulation of Inequality in Emerging Adulthood

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