Financial Behavior Change and Progress Toward Self-Sufficiency

A Goal-Framing Theory Application

Datos Bibliográficos

ID15705486
AutoresJoyce Serido (0000-0001-8010-2143, University of Minnesota, autor de correspondencia), Chuanyi Tang (0000-0002-7203-2664, Old Dominion University), Sun Young Ahn (0000-0003-3250-7757, Washington College), Soyeon Shim (0009-0007-5817-0300, University of Wisconsin–Madison)
Año2019
Volumen8
Número6
Páginas521-529
Fecha de publicación2019-07-07
Peer ReviewedSí
Open AccessSí
TipoARTICLE
RevistaEmerging Adulthood (JOURNAL)
Identificadores de la revistaISSN: 2167-6968 • E-ISSN: 2167-6984
EditorialSAGE Publishing (PUBLISHER • US)
DOI10.1177/2167696819861467
OpenAlexW2958531358
IdiomaEN
Citas recibidas7
Referencias citadas34

We applied goal-framing theory to determine whether there were discernible patterns in emerging adults’ financial behavior from college to career and whether those patterns were associated with progress toward self-sufficiency. Using longitudinal data collected over 5 years from a college cohort of emerging adults ( N = 968) in the United States, we estimated latent growth curve models and identified three financial-behavior patterns suggestive of the overarching motivations in the theory: planful (gain), present focused (hedonic), and socially compliant (normative). Using multinomial logistic regression analysis, we found that higher perceived financial control, more positive financial attitudes, higher perceived parental expectations, and more exposure to financial education were predictive of a gain pattern. Analyses of variance showed that the gain financial-behavior pattern was associated with the most progress toward self-sufficiency (adult stability, career status, and well-being). We discuss the findings as they pertain to the connection between emerging adults’ financial behavior and progress toward self-sufficiency

Economics · Framing (construction · Life course approach · Logistic regression · Multinomial logistic regression · Normative · Political science · Self-control · Financial Literacy, Pension, Retirement Analysis · Psychological and Temporal Perspectives Research · Psychological Well-being and Life Satisfaction · Psychology · Social Psychology · Finance