Catch them young: Impact of financial socialization, financial literacy and attitude towards money on financial well-being of young adults

Utkarsh, . and Pandey, Asheesh and Ashta, Arvind and Spiegelman, Eli and Sutan, Angela (2020) Catch them young: Impact of financial socialization, financial literacy and attitude towards money on financial well-being of young adults. International Journal Of Consumer Studies. pp. 1-11. ISSN 1470-6431

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Abstract

A stream of research has examined the financial well-being of individuals. However, less research has been conducted on the financial well-being of young adults in developing economies. To further examine this domain, we developed a conceptual framework based on the existing literature of consumer research and financial wellbeing and assessed how financial literacy, socialization and attitude towards money influence the financial well-being of young adults. Two cross-sectional surveys were conducted on 446 young adults (preliminary study n = 156; main study n = 290; mean age 22 years) in India. This study contributes to the literature by demonstrating that financial discussion with parents during childhood positively influences financial well-being of young adults. In addition, we found that relationship between financial literacy and financial well-being is not significant. Furthermore, the study reveals the role of attitude towards money as a strong predictor of financial well-being. The results provide implications for educational and financial institutions and policymakers for improving the financial well-being of young adults.

Item Type:	Article
Uncontrolled Keywords:	Attitude towards money; Financial literacy; Financial socialization; Financial well-being, India, Young adults
Subjects:	Engineering Technology Finance Finance > Financial Economics
Divisions:	Marketing Management
Depositing User:	Mr. Muralidhara D
Date Deposited:	08 May 2020 04:14
Last Modified:	08 May 2020 04:49
URI:	http://tapmi.informaticsglobal.com/id/eprint/653

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