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Financial Parenting, Financial Coping Behaviors, and Well‐Being of Emerging Adults
Author(s) -
Serido Joyce,
Shim Soyeon,
Mishra Anubha,
Tang Chuanyi
Publication year - 2010
Publication title -
family relations
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.772
H-Index - 87
eISSN - 1741-3729
pISSN - 0197-6664
DOI - 10.1111/j.1741-3729.2010.00615.x
Subject(s) - finance , coping (psychology) , financial independence , psychology , developmental psychology , clinical psychology , business
The goal of this study was to consider the role of parents in the development of their children's financial independence by the time the children are old enough to enter college. Using data from 2,098 first‐year university students, we examined two pathways to emerging adults' financial, psychological, and personal well‐being, combining research on the positive effects of family financial environment and future‐oriented coping behaviors. Two findings are of particular note. The quality of parent‐child communication regarding financial topics proved to be the most potent predictor of children's financial, psychological, and personal well‐being. Further, parents' expectations had a significant indirect influence (via financial coping behaviors) on their children's well‐being. Implications for promoting financial self‐sufficiency among young adults are discussed.