Predictors of Financial Identity Development in Emerging Adulthood
AffiliationUniv Arizona, Coll Agr & Life Sci, Norton Sch Family & Consumer Sci, Div Family Studies & Human Dev
MetadataShow full item record
PublisherSAGE PUBLICATIONS INC
CitationBosch, L. A., Serido, J., Card, N. A., Shim, S., & Barber, B. (2016). Predictors of financial identity development in emerging adulthood. Emerging Adulthood, 4(6), 417-426.
Rights© 2016 Society for the Study of Emerging Adulthood and SAGE Publications.
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AbstractTo explore how emerging adults grapple with the increasing demands of fiscal responsibility, the present study tests a model of identity formation in the domain of finance. We draw on Erikson's theory of identity formation as operationalized by Marcia's identity status model, which details four identity statuses: achieved, foreclosed, moratorium, and diffused. A sample of college students (N = 1,511) were surveyed at two time points: in their first (ages 18-21, T1) and fourth (ages 21-24, T2) years of college. Primarily, we find evidence for financial identity stability, although we found some evidence for financial identity regression from moratorium to foreclosed status. After controlling for T1 financial identity, T1 variables were most predictive of changes in T2 foreclosure: Increases in foreclosure were predicted by measures of perceived parental socioeconomic status, parental communication, financial education, and subjective norms at T1.
VersionFinal accepted manuscript