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Vosylis R, Sorgente A, Serido J, Lanz M, Raižienė S. Becoming Financially Self-Sufficient: Developing a Need-Supportive and Need-Thwarting Scale for Financial Parenting of Emerging Adults. J Pers Assess 2023; 105:215-226. [PMID: 35594185 DOI: 10.1080/00223891.2022.2075268] [Citation(s) in RCA: 1] [Impact Index Per Article: 1.0] [Reference Citation Analysis] [Abstract] [Track Full Text] [Journal Information] [Subscribe] [Scholar Register] [Indexed: 10/18/2022]
Abstract
The shift in the parent-child relationship during the transition to adulthood presumes that emerging adults progress toward financial self-sufficiency. Research indicates that financial parenting contributes to success in this transition, and these effects extend beyond the financial domain. Nevertheless, there is a lack of theory-based tools to measure relevant financial parenting aspects. By applying the six dimensions of interpersonal behaviors outlined in the Self-Determination Theory (SDT), the current study develops a scale targeting the interpersonal style of financial parenting. To validate the scale, it also tests seven preregistered hypotheses predicting internal structure and associations with relevant external variables in a sample of 600 emerging adults (Mage =24.94, SDage = 3.03, range 19-29 years; 52.3% women). The sample, diverse occupational status characteristics, was recruited from an online survey panel using the controlled quota sampling strategy. While study results provide modest evidence for a hypothesized six-factor structure and advocate instead for a more parsimonious two-dimensional one, results provide evidence for the new scale's convergent, discriminant, criterion, and incremental validity. This is the first study that brings SDT into family financial socialization research and opens a new line of research on family financial socialization, achievement of financial self-sufficiency, and emerging adults' wellbeing.
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Affiliation(s)
- Rimantas Vosylis
- Institute of Psychology, Mykolas Romeris University, Vilnius, Lithuania
| | - Angela Sorgente
- Department of Psychology, Università Cattolica del Sacro Cuore, Milan, Italy
| | - Joyce Serido
- Department of Family Social Science, University of Minnesota, St. Paul, MN, USA
| | - Margherita Lanz
- Department of Psychology, Università Cattolica del Sacro Cuore, Milan, Italy
| | - Saulė Raižienė
- Institute of Psychology, Mykolas Romeris University, Vilnius, Lithuania.,Institute of Psychology, Vilnius University, Vilnius, Lithuania
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2
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Ishii R, Ohyama T, Endo H. Moderating effect of financial literacy on the relationship between socioeconomic status and depression. JOURNAL OF WORKPLACE BEHAVIORAL HEALTH 2022. [DOI: 10.1080/15555240.2022.2147940] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [Track Full Text] [Journal Information] [Subscribe] [Scholar Register] [Indexed: 11/22/2022]
Affiliation(s)
- Ryo Ishii
- Department of School Education, Nara University of Education, Nara, Japan
| | - Takuya Ohyama
- Digital Transformation Business Development Division, UNIADEX Ltd, Tokyo, Japan
| | - Hideki Endo
- Faculty of Economics, Nihon Fukushi University, Tokai, Japan
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3
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Guo L, Cheng J, Zhang Z. Mapping the knowledge domain of financial decision making: A scientometric and bibliometric study. Front Psychol 2022; 13:1006412. [PMID: 36337546 PMCID: PMC9627155 DOI: 10.3389/fpsyg.2022.1006412] [Citation(s) in RCA: 2] [Impact Index Per Article: 1.0] [Reference Citation Analysis] [Abstract] [Key Words] [Track Full Text] [Journal Information] [Subscribe] [Scholar Register] [Received: 07/29/2022] [Accepted: 09/26/2022] [Indexed: 08/18/2023] Open
Abstract
Based on a 12-year bibliographic record collected from the Web of Science (Thomson Reuters) database, the present study aims to provide a macroscopic overview of the knowledge domain in financial decision making (FDM). A scientometric and bibliometric analysis was conducted on the literature published in the field from 2010 to 2021, using the CiteSpace software. The analysis focuses on the co-occurring categories, the geographic distributions, the vital references, the distribution of topics, as well as the research fronts and emerging trends of financial related decision making. The steady increase of papers published year by year demonstrated the increasing interest on this topic at the international level. The scientometric analysis of the literature showed that financial decision, investment decision, and financing decision stood out of the crowd of the research on FDM, suggesting their important role in FDM and its research. The results of citation burst analysis predicted the focus of topics, i.e., the impact of individual differences such as financial literacy, gender and age on FDM in the coming years. Different from the traditional approach of literature review, this bibliometric analysis offers a scientometric approach to reveal the status quo and the development trend of FDM by macro and quantitative means. In addition, future research directions for the field are recommended.
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Affiliation(s)
- Lin Guo
- Business School, University of Newcastle, Newcastle upon Tyne, United Kingdom
| | - Junlong Cheng
- Research Institute of Foreign Languages, Beijing Foreign Studies University, Beijing, China
- School of Foreign Languages, Guizhou Education University, Guiyang, China
| | - Zhishuo Zhang
- International Business School, Beijing Foreign Studies University, Beijing, China
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4
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Entrepreneurship as a Neglected Pitfall in Future Finnish Teachers’ Readiness to Teach 21st Century Competencies and Financial Literacy: Expectancies, Values, and Capability. EDUCATION SCIENCES 2022. [DOI: 10.3390/educsci12070463] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [Abstract] [Track Full Text] [Subscribe] [Scholar Register] [Indexed: 01/27/2023]
Abstract
The aim of this study was to examine entrepreneurship in the context of future Finnish teachers’ readiness to teach 21st century (broad-based) competencies. Teachers’ self-efficacy in teaching entrepreneurial skills and financial matters is vital for their pupils to actively participate and flourish in future society. The study utilized survey data of future teachers’ expectancy-values in teaching seven broad-based competencies of the current national curriculum and their financial literacy. Future teachers expressed high interest in all competencies but reported the least self-efficacy and highest cost in teaching ICT as well as working life and entrepreneurship competencies. Teaching self-efficacy (TSE) in entrepreneurial competencies was predicted by subjective evaluations of financial capability and TSE in consumer skills. Teaching STEM subjects as well as male gender were related to better objective financial knowledge. We discuss the implications of observed financial capability, lack in self-efficacy, and high experienced cost of teaching these competencies. Support for future teachers’ readiness to teach working life skills, entrepreneurship, and financial literacy through phenomenon-based school subject collaboration, formal teacher training, and digital applications are emphasized.
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Kang D, Bae KR, Lim J, Kim N, Shim S, Kweon SS, Seo HJ, Cho J. Impact of objective financial burden and subjective financial distress on spiritual well-being and quality of life among working-age cancer survivors. Support Care Cancer 2022; 30:4917-4926. [PMID: 35174421 DOI: 10.1007/s00520-022-06906-w] [Citation(s) in RCA: 5] [Impact Index Per Article: 2.5] [Reference Citation Analysis] [Abstract] [Key Words] [Track Full Text] [Journal Information] [Subscribe] [Scholar Register] [Received: 10/10/2021] [Accepted: 02/09/2022] [Indexed: 10/19/2022]
Abstract
PURPOSE To assess objective financial burden (OFB) and subjective financial distress (SFD) amikong working-age cancer survivors and evaluate their association with spiritual well-being and health-related quality of life (HRQoL). METHODS This is a multicenter cross-sectional survey of cancer survivors working at diagnosis between 2017 and 2018. OFB was defined as patients with high medical payments for individuals/households, debt due to cancer care costs, or bankruptcy. SFD was measured using a questionnaire. Fear of cancer recurrence (FCR), spiritual well-being, and HRQoL were also assessed. RESULTS Among 727 participants, 31% reported that they experienced financial toxicity, and 12% and 26% had OFB and SFD, respectively. The No-OFB-SFD, OFB-No-SFD, and OFB-SFD groups were 4.90, 1.82, and 7.81 times more likely to experience uncertainty than the No-OFB-No-SFD group. Furthermore, the No-OFB-SFD, OFB-No-SFD, and OFB-SFD groups were 1.92, 1.35, and 2.53 times more likely to report lost purpose of life, respectively. Overall QoL and health status in the No-OFB-No-SFD, No-OFB-SFD, OFB-No-SFD, and OFB-SFD groups were 63.1, 42.9, 57.0, and 41.2, respectively. Survivors who had SFD regardless of OFB had lower HRQoL and functioning, and higher symptoms than those of the survivors without SFD. CONCLUSION Financial toxicity was associated with FCR, uncertainty, loss of purpose, and loss of hope among working-age cancer survivors, even in a universal care setting. It is associated with FCR, uncertainty, loss of purpose, and loss of hope. It is necessary to inform survivors of the financial implications of cancer care to allow them to prepare financially as needed.
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Affiliation(s)
- Danbee Kang
- Department of Clinical Research Design & Evaluation, SAIHST, Sungkyunkwan University, Seoul, 06355, Korea.,Center for Clinical Epidemiology, Samsung Medical Center, Sungkyunkwan University School of Medicine, Seoul, 06355, South Korea
| | - Ka Ryeong Bae
- National Cancer Control Institute, National Cancer Center, Goyang, 10408, South Korea
| | - Jihyun Lim
- Center for Clinical Epidemiology, Samsung Medical Center, Sungkyunkwan University School of Medicine, Seoul, 06355, South Korea
| | - Nayeon Kim
- Department of Clinical Research Design & Evaluation, SAIHST, Sungkyunkwan University, Seoul, 06355, Korea.,Cancer Education Center, Samsung Comprehensive Cancer Center, Samsung Medical Center, Sungkyunkwan University School of Medicine, Seoul, 06351, Korea
| | - Sungkeun Shim
- Center for Clinical Epidemiology, Samsung Medical Center, Sungkyunkwan University School of Medicine, Seoul, 06355, South Korea.,Department of Digital Health, Department of Clinical Research Design and Evaluation, SAIHST, Sungkyunkwan University, Seoul, 06355, South Korea
| | - Sun Seog Kweon
- Department of Preventive Medicine, Chonnam National University Medical School, Gwangju, 34134, Korea
| | - Hwa Jeong Seo
- Medical Informatics and Health Technology (MIT), Department of Health Care Management, College of Social Science, Gachon University, Seongnam-si, Gyeonggi-do, 13120, South Korea.
| | - Juhee Cho
- Department of Clinical Research Design & Evaluation, SAIHST, Sungkyunkwan University, Seoul, 06355, Korea. .,Center for Clinical Epidemiology, Samsung Medical Center, Sungkyunkwan University School of Medicine, Seoul, 06355, South Korea. .,Cancer Education Center, Samsung Comprehensive Cancer Center, Samsung Medical Center, Sungkyunkwan University School of Medicine, Seoul, 06351, Korea. .,Department of Digital Health, Department of Clinical Research Design and Evaluation, SAIHST, Sungkyunkwan University, Seoul, 06355, South Korea.
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6
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Bibliometric Mapping of Research Trends on Financial Behavior for Sustainability. SUSTAINABILITY 2021. [DOI: 10.3390/su14010117] [Citation(s) in RCA: 3] [Impact Index Per Article: 1.0] [Reference Citation Analysis] [Abstract] [Track Full Text] [Subscribe] [Scholar Register] [Indexed: 12/21/2022]
Abstract
This article presents a global empirical overview of studies on financial behavior in relation to education, money-saving, and consumption, contributing to research on the Sustainable Development Goals (SDGs) related to social equity in the quality education (4th Sustainable Development Goal) and inequality reduction (10th Sustainable Development Goal) areas. Thus, the data and metadata of 492 articles registered between 1992 and August 2021 were extracted from the Web of Science (Journal Citation Report, JCR) and analyzed with a bibliometric approach, using classical methodological laws and the specialized software VOSviewer. Among the results, we highlight the exponential scientific production growth in the last decades, the concentration in only twelve specific journals indexed in the Journal Citation Report, the global hegemony of US universities in institutional co-authorship networks, and the thematic and temporal segregation of the concepts of financial behavior. We conclude an evolution of two decades in the relevant topics and a concentration in three large blocks: (1) financial education; (2) savings and consumption decisions; (3) financial literacy and investments, which are a temporal evolution that gives for the irruption of diverse visions in the relationship between the evolution of individual financial behavior and the global market. Given it is necessary to know the impact of financial education and financial literacy on personal savings, consumption, and investment behaviors, a larger study on financial behavior could be conducted with this research and an assessment of these results.
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Hashmi F, Aftab H, Martins JM, Nuno Mata M, Qureshi HA, Abreu A, Mata PN. The role of self-esteem, optimism, deliberative thinking and self-control in shaping the financial behavior and financial well-being of young adults. PLoS One 2021; 16:e0256649. [PMID: 34492043 PMCID: PMC8423263 DOI: 10.1371/journal.pone.0256649] [Citation(s) in RCA: 1] [Impact Index Per Article: 0.3] [Reference Citation Analysis] [Abstract] [MESH Headings] [Track Full Text] [Download PDF] [Figures] [Journal Information] [Subscribe] [Scholar Register] [Received: 01/31/2021] [Accepted: 08/11/2021] [Indexed: 11/18/2022] Open
Abstract
The sustainable financial behavior and financial well-being have been a key concern among the developing societies; thereby encompassing the various psychological factors which play a role in influencing individual's positive financial behavior and financial well-being, this study is conducted. Research focusing on the psychological aspect of human financial behavior and well-being is scarce, focusing more on the cognitive side such as financial literacy and numeracy. The aim of this research study is to find the role played by the non-cognitive factors such as self-esteem, self-control, optimism and deliberative thinking, in forming the financial behavior and financial well-being of the young adults. A sample of 429 university students from public and private sector was collected via an online and field survey using purposive sampling technique. The survey contained measures for demographics, self-esteem, optimism, deliberative thinking, self-control, general financial behavior and financial well-being. SPSS and PLS-SEM tools were used for the exploration of the relationships among dependent and independent variables. The results of PLS path analysis demonstrate that among the non-cognitive factors, self-control and deliberative thinking show a significant association with both financial behavior, and financial security. Self-esteem plays no significant role in forming the financial behavior of the young adults when all the variables are taken together but it exhibits a significant association with financial well-being (financial security and financial anxiety). Optimism on the other hand exhibits no significant association with both financial behavior and financial well-being (financial security and financial anxiety). The results of this study complement the previous studies and also put forth new outcomes. This research is unique as it is the first of its kind conducted in a consumption-oriented economy like Pakistan. In addition to the previous studies which have often established the link of self-esteem with general well-being, this study goes further by analyzing the association between self-esteem and financial well-being and by the identification of the role played by non-cognitive factors like self-esteem, optimism, deliberative thinking and self-control together on the financial behavior and financial well-being of the individuals using PLS-SEM approach.
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Affiliation(s)
- Fatima Hashmi
- Institute of Business and Information Technology, University of the Punjab, Lahore, Pakistan
| | - Hira Aftab
- Institute of Business and Information Technology, University of the Punjab, Lahore, Pakistan
| | - José Moleiro Martins
- Lisbon Polytechnic Institute (IPL), Lisbon, Portugal
- (ISCTE-IUL), Business Research Unit (BRU-IUL), Lisbon, Portugal
| | - Mário Nuno Mata
- Lisbon Accounting and Business School Lisbon Polytechnic Institute, Lisbon, Portugal
- Polytechnic Institute of Santarém, School of Management and Technology (ESGTS-IPS), Santarém, Portugal
| | - Hamza Ahmad Qureshi
- Institute of Business and Information Technology, University of the Punjab, Lahore, Pakistan
| | - António Abreu
- Instituto Superior de Engenharia de Lisboa (ISEL), Instituto Politécnico de Lisboa, Lisboa, Portugal
- CTS Uninova, Faculdade de Ciências e Tecnologia, Universidade Nova de Lisboa, Lisboa, Portugal
| | - Pedro Neves Mata
- ESCS—Escola Superior de Comunicação Social, Lisbon Polytechnic Institute, Lisbon, Portugal
- ISTA—University Institute of Lisbon (ISCTE-IUL), Lisbon, Portugal
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8
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Abstract
A more sustainable society and economy also implies more sustainable behavior in terms of the consumption of financial products. A possible change in this behavior can be brought about when there is a change in the demand. In other words, more sustainable consumption of financial products is directly related to financial literacy. However, the latter’s definition, object, and scope are far from being agreed upon internationally. One objective of this work was to explore the different interpretations of financial literacy in academic literature. In this exploration we delved into the evolution of the term, and how, in what context, and with what other concepts the term is used in social networks. Scientometric techniques were used for the analysis and review of the literature. The NLP technique was used to analyze comments on social networks. With this technique, ten feelings that were specially selected were analyzed. Positivity, confidence, and anticipation predominated among them. We conclude that it is important to emphasize that greater attention must be given to financial literacy, from both private and public sectors, so that it can be used to drive more sustainable behavior by individual consumers. Finally, a new definition of financial literacy is proposed.
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Lep Ž, Zupančič M, Poredoš M. Saving of Freshmen and Their Parents in Slovenia: Saving Motives and Links to Parental Financial Socialization. JOURNAL OF FAMILY AND ECONOMIC ISSUES 2021; 43:756-773. [PMID: 34393468 PMCID: PMC8351762 DOI: 10.1007/s10834-021-09789-x] [Citation(s) in RCA: 1] [Impact Index Per Article: 0.3] [Reference Citation Analysis] [Abstract] [Key Words] [Grants] [Track Full Text] [Figures] [Subscribe] [Scholar Register] [Accepted: 08/02/2021] [Indexed: 06/13/2023]
Abstract
UNLABELLED Spending money within the budget, financial planning, and saving represent important positive financial behaviors that contribute to financial satisfaction of emerging adults, which in turn predicts their satisfaction with life. In a mixed method study of Slovenian first-year university students (N = 515) and one of their parents, we qualitatively and quantitatively analyzed multi-informant survey data collected online on their motivation to save money and the factors that influence the students' choice (demographics, parental saving, and parental financial socialization). More than half of the freshmen and their parents saved money, mostly for long-term financial goals, larger investments, financial security in the future, and with self-gratification motives. Saving and the motives for saving were moderately associated within the student-parent dyads: The students whose parents saved tended to save themselves, and the saving motives of parents and their emerging adult children also showed similarities. The role of parents as agents of financial socialization in the students' healthy financial behavior was supported by significant associations between the students' recollection of parental socialization practices (direct financial teaching and financial monitoring) and their money saving. SUPPLEMENTARY INFORMATION The online version contains supplementary material available at 10.1007/s10834-021-09789-x.
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Affiliation(s)
- Žan Lep
- Faculty of Arts, University of Ljubljana, Aškerčeva 2, 1000 Ljubljana, Slovenia
| | - Maja Zupančič
- Faculty of Arts, University of Ljubljana, Aškerčeva 2, 1000 Ljubljana, Slovenia
| | - Mojca Poredoš
- Faculty of Arts, University of Ljubljana, Aškerčeva 2, 1000 Ljubljana, Slovenia
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10
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Sehrawat K, Vij M, Talan G. Understanding the Path Toward Financial Well-Being: Evidence From India. Front Psychol 2021; 12:638408. [PMID: 34366962 PMCID: PMC8335566 DOI: 10.3389/fpsyg.2021.638408] [Citation(s) in RCA: 6] [Impact Index Per Article: 2.0] [Reference Citation Analysis] [Abstract] [Key Words] [Track Full Text] [Download PDF] [Figures] [Journal Information] [Subscribe] [Scholar Register] [Received: 12/06/2020] [Accepted: 06/09/2021] [Indexed: 11/19/2022] Open
Abstract
Many countries are taking steps to establish national strategies to improve the financial well-being (FWB) of their people. However, FWB as a term is still in the infancy stage with a handful of models developed in the context of developed countries. Thus, there is a need to understand FWB from a multi-disciplinary and multi-dimensional approach to draft and implement efficient strategies, especially in the context of developing countries like India. In this study, we have performed path analysis to identify the specific constituents of financial literacy, financial behavior (FinB), and personality traits that affect the FWB (perceived and objective) of an individual in Indian context. Survey responses of 349 respondents are analyzed to empirically validate the proposed relationships using the partial least squares structural equation modeling (PLS-SEM) approach. The analysis mostly provides support to existing literature and challenges some. The findings provide support to 12 out of 17 tested effects with eight hypotheses. The understanding of pathways that lead to increased FWB of individuals has the potential to facilitate effective policy-making and designing of curriculum to support efforts of individuals toward higher FWB and responsible FinBs.
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Affiliation(s)
- Kanchan Sehrawat
- Faculty of Management Studies, University of Delhi, New Delhi, India
| | - Madhu Vij
- Faculty of Management Studies, University of Delhi, New Delhi, India
| | - Gaurav Talan
- University School of Management Studies (USMS), Guru Gobind Singh Indraprastha University, New Delhi, India
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11
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Can't save or won't save: financial resilience and discretionary retirement saving among British adults in their thirties and forties. AGEING & SOCIETY 2021. [DOI: 10.1017/s0144686x21000337] [Citation(s) in RCA: 1] [Impact Index Per Article: 0.3] [Reference Citation Analysis] [Abstract] [Track Full Text] [Journal Information] [Subscribe] [Scholar Register] [Indexed: 11/07/2022]
Abstract
Abstract
This study examines retirement saving activity outside the state and workplace pension saving schemes among British adults aged between 30 and 49 on the premise that individuals are increasingly encouraged to save for their retirement in the new pension policy structure in Britain. The issue of under-saving among the younger adults has been studied with the focus on internal characteristics, such as undesirable attitudinal or behavioural tendencies (‘won't save’), or on external factors, such as income (‘can't save’). Building on these discussions, this study tests the role of internal characteristics and further examines the interplay between internal and external factors. The decision-making process for retirement saving is mapped based on the Model of Financial Planning with minor modifications. The analysis utilises the fourth wave of the Wealth and Assets Survey (2012/2014), and is conducted in the structural equation modelling framework. Results show that younger adults’ discretionary retirement saving is an outcome of a complex interplay between internal and external factors. Financial resilience, which indicates current financial behaviours and wellbeing, is found to be the strongest predictor for identifying a discretionary retirement saver, but it is closely connected to individuals’ income and home-ownership. The findings also suggest that social and economic arrangements are important to consider as social ageing, individuals’ projection on their lifestages, may be more informative than age per se for understanding younger adults’ retirement saving behaviour. These findings have important implications for the policies that aim to increase retirement saving participation.
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12
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Silinskas G, Ranta M, Wilska TA. Financial Behaviour Under Economic Strain in Different Age Groups: Predictors and Change Across 20 Years. JOURNAL OF CONSUMER POLICY 2021; 44:235-257. [PMID: 33723468 PMCID: PMC7947154 DOI: 10.1007/s10603-021-09480-6] [Citation(s) in RCA: 2] [Impact Index Per Article: 0.7] [Reference Citation Analysis] [Abstract] [Key Words] [Grants] [Track Full Text] [Figures] [Subscribe] [Scholar Register] [Received: 08/21/2020] [Accepted: 01/31/2021] [Indexed: 06/12/2023]
Abstract
The present study examined the multiple micro- and macro-level factors that affect individuals' financial behaviour under economic strain. The following sociodemographic and economic factors that predict financial behaviour were analysed: age group, year of data gathering, and attitudes towards consumption (economical, deprived, and hedonistic). Subjective financial situations and demographic characteristics were controlled for. Finnish time series data that consisted of five cross-sectional nationally representative surveys were used (n = 10 043). The analyses revealed four types of financial behaviour: cutting expenses, borrowing, increasing income, and gambling. Young adults aged 18-25 reported the lowest frequency of borrowing and gambling and the highest frequency of increasing income (together with young adults aged 26-35). Participants aged 66-75 scored the lowest in cutting expenses and increasing income in comparison to all other age groups. Financial behaviour under economic strain in 2019 can be characterized by lower instances of borrowing than in 2004 and 2009 and higher frequencies in increasing income in comparison to all other years of data gathering. Finally, strong attitudes towards saving were related to lower frequency of borrowing and gambling, whereas stronger hedonistic attitudes were related to lower frequency of cutting expenses and more frequent borrowing. The research results provide tools for consumer policy, consumer education, and consumer regulation.
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Affiliation(s)
- G. Silinskas
- Department of Social Sciences and Philosophy, University of Jyväskylä, Jyväskylä, Finland
- Department of Psychology, University of Jyväskylä, Jyväskylä, Finland
| | - M. Ranta
- Department of Education, University of Helsinki, Helsinki, Finland
| | - T.-A. Wilska
- Department of Social Sciences and Philosophy, University of Jyväskylä, Jyväskylä, Finland
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13
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Butterbaugh SM, Ross DB, Campbell A. My Money and Me: Attaining Financial Independence in Emerging Adulthood Through a Conceptual Model of Identity Capital Theory. CONTEMPORARY FAMILY THERAPY 2019. [DOI: 10.1007/s10591-019-09515-8] [Citation(s) in RCA: 3] [Impact Index Per Article: 0.6] [Reference Citation Analysis] [Track Full Text] [Journal Information] [Subscribe] [Scholar Register] [Indexed: 10/25/2022]
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14
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Li X, Curran M, Zhou N, Serido J, Shim S, Cao H. Financial behaviors and adult identity: Mediating analyses of a college cohort. JOURNAL OF APPLIED DEVELOPMENTAL PSYCHOLOGY 2019. [DOI: 10.1016/j.appdev.2019.101049] [Citation(s) in RCA: 9] [Impact Index Per Article: 1.8] [Reference Citation Analysis] [Track Full Text] [Journal Information] [Subscribe] [Scholar Register] [Indexed: 11/28/2022]
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15
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Sorgente A, Lanz M. The multidimensional subjective financial well-being scale for emerging adults: Development and validation studies. INTERNATIONAL JOURNAL OF BEHAVIORAL DEVELOPMENT 2019. [DOI: 10.1177/0165025419851859] [Citation(s) in RCA: 31] [Impact Index Per Article: 6.2] [Reference Citation Analysis] [Abstract] [Track Full Text] [Journal Information] [Subscribe] [Scholar Register] [Indexed: 01/07/2023]
Abstract
After the 2008 economic crisis, the financial condition of youth has become a frequent research topic and the need for an instrument measuring financial constructs relevant for this stage of life is increasing. The current paper consists of four studies aiming to develop and validate an instrument measuring subjective financial well-being in a population of European emerging adults. The first study collected qualitative data – performing interviews with experts and the target population – in order to contextualize the construct. Based on these results, we developed the initial 44-item version of the scale. The second study aimed to test the psychometric characteristics of these items. There were 25 items measuring five different aspects of subjective financial well-being (general subjective financial well-being, money management, peer comparison, having money, financial future) with acceptable psychometric properties. The third study aimed to collect validity evidence about the newly developed scale. Five different kinds of evidence suggested that the scale is a good measure of subjective financial well-being. The last study tested measurement invariance between the Portuguese and Italian versions of the scale. Results suggested that the Multidimensional Subjective Financial Well-being Scale works well in both countries.
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Affiliation(s)
- Angela Sorgente
- Department of Psychology, Università Cattolica del Sacro Cuore, Italy
| | - Margherita Lanz
- Department of Psychology, Università Cattolica del Sacro Cuore, Italy
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Thom B, Benedict C. The Impact of Financial Toxicity on Psychological Well-Being, Coping Self-Efficacy, and Cost-Coping Behaviors in Young Adults with Cancer. J Adolesc Young Adult Oncol 2019; 8:236-242. [PMID: 30817217 DOI: 10.1089/jayao.2018.0143] [Citation(s) in RCA: 41] [Impact Index Per Article: 8.2] [Reference Citation Analysis] [Abstract] [Key Words] [Track Full Text] [Journal Information] [Subscribe] [Scholar Register] [Indexed: 11/13/2022] Open
Abstract
Purpose: The increase in cost-sharing between patients and payers has resulted in financial toxicity in cancer patients, particularly among young adult (YA) patients and survivors (<40 years of age). This study explored financial toxicity and its impact on psychological well-being, self-efficacy for coping with cancer, and cost-coping behaviors among a sample of YA cancer patients and survivors. Methods: One hundred forty YAs completed an anonymous online survey. The Comprehensive Score for Financial Toxicity measured financial toxicity and the Cancer Behavior Inventory-Brief measured coping self-efficacy. The Patient Health Questionnaire-4 and items from the Impact of Cancer-Young Adult and the Cancer Needs Questionnaire-Young People assessed psychological well-being. A single item assessed cost-coping behaviors (i.e., skipping or delaying treatment because of its cost). Analyses included Pearson and Spearman correlation matrices and multivariate regression modeling. Results: Worse financial toxicity was associated with lower insurance satisfaction (r = 0.52, p < 0.001), higher levels of depressive and anxiety symptoms (r = -0.42, p < 0.001), greater worry (p < 0.001), and lower self-efficacy in coping with cancer (i.e., maintaining independence and a positive attitude, r = 0.41, p < 0.001; coping and stress management, r = 0.43, p < 0.001; and managing negative effect, r = 0.20, p = 0.02). In multivariate modeling, financial toxicity related to skipping or delaying treatment and greater anxiety and depression symptomology, controlling for relevant covariates. Conclusion: The findings suggest financial toxicity negatively impacts many facets of the YA cancer experience. There is a need to address the cost of cancer care with patients to ensure they are informed about the financial implications of treatment decisions and to support financial planning as needed.
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Affiliation(s)
- Bridgette Thom
- 1 Department of Medicine, Memorial Sloan Kettering Cancer Center, New York, New York
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Thom B, Benedict C, Friedman DN, Kelvin JF. The intersection of financial toxicity and family building in young adult cancer survivors. Cancer 2018; 124:3284-3289. [PMID: 29924381 PMCID: PMC6108923 DOI: 10.1002/cncr.31588] [Citation(s) in RCA: 17] [Impact Index Per Article: 2.8] [Reference Citation Analysis] [Abstract] [Key Words] [MESH Headings] [Grants] [Track Full Text] [Journal Information] [Subscribe] [Scholar Register] [Received: 02/13/2018] [Revised: 04/12/2018] [Accepted: 05/15/2018] [Indexed: 12/17/2022]
Abstract
Financial toxicity and family building difficulties may co-occur in young adult cancer survivors. We describe this intersection and propose steps to alleviate associated distress.
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Affiliation(s)
- Bridgette Thom
- Department of Medicine, Memorial Sloan Kettering Cancer Center, New York, NY, USA
| | | | - Danielle N. Friedman
- Department of Pediatrics, Memorial Sloan Kettering Cancer Center, New York, NY, USA
| | - Joanne F. Kelvin
- Department of Medicine, Memorial Sloan Kettering Cancer Center, New York, NY, USA
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Ranta M, Salmela-Aro K. Subjective financial situation and financial capability of young adults in Finland. INTERNATIONAL JOURNAL OF BEHAVIORAL DEVELOPMENT 2017. [DOI: 10.1177/0165025417745382] [Citation(s) in RCA: 15] [Impact Index Per Article: 2.1] [Reference Citation Analysis] [Abstract] [Track Full Text] [Journal Information] [Subscribe] [Scholar Register] [Indexed: 01/07/2023]
Abstract
A key developmental task in young adulthood is acquiring financial capability (Serido, Shim, & Tang, 2013), meaning competent financial management skills and the responsibilities that these involve. This study extends previous research on the theoretical model of the development of financial capability, including financial confidence (or financial self-efficacy) and financial behavior as factors contributing to subjective and financial well-being. It is part of the Finnish Educational Transitions Studies (FinEdu) longitudinal research project. Participants were 418 young adults aged 24–25 at Time 1 and 26–27 at Time 2. Path and mediation models and Structural Equation Modeling following a modified theoretical model of financial capability were estimated. The results support the theoretical model of financial capability among young adults in Finland. The study complements previous research by investigating the associations between subjective financial situation and financial capability and their respective mediation effects over time.
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Affiliation(s)
- Mette Ranta
- University of Jyväskylä, Finland
- University of Helsinki, Finland
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[A review of definitions and measurement scales for financial literacy]. SHINRIGAKU KENKYU : THE JAPANESE JOURNAL OF PSYCHOLOGY 2017; 87:651-68. [PMID: 29630303 DOI: 10.4992/jjpsy.87.15401] [Citation(s) in RCA: 3] [Impact Index Per Article: 0.4] [Reference Citation Analysis] [Abstract] [Track Full Text] [Subscribe] [Scholar Register] [Indexed: 11/08/2022]
Abstract
This paper examines the definitions and measurement scales for financial literacy presented in previous studies in order to develop a new financial literacy scale. The early definition of financial literacy basically meant “financial knowledge,” but the latest definition has been extended to include or refer to consumers’ financial behaviours, consumers’ interactions with their social and economic environments, and the effect of cognitive biases on consumers’ financial behaviours. On the other hand, conventional measurement scales for financial literacy are generally composed of declarative knowledge questions and numerical ability tests concerning personal finance. This paper addresses the fact that previous financial literacy scales have been based on the traditional concept of “Homo economicus”. We suggest that it is necessary to develop a new financial literacy scale that is comprised of critical thinking disposition such as “awareness for logical thinking” or “evidence-based judgment.”
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