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C2b Financial Socialization and Subjective Well-Being of Millennials
Key Words
Financial socialization, subjective well-being, financial well-being, Millennials
Short Description
This study aims to establish a conceptual framework to examine the relationship between financial socialization and subjective well-being of Millennials. As Millennials turn to the emerging and middle life adulthood, their financial well-being not only plays a role in their overall life well-being but also may have long-term influences during their later life course. This study finds that there are significant positive influences of early financial socialization on financial well-being and subjective well-being during the emerging and middle life stages of Millennials. The interplay among financial socialization, financial knowledge and behavior, and financial well-being and subjective well-being are significantly confirmed in this study. The findings of this study provide implications for Millennial consumers, parents with young children, financial practitioners, and policymakers.
First & Corresponding Author
Lu Fan, University of Missouri - Columbia
Authors in the order to be printed
Lu Fan, Narang Park