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C1a Financial Literacy and Behavior as Mediators of the Relationship Between Financial Socialization and Financial Well-Being
Key Words
financial socialization, financial well-being, financial literacy, financial behavior, financial capability
Short Description
This study examines the relationship between various domains of financial socialization and financial well-being of Korean young adults and the possible mediators underlying this association. Using a unique online survey data of Korean adults aged 25 to 39, we found that financial well-being was significantly higher for those who were financially socialized through interaction with parents and those who learned from observing parental financial behavior. Other agents of financial socialization, including financial socialization through school, media, and interaction with peers, were generally uncorrelated with financial well-being. Lastly, we found that the association between financial well-being and financial socialization through parents was mediated by financial knowledge, financial capability and attitude, and financial behavior. This study adds to the literature by identifying the specific financial socialization agents that lead to higher financial well-being and demonstrating the mediating role of financial knowledge, financial capability and attitude, and financial behavior. Implications for researchers and policymakers are discussed.