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F2d The Roles of Financial Socialization and Financial Capability Across Generations' Financial Well-being
Short Description
The antecedents of financial well-being have been explored in various methods to understand how to improve individuals' and families’ overall well-being. For instance, the role of family financial socialization is of particular importance since the family unit is the primary socializing agent for most individuals until they are young adults (Danes & Yang, 2014; Gudmunson & Danes, 2011; LeBaron-Black et al., 2022). Central factors to financial well-being typically include reviewing a person’s objective and subjective financial factors associated with financial wellness. Additionally, a person’s financial circumstances (e.g., having an emergency fund), mental health, lower levels of financial stress), and perception of their financial situation are all common factors associated with improved financial well-being (Asebedo & Wilmarth, 2017; Archuleta et al., 2013; Park et al., 2017). Given the multifaceted nature of financial well-being, researchers must take a holistic approach when examining this construct. The purpose of this study is to empirically examine the influence of family financial socialization on individuals’ financial well-being across generations. These differences underscore how financial stability improves with age. This study is important because previous studies have shown age, or generation, to be an important predictor of financial well-being.
Type of presentation
Accepted Oral Presentation