Financial Loss and Financial Well-Being of Emerging Adults During COVID-19: The Limitations of Psychological Resilience

Mette Ranta; Lijun Li; Rimantas Vosylis; Angela Sorgente; Carla Crespo; Gabriela Fonseca; Margherita Lanz; Žan Lep; Kirsti Lonka; Ana Paula Relvas; Katariina Salmela-Aro; Maja Zupancic; Joyce Serido

doi:10.1891/JFCP-2022-0088

Financial Loss and Financial Well-Being of Emerging Adults During COVID-19: The Limitations of Psychological Resilience

Mette Ranta, Lijun Li, Rimantas Vosylis, Angela Sorgente, Carla Crespo, Gabriela Fonseca, Margherita Lanz, Žan Lep, Kirsti Lonka, Ana Paula Relvas, Katariina Salmela-Aro, Maja Zupancic, Joyce Serido

Research output: Contribution to journal › Article › Scientific › peer-review

Abstract

Amid the COVID-19 pandemic, emerging adults are especially vulnerable as they experience its financial impact as a source of stress. We tested a model of psychological resilience among emerging adults (18–25 years) during the pandemic from six Western countries (Finland, Italy, Lithuania, Portugal, Slovenia, and United States) using online survey data collected between May and September 2020. Framed in the conservation of resources theory, we examined the association between financial loss and financial well-being and the moderating role of psychological resilience in the association. Using path analysis, we found a direct negative association between financial loss and financial well-being, a direct positive association between psychological resilience and financial well-being, but no evidence of moderation. We discuss the findings in the context of continuing global economic uncertainty and the support needed to foster adult independence and financial well-being of emerging adults.

Original language	English
Journal	Financial counseling and planning
Volume	35
Issue number	2
Pages (from-to)	188-201
Number of pages	14
ISSN	1052-3073
DOIs	https://doi.org/10.1891/JFCP-2022-0088
Publication status	Published - 2024
MoE publication type	A1 Journal article-refereed

Fields of Science

511 Economics
515 Psychology

Access to Document

10.1891/JFCP-2022-0088

JFCP-2022-0088.R3Accepted author manuscript, 335 KB

2 Active
4 Finished

DigiConsum: Digitaalisiksi kuluttajiksi oppimassa. Kuinka parantaa nuorten taloustaitoja teknologisoituvassa kulutusyhteiskunnassa? (DigiConsumers)
Lonka, K. (Project manager), Abdulhamed, R. (Participant), Halonen, N. (Participant), Kruskopf, M. (Participant), Lammassaari, H. M. W. (Participant), Leiman, K. (Participant), Loehr, J. (Participant), Nissinen, T. S. (Participant), Ranta, M. (Participant) & Vedenpää, I. E. A. (Participant)
Academy of Finland
01/09/2022 → 31/08/2025
Project: Research Council of Finland: Strategic Research Council funding (SRC)
TeensGoGreen - Emotional, cognitive, behavioral and social consequences of climate change for youth development
Salmela-Aro, K. (Project manager), Veijonaho, S. (Participant) & Yu, J. (Participant)
Academy of Finland
01/09/2021 → 31/08/2026
Project: Research Council of Finland: Academy Professor
Learning to be digital consumers. How to improve young people’s financial skills in a technologically driven consumer society?
Lonka, K. (Project manager), Makkonen, J. (Project manager), Wilska, T.-A. (Project manager), Ahonen, A. K. (Principal Investigator), Kalmi, P. (Principal Investigator), Abdulhamed, R. (Participant), Kruskopf, M. (Participant), Lammassaari, H. M. W. (Participant), Leiman, K. (Participant), Ranta, M. (Participant), Rautakorpi, M. K. (Participant), Vedenpää, I. E. A. (Participant), Abdulhamed, R. (Participant), Halonen, N. (Participant), Kruskopf, M. (Participant), Lammassaari, H. M. W. (Participant), Leiman, K. (Participant), Nissinen, T. S. (Participant), Ranta, M. (Participant), Talvio, M. (Participant) & Vedenpää, I. E. A. (Participant)
Suomen Akatemia Projektilaskutus
01/06/2019 → 28/02/2023
Project: Research Council of Finland: Strategic Research Council funding (SRC)

Cite this

Ranta, M., Li, L., Vosylis, R., Sorgente, A., Crespo, C., Fonseca, G., Lanz, M., Lep, Ž., Lonka, K., Relvas, A. P., Salmela-Aro, K., Zupancic, M., & Serido, J. (2024). Financial Loss and Financial Well-Being of Emerging Adults During COVID-19: The Limitations of Psychological Resilience. Financial counseling and planning, 35(2), 188-201. https://doi.org/10.1891/JFCP-2022-0088

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abstract = "Amid the COVID-19 pandemic, emerging adults are especially vulnerable as they experience its financial impact as a source of stress. We tested a model of psychological resilience among emerging adults (18–25 years) during the pandemic from six Western countries (Finland, Italy, Lithuania, Portugal, Slovenia, and United States) using online survey data collected between May and September 2020. Framed in the conservation of resources theory, we examined the association between financial loss and financial well-being and the moderating role of psychological resilience in the association. Using path analysis, we found a direct negative association between financial loss and financial well-being, a direct positive association between psychological resilience and financial well-being, but no evidence of moderation. We discuss the findings in the context of continuing global economic uncertainty and the support needed to foster adult independence and financial well-being of emerging adults.",

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doi = "10.1891/JFCP-2022-0088",

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Ranta, M, Li, L, Vosylis, R, Sorgente, A, Crespo, C, Fonseca, G, Lanz, M, Lep, Ž, Lonka, K, Relvas, AP, Salmela-Aro, K, Zupancic, M & Serido, J 2024, 'Financial Loss and Financial Well-Being of Emerging Adults During COVID-19: The Limitations of Psychological Resilience', Financial counseling and planning, vol. 35, no. 2, pp. 188-201. https://doi.org/10.1891/JFCP-2022-0088

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T1 - Financial Loss and Financial Well-Being of Emerging Adults During COVID-19

T2 - The Limitations of Psychological Resilience

AU - Ranta, Mette

AU - Li, Lijun

AU - Vosylis, Rimantas

AU - Sorgente, Angela

AU - Crespo, Carla

AU - Fonseca, Gabriela

AU - Lanz, Margherita

AU - Lep, Žan

AU - Lonka, Kirsti

AU - Relvas, Ana Paula

AU - Salmela-Aro, Katariina

AU - Zupancic, Maja

AU - Serido, Joyce

PY - 2024

Y1 - 2024

N2 - Amid the COVID-19 pandemic, emerging adults are especially vulnerable as they experience its financial impact as a source of stress. We tested a model of psychological resilience among emerging adults (18–25 years) during the pandemic from six Western countries (Finland, Italy, Lithuania, Portugal, Slovenia, and United States) using online survey data collected between May and September 2020. Framed in the conservation of resources theory, we examined the association between financial loss and financial well-being and the moderating role of psychological resilience in the association. Using path analysis, we found a direct negative association between financial loss and financial well-being, a direct positive association between psychological resilience and financial well-being, but no evidence of moderation. We discuss the findings in the context of continuing global economic uncertainty and the support needed to foster adult independence and financial well-being of emerging adults.

AB - Amid the COVID-19 pandemic, emerging adults are especially vulnerable as they experience its financial impact as a source of stress. We tested a model of psychological resilience among emerging adults (18–25 years) during the pandemic from six Western countries (Finland, Italy, Lithuania, Portugal, Slovenia, and United States) using online survey data collected between May and September 2020. Framed in the conservation of resources theory, we examined the association between financial loss and financial well-being and the moderating role of psychological resilience in the association. Using path analysis, we found a direct negative association between financial loss and financial well-being, a direct positive association between psychological resilience and financial well-being, but no evidence of moderation. We discuss the findings in the context of continuing global economic uncertainty and the support needed to foster adult independence and financial well-being of emerging adults.

KW - 511 Economics

KW - 515 Psychology

U2 - 10.1891/JFCP-2022-0088

DO - 10.1891/JFCP-2022-0088

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VL - 35

SP - 188

EP - 201

JO - Financial counseling and planning

JF - Financial counseling and planning

IS - 2

ER -

Financial Loss and Financial Well-Being of Emerging Adults During COVID-19: The Limitations of Psychological Resilience

Abstract

Fields of Science

Access to Document

Projects

DigiConsum: Digitaalisiksi kuluttajiksi oppimassa. Kuinka parantaa nuorten taloustaitoja teknologisoituvassa kulutusyhteiskunnassa? (DigiConsumers)

TeensGoGreen - Emotional, cognitive, behavioral and social consequences of climate change for youth development

Learning to be digital consumers. How to improve young people’s financial skills in a technologically driven consumer society?

Cite this