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.
Original language | English |
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Journal | International Journal of Behavioral Development |
Volume | 42 |
Issue number | 6 |
Pages (from-to) | 525-534 |
Number of pages | 10 |
ISSN | 0165-0254 |
DOIs | |
Publication status | Published - Nov 2018 |
MoE publication type | A1 Journal article-refereed |
Fields of Science
- 516 Educational sciences
- financial capability
- financial situation
- longitudinal study
- subjective well-being
- Young Adult
- EMERGING ADULTHOOD
- SELF-EFFICACY
- ADOLESCENCE
- TRANSITION
- FRAMEWORK
- MODELS
- 515 Psychology