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University Attendance Moderates the Link between Financial Norms and Healthy Financial Behavior for Australian Young Adults

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Abstract

Young adults’ perceptions are important indicators of adulthood, particularly perceived financial independence. Pathways chosen after high school present opportunities to develop a mature financial skillset, with some pathways more promotive of independence than others. Associations between parent and peer financial norms and young adults’ financial behavior were compared for Australian young adults who were studying and those who were working. Parental injunctive norms most strongly predicted students’ healthy financial behavior, whereas parental descriptive norms most strongly predicted employed young adults’ healthy financial behavior. Although peer descriptive norms predicted both groups’ financial behaviors, the role of parents was stronger overall. The findings demonstrate differences in financial socialization for young adults on different pathways after high school and account for delays in develo** financial independence for some during young adulthood.

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Notes

  1. All dollar values are in Australian currency, AUD.

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Authors and Affiliations

  1. Menzies Health Institute, Gold Coast, QLD, Australia

    Stuart J. Watson & Bonnie L. Barber

  2. School of Applied Psychology, Griffith University, Griffith Health Centre (G40), Gold Coast, QLD, 4222, Australia

    Stuart J. Watson & Bonnie L. Barber

  3. School of Psychology and Exercise Science, Murdoch University, Murdoch, WA, 6153, Australia

    Stuart J. Watson

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  1. Stuart J. Watson
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Correspondence to Stuart J. Watson.

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None of the authors have a conflict of interest regarding the submission of the manuscript for publication in the Journal of Family and Economic Issues. None of the authors hold any industrial links or affiliations relevant to the submission of the manuscript under review.

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The research project was approved by the Murdoch University Human Research Ethics Committee (Permit Number: 2008/019) and conforms to the provisions of the Declaration of Helsinki.

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The content within this manuscript has not been published by or submitted for publication in any other journal. All authors are in agreement of the content contained in the manuscript and each has contributed significantly during the process of manuscript development.

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Watson, S.J., Barber, B.L. University Attendance Moderates the Link between Financial Norms and Healthy Financial Behavior for Australian Young Adults. J Fam Econ Iss 38, 238–248 (2017). https://doi.org/10.1007/s10834-016-9505-4

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