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Author: Lee, Jae Min
Resulting in 1 citation.
1. Fan, Lu
Lim, HanNa
Lee, Jae Min
Young Adults' Financial Advice-seeking Behavior: The Roles of Parental Financial Socialization
Family Relations published online (2 December 2021): DOI: 10.1111/fare.12625.
Also: https://onlinelibrary.wiley.com/doi/10.1111/fare.12625
Cohort(s): NLSY97
Publisher: National Council on Family Relations
Keyword(s): Allowance, Pocket Money; Financial Behaviors/Decisions; Financial Literacy; Parental Influences; Parenting Skills/Styles; Personality/Big Five Factor Model or Traits

Objective: This study investigated the association between family financial socialization during adolescence and seeking financial advice in early adulthood. Personality, financial risk tolerance, and financial knowledge were examined as mediators. Gender differences throughout the parental financial socialization process and outcome were also explored.

Method: Using the 1997 National Longitudinal Survey of Youth and the family financial socialization model, we constructed a structural framework in which we could examine whether two aspects of family financial socialization, parenting style and receiving allowance, influenced young adults' propensity to seek financial advice. Also, the mediating roles of personality traits, financial risk tolerance, and financial knowledge were examined.

Results: Personality traits, financial risk tolerance, and financial knowledge were directly associated with financial advice-seeking behavior. Parenting style and receiving allowance during adolescence were indirectly associated with young adults' financial advice-seeking behavior. Additional analyses by gender showed significant differences in the direct and indirect associations among financial socialization factors, personality traits, and financial advice-seeking behavior between men and women.

Bibliography Citation
Fan, Lu, HanNa Lim and Jae Min Lee. "Young Adults' Financial Advice-seeking Behavior: The Roles of Parental Financial Socialization." Family Relations published online (2 December 2021): DOI: 10.1111/fare.12625.