Young adults' financial advice‐seeking behavior: The roles of parental financial socialization

2021 ◽  
Author(s):  
Lu Fan ◽  
HanNa Lim ◽  
Jae Min Lee
Keyword(s):  
Young Adults ◽  
Financial Socialization ◽  
Financial Advice ◽  
Advice Seeking ◽  
Seeking Behavior ◽  
Parental Financial Socialization

Influence of ethnicity, gender, and immigration status on millennials’ behavior related to seeking health information

2018 ◽  
Vol 37 (6) ◽  
pp. 621-631 ◽  
Author(s):  
Roofia Galeshi ◽  
Jyotsna Sharman ◽  
Jinghong Cai
Keyword(s):  
Young Adults ◽  
Information Seeking ◽  
Primary Source ◽  
Immigration Status ◽  
Health Seeking ◽  
Content Type ◽  
Related Information ◽  
Seeking Behavior ◽  
Health Related ◽  
Source Of Information

Purpose The purpose of this paper is to understand the behavior diversities that exist among young millennials’ subgroups in ways they seek health-related information. Design/methodology/approach The authors ran several sets of analyses on the 2012–2014 US Program for the International Assessment of Adult Competencies (PIAAC) Data using Stata. The population was stratified into four specific subgroups based on their gender, ethnicity—blacks, Hispanics and whites—immigration status, college status—whether they were enrolled in a program of study at the time of the survey. The outcome variables were sources of health information including print (books/magazines/brochures), traditional media (Radio/TV), internet, family/friends/co-workers and health professionals. The independent variables were gender, ethnicity, educational status and immigration status. The authors utilized the appropriate sample weight derived by Organization for Economic Cooperation and Development so the findings can be generalized to the populations. The analysis included several descriptive statistics and χ2 test of independence. Findings Despite similarities, young adults’ health seeking behavior is complex influenced by gender, ethnicity, immigration status and education. The results indicated that while the internet is the primary source of health-related information for all young adults, there are subtle differences in utilizing other available resources. For example while more educated young adults seek help from their family members, the less educated peers use the media to obtain health-related information. Ethnicity has also an effect on young adults’ information seeking behavior. The number of Hispanics and blacks that obtain their information from traditional media is significantly higher than their white counterparts. Research limitations/implications This study has several limitations. First, the authors did not consider the effect of young adults’ digital literacy skills, problem solving skills and numeracy skills on their health seeking approach. Including these cognitive skills could reveal key information about young adults approach to information seeking that is not apparent by race, ethnicity and gender only. Another limitation of this study is the lack of the ability to claim causation, PIAAC data are designed strictly for cross-sectional analysis. Practical implications Although, behaviors often do not change simply by presenting information, trying to change behavior without improving individuals’ understanding of the issue by providing accurate information is likely to fail. Providing standardized health-related information sources that are accessible to all is vitally important. The results indicate that while the majority of young adults use the internet as their primary source of information only a few percentage of young adults seek information from health professional. Consequently, there is a need for an easily accessible and standardized online health-related source of information. Social implications Healthcare facilities and health related industries have the resources and the ability to develop a reliable infrastructure that could potentially provide reliable information that is easy to understand and navigate for adults with a variety of literacy and skills to use. Perhaps adopting the Universal Design for Learning approach and providing information that is accessible to a variety of individuals regardless of their education, learning skills and language skills. Flexible learning resources provided within a standard infrastructure accessible to all can help individuals find trustworthy and consistent information that they can trust. Originality/value Despite the unique characteristics of the millennials and the profound change in the way young adults seek information, there is a paucity of research on the ways young adults seek health-related information. Most existing literature is based on locally developed surveys and convenient sampling with limited reliability and validity information. Consequently making a sweeping statement based on their findings is considered as hasty generalization. The PIAAC, on the other hand, is a nationally representative data, extensively examined for its validity and reliability.

Characteristics of ETF Owners: Exploring the Role of Investor Knowledge, Fee Aversion, and Financial Advice Seeking

2018 ◽  
Author(s):  
Shane Enete ◽  
Miranda Reiter ◽  
Wendy Usrey ◽  
Andrew Scott ◽  
Martin Seay
Keyword(s):  
Financial Advice ◽  
Advice Seeking

Financial Advice Seeking: A Review of the Barriers and Benefits

2020 ◽  
Vol 39 (4) ◽  
pp. 367-388 ◽  
Author(s):  
Steffen Westermann ◽  
Scott J. Niblock ◽  
Jennifer L. Harrison ◽  
Michael A. Kortt
Keyword(s):  
Financial Advice ◽  
Advice Seeking

Exploring Antecedents to Financial Management Behavior for Young Adults

2019 ◽  
Vol 30 (1) ◽  
pp. 44-55 ◽  
Author(s):  
Dhannajay Bapat
Keyword(s):  
Young Adults ◽  
Financial Management ◽  
Help Seeking ◽  
Structural Equation ◽  
Financial Knowledge ◽  
Equation Modeling ◽  
Innovative Technology ◽  
Electronic Banking ◽  
Management Behavior ◽  
Seeking Behavior

In terms of future revenue stream, the potential of young adults is considered to be significant. The study is relevant to India as the segment dominates the population. The objective of the study is to examine the antecedents to financial management behavior for young adults. One hundred and sixty responses were obtained from respondents. While employing structural equation modeling, we found that variables such as help-seeking behavior, financial knowledge, and electronic banking, positively affect financial management behavior. The findings suggest that financial educators and counselors need to incorporate electronic banking along with other dimensions such as financial knowledge and help-seekers. Financial educators can benefit from innovative technology features.

scholarly journals The Influence of Financial Knowledge, Financial Socialization, Financial Behaviour, and Financial Strain on Young Adults’ Financial Well-Being

2021 ◽  
Vol 11 (12) ◽  
Author(s):  
Mohamad Fazli Sabri ◽  
Mervin Anthony ◽  
Rusitha Wijekoon ◽  
Siti Shazwani Ahmad Suhaimi ◽  
Husniyah Abdul Rahim ◽  
...  
Keyword(s):  
Young Adults ◽  
Well Being ◽  
Financial Knowledge ◽  
Financial Strain ◽  
Financial Socialization ◽  
Financial Behaviour

scholarly journals Willingness to Seek Help for Depression in Young African American Adults: Protocol for a Mixed Methods Study (Preprint)

2019 ◽  
Author(s):  
Benita A Bamgbade ◽  
Jamie C Barner ◽  
Kentya H Ford ◽  
Carolyn M Brown ◽  
William B Lawson ◽  
...  
Keyword(s):  
Young Adults ◽  
African American ◽  
Mixed Methods ◽  
Help Seeking ◽  
Culturally Relevant ◽  
Psychoeducational Intervention ◽  
Help Seeking Behavior ◽  
Willingness To Seek Help ◽  
Seeking Behavior ◽  
Stage 1

BACKGROUND In the United States, among those living with mental illness, 81% of African American (AA) young adults do not seek treatment compared with 66% of their white counterparts. Although the literature has identified unique culturally related factors that impact help seeking among AAs, limited information exists regarding the development and evaluation of interventions that incorporate these unique factors. OBJECTIVE This study aims to describe a study protocol designed to develop a culturally relevant, theory-based, psychoeducational intervention for AA young adults; to determine if exposure to the intervention impacts AA young adults’ willingness to seek help; and to determine whether cultural factors and stigma add to the prediction of willingness to seek help. METHODS The Theory of Planned Behavior (TPB) and Barrera and Castro’s framework for cultural adaptation of interventions were used as guiding frameworks. In stage 1 (information gathering), a literature review and three focus groups were conducted to identify salient cultural beliefs. Using stage 1 results, the intervention was designed in stage 2 (preliminary adaptation design), and in stage 3 (preliminary adaptation tests), the intervention was tested using pretest, posttest, and 3-month follow-up surveys. An experimental, mixed methods, prospective one-group intervention design was employed, and the primary outcomes were participants’ willingness and intention to seek help for depression and actual help-seeking behavior. RESULTS This study was funded in May 2016 and approved by the University of Texas at Austin institutional review board. Data were collected from November 2016 to March 2016. Of the 103 students who signed up to participate in the study, 70 (67.9%) completed the pre- and posttest surveys. The findings are expected to be submitted for publication in 2020. CONCLUSIONS The findings from this research are expected to improve clinical practice by providing empirical evidence as to whether a culturally relevant psychoeducational intervention is useful for improving help seeking among young AAs. It will also inform future research and intervention development involving the TPB and willingness to seek help by identifying the important factors related to willingness to seek help. Advancing this field of research may facilitate improvements in help-seeking behavior among AA young people and reduce the associated mental health disparities that apparently manifest early on. INTERNATIONAL REGISTERED REPORT DERR1-10.2196/16267

Family financial socialization, financial information seeking behavior and financial literacy among youth

2020 ◽  
Vol 12 (2) ◽  
pp. 163-181
Author(s):  
Saeed Pahlevan Sharif ◽  
Navaz Naghavi
Keyword(s):  
Financial Literacy ◽  
Information Seeking ◽  
Risk Information ◽  
Financial Information ◽  
Financial Behavior ◽  
Information Seeking Behavior ◽  
Financial Socialization ◽  
Content Type ◽  
Seeking Behavior ◽  
And Behavior

PurposeThis study examined the relationship between financial information seeking behavior and financial literacy, as well as the relationship between parents' teaching and behavior with financial information seeking behavior through the factors of the risk information seeking and processing model among youth.Design/methodology/approachA sample of 802 tertiary education students participated in this cross-sectional study. Using covariance-based structural equation modeling, the model was assessed and hypotheses were tested.FindingsThe results revealed that financial information seeking behavior contributed to youth's financial literacy. While parents' sound financial behavior was directly related to seeking financial information, both parents' financial teaching and behavior indirectly, through the risk information seeking process, encouraged youth to actively seek for financial information. Moreover, parents' financial socialization directly and also indirectly through the risk information seeking and processing model explained youth's financial information avoidance. Among the two parts of the risk information seeking and processing model, planned behavior factors played a more salient role than cognitive need for financial information.Originality/valueThis study extends the risk information seeking and processing model by integrating family financial socialization to the model and applies it in the context of consumers' financial behavior. The results improve our understanding of the social and psychological mechanism that drives consumers' financial literacy and decision-making.

Healthy Financial Behaviors and Financial Satisfaction in Emerging Adulthood: A Parental Socialization Perspective

2019 ◽  
Vol 8 (6) ◽  
pp. 548-554 ◽  
Author(s):  
Lavinia E. Damian ◽  
Oana Negru-Subtirica ◽  
Iulia M. Domocus ◽  
Mihaela Friedlmeier
Keyword(s):  
Emerging Adults ◽  
Cultural Context ◽  
Cross Sectional Study ◽  
Communist Country ◽  
Parental Socialization ◽  
Financial Satisfaction ◽  
Financial Socialization ◽  
Cross Sectional ◽  
Financial Behaviors ◽  
Parental Financial Socialization

To understand the relation between financial behaviors and satisfaction in emerging adults (EAs) and parental financial socialization, we conducted a cross-sectional study focusing on families from a collectivistic, former communist country, Romania, a cultural context marked by extreme financial dependence of youth on their parents. Participants were 143 parent–EAs child dyads from Romania (83% mothers, M age = 47.5 years and 80% girls, M age = 20.7 years). Results showed significant relations between parents’ and EAs’ view on parental financial socialization. EAs’ healthy financial behaviors were predicted by previous healthy financial behaviors in parents and previous parental financial monitoring of spending habits, only as reported by EAs. Moreover, EAs’ financial satisfaction was predicted by high socioeconomic status, previous healthy financial behaviors in parents, and current healthy financial relationship with parents, only as reported by EAs. We discuss the implications for supporting healthy financial behaviors and satisfaction in EAs.

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