Factors Mediating the Association Between Financial Socialization and Well-Being of Young Adults: Testing a Conceptual Framework

2021 ◽  
pp. JFCP-20-00056
Author(s):  
Lu Fan ◽  
Narang Park
Keyword(s):  
Young Adults ◽  
Conceptual Framework ◽  
Financial Management ◽  
Structural Equation ◽  
Well Being ◽  
Financial Behavior ◽  
Equation Modeling ◽  
Financial Socialization ◽  
Subjective Well Being ◽  
Management Behavior

This study establishes an integrated conceptual framework to examine the influences of financial socialization on young adults’ financial and subjective well-being. Using the National Financial Well-Being Survey and structural equation modeling methods with a national sample of young adults aged 18–35, this study highlights two key potential influences of financial socialization: (a) early financial socialization experience is directly and positively associated with young adults’ financial knowledge and financial motivations (goal-oriented financial planning and self-control ability) and (b) there are indirect and positive associations between financial socialization and young adults’ perceived financial skill, financial behavior, and financial and subjective well-being. Moreover, perceived financial skill significantly mediates the relationship between financial motivations and financial management behavior and could indirectly influence financial and subjective well-being. Finally, this study also finds positive associations among financial management behavior, financial well-being, and subjective well-being of young adults.

scholarly journals PENGARUH FINANCIAL SOCIALIZATION DAN FINANCIAL EXPERIENCE TERHADAP FINANCIAL MANAGEMENT BEHAVIOR

2020 ◽  
Vol 9 (2) ◽  
pp. 157-170
Author(s):  
Annisa Safitri ◽  
Budi Rustandi Kartawinata
Keyword(s):  
Structural Equation Modeling ◽  
Financial Management ◽  
Structural Equation ◽  
Partial Least Square ◽  
Least Square ◽  
Measurement Scale ◽  
Equation Modeling ◽  
Financial Socialization ◽  
Management Behavior ◽  
Employed Women

The purpose of this study was to determine the financial management behavior of employed women in Bandung. This research uses a quantitative method and a Likert scale for measurement scale.  The sample of this study was 400 respondents who are employed women in Kota Bandung were selected using incidental sampling techniques. The independent variable consists of financial socialization and financial experience, while the dependent variable is financial management behavior. The data analysis technique in this research is Structural Equation Modeling-Partial Least Square (SEM-PLS) using SmartPLS software. The results of financial socialization on financial management behavior has a tstatistics value of 25.220> ttabel value of 1.96 means that the financial socialization variable has a positive and significant effect on financial management behavior, then the financial experience on financial management behavior has a tstatistics value of 1.641 < ttabel value of 1.96 means that the financial experience does not have a positive and significant effect on the financial management behavior variable.   Keywords: Financial Socialization, Financial Experience, Financial Management Behavior   ABSTRAK Penelitian ini bertujuan untuk mengetahui financial management behavior dari Wanita Bekerja di Kota Bandung. Penelitian ini menggunakan metode kuantitatif dan skala likert sebagai skala pengukuran. Sampel yang digunakan dalam penelitian ini sebanyak 400 responden yang merupakan Wanita Bekerja di Kota Bandung yang dipilih menggunakan teknik incidental sampling. Variabel independen terdiri dari financial socialization dan financial experience, sedangkan variabel dependen adalah financial management behavior. Penelitian ini menggunakan teknik analisis data Structural Equation Modeling- Partial Least Square (SEM-PLS) menggunakan software SmartPLS. Hasil penelitian menunjukkan financial socialization terhadap financial management behavior memiliki nilai memiliki pengaruh positif dan signifikan terhadap financial management behavior dengan tstatistik sebesar 25,220> nilai ttabel sebesar 1.96, kemudian variabel financial experience tidak berpengaruh positif dan signifikan terhadap financial management behavior dengan nilai tstatistik sebesar 1,641< nilai ttabel   sebesar 1.96. Kata Kunci: Financial Socialization, Financial Experience, Financial Management Behavior

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 Pengaruh Pengendalian Diri, Literasi serta Perilaku Keuangan Terhadap Kesejahteraan Keuangan

2020 ◽  
Vol 2 (4) ◽  
pp. 994
Author(s):  
Leonardo Luis ◽  
Nuryasman MN
Keyword(s):  
Structural Equation Modeling ◽  
Financial Management ◽  
Structural Equation ◽  
Well Being ◽  
Self Control ◽  
Financial Behavior ◽  
Primary Data ◽  
Equation Modeling ◽  
Probability Sampling ◽  
Convenience Sampling

The purpose of this study is to determine whether the financial well-being of financial management student at Tarumanagara University can be measured through financial behavior, where the level of financial behavior in this study is seen based on self-control and financial literacy. This research uses primary data through the process of collecting data by sharing questionnaires online using google forms questionnaire with a non-probability sampling method of the type of convenience sampling with a total of 150 financial management student at Tarumanagara University. The data analysis technique used is Structural Equation Modeling (SEM) with Smart-PLS program version 3.2.8. The results of this study show that there is a positive and significant influence between self-control, literacy, and financial behavior towards financial well-being. Tujuan penelitian ini adalah untuk mengetahui apakah kesejahteraan keuangan mahasiswa manajaemen keuangan Universitas Tarumanagara dapat diukur melalui perilaku keuangannya, dimana tingkat perilaku keuangan dalam penelitian ini dilihat berdasarkan pengendalian diri dan literasi keuangan seseorang. Penelitian ini menggunakan data primer melalui proses pengumpulan data dengan cara membagikan kuesioner secara online menggunakan google form dengan metode non-probability sampling berjenis convenience sampling dengan total 150 responden mahasiswa manajemen keuangan Universitas Tarumanagara. Teknik analisis data yang digunakan adalah Structural Equation Modeling (SEM) dengan program Smart-PLS versi 3.2.8. Hasil dari penelitian ini menunjukkan bahwa terdapat pengaruh positif dan signifikan antara pengendalian diri, literasi, serta perilaku keuangan terhadap kesejahteraan keuangan.

scholarly journals The Effect of Financial Knowledge on Financial Literacy with Mediated by Financial Behavior in Society of Palembang City South Sumatera

2019 ◽  
Vol 9 (3) ◽  
pp. 421
Author(s):  
YULIANI YULIANI
Keyword(s):  
Financial Literacy ◽  
Financial Services ◽  
Financial Management ◽  
Structural Equation ◽  
Measurement Data ◽  
Well Being ◽  
Financial Knowledge ◽  
Financial Behavior ◽  
Equation Modeling ◽  
Indirect Influence

The Indonesian financial literacy index is still very low. This low index makes the government through the Financial Services Authority (OJK) make a strategy contained in the Indonesian National Financial Literacy Strategy or SNLKI (Revisit 2017). The strategy is expected that the Indonesian people have the knowledge and skills and beliefs that are reflected in attitudes and behaviors regarding financial management and are able to take quality financial decisions for Financial Well Being. The research objective is to analyze the direct effect of financial knowledge on financial literacy. Analyzing the indirect influence of financial behavior as a mediator of the effect of financial knowledge on financial literacy. Non-probability of purposive sampling technique as many as 105 respondents. Data collection conducted in May-June 2019. The data used is primary using the research instrument in the form of a questionnaire with a 5-point Likert scale measurement. Data was collected by distributing questionnaires both directly and online questionnaires through a Google questionnaire. Data analysis techniques are descriptive and inferential. Inferential testing using Structural Equation Modeling (SEM). The research findings are that there is a direct influence of financial knowledge on financial literacy. The indirect influence of financial behavior on financial literacy is not significant so financial behavior is not mediation.

Work Life Balance and Job Satisfaction - A Structural Equation Modeling

GIS Business ◽  
2019 ◽  
Vol 14 (6) ◽  
pp. 156-162
Author(s):  
Dr. D. Shoba ◽  
Dr. G. Suganthi
Keyword(s):  
Job Satisfaction ◽  
Structural Equation ◽  
Well Being ◽  
Work Life ◽  
Work Life Balance ◽  
Equation Modeling ◽  
Subjective Well Being ◽  
Life Balance ◽  
Study Results

Work-Life balance has its importance from ancient days and the concept is very old, from the day the world has been created. There was a drastic change that has occurred in the market of teachers and their personal profiles. There are tremendous changes in various families which have bartered from the ‘breadwinner’ role of traditional men to single parent families and dual earning couples. This study furnishes an insight into work life balance and job satisfaction of teachers working in School of Villupuram District. The sample comprises of 75 school teachers from Government and private schools in Villupuram District. The Study results that there is increasing mediating evidence in Work-life balance as well as Job satisfaction of teachers are not affected by the type of school in which they are working. Job satisfaction or Pleasure of life will be affected as a whole by Work life balance of an individual which is the main which can be calculated by construct of subjective well being.

scholarly journals Family Solidarity, Social Support, Loneliness, and Well-Being Among Older Adults in Rural China

2020 ◽  
Vol 4 (Supplement_1) ◽  
pp. 319-320
Author(s):  
Xiaoyan Zhang ◽  
Merril Silverstein
Keyword(s):  
Older Adults ◽  
Life Satisfaction ◽  
Adult Children ◽  
Child Support ◽  
Structural Equation ◽  
Total Population ◽  
Well Being ◽  
Equation Modeling ◽  
National Bureau ◽  
Subjective Well Being

Abstract China is experiencing a large increase in elderly population. In 2019, China’s population aged 60 and above had reached 253 million, accounting for 18.1% of the total population (National Bureau of Statistics of China, 2020). By 2050, the number of adults aged 60+ would be up to 430 million, reaching one third of the total population (Du, Zhai & Chen, 2005). Considering such a rapid aging process and the existing large number of older adults in China, it becomes imperative to investigate how psychosocial factors affect this group’s subjective well-being. This study proposed that, among older adults, higher support received from each of the three relational sources (adult children, family and friends) were associated with reduced loneliness and improved well-being. Structural equation modeling was conducted using a sample of rural adults aged 60 and older (N= 1142) from the 2018 wave of data from the Longitudinal Study of Older Adults in Anhui Province, China. Findings indicated that support from adult children directly and indirectly decreased older adults’ depression and improved their life satisfaction through loneliness; while support from family members directly decreased depression but did not directly improve life satisfaction or indirectly improve well-being through loneliness. Although support from friends did not have a significant impact on older adults’ well-being, it indirectly improved well-being through reduced loneliness. Findings have implications for programs or interventions targeting both parent -adult-child support and friends support and reducing rural older adults’ loneliness.

scholarly journals Social support and subjective well-being among elderly Chinese empty-nester: Self-worth as a Mediator and self-reported health as a Moderator

2020 ◽  
Author(s):  
Hong Su ◽  
Yuqiu Zhou ◽  
Jianqin Cao ◽  
Haina Wang
Keyword(s):  
Social Support ◽  
Rural Areas ◽  
Structural Equation ◽  
Well Being ◽  
Mediation Effect ◽  
Equation Modeling ◽  
Subjective Well Being ◽  
Empty Nest ◽  
Self Worth ◽  
Reported Health

Abstract Purpose This study aimed to explore the relationship between social support, self-worth, self-reported health, and subjective well-being among the Chinese rural empty nest elderly, and whether self-worth and self-reported health affect these associations.Methods This cross-sectional study was performed from May 2017 to April 2018, the participants were 365 empty-nest elderly adults from rural areas of Chifeng City in Inner Mongolia. Data were collected with the General information questionnaire, Self-worth questionnaire for adults, Social Support Scale and Memorial University of New Found land Scale of Happiness. Structural equation modeling was used to test the mediation hypothesis. Bootstrapping was performed to confirm the mediation effect. Hayes’s SPSS-PROCESS was used for testing the moderating effects.Results Self-worth showed significant correlations with social support, self-reported health and subjective well-being (all P<0.01).Bootstrapping indicated that the mediating role of self-worth was statistically significant. And self-reported health moderated the social support and subjective well-being association.Conclusions Self-worth and self-reported health are important targets for prevention and intervention for improving the subjective well-being of the rural empty-nest elderly.

ANALISIS PENGARUH PENERAPAN BUDAYA TERHADAP KEBUTUHAN EKONOMI DAN PERILAKU MANAJEMEN KEUANGAN PADA MASYARAKAT ENDE LIO

Analisis ◽  
2020 ◽  
Vol 10 (1) ◽  
Author(s):  
Laurentius D. Gadi Djou ◽  
Apriana Marselina
Keyword(s):  
Financial Management ◽  
Structural Equation ◽  
Sem Analysis ◽  
Economic Conditions ◽  
Equation Modeling ◽  
Significant Positive Effect ◽  
Management Behavior ◽  
Financial Attitudes ◽  
Economic Needs ◽  
Positive Effect

Indonesia is a country that has diverse tribes and cultures. Each culture has different behavioral characteristics in terms of financial management that can affect the economic growth of a region. Wurumana culture is a local custom of the Ende Lio community which is related to the cycle of money circulation in the family which has become a tradition for generations. The purpose of this study was to determine the effect of local culture (Wurumana) on Economic Needs, the effect of Economic Needs on Financial Management Behavior, the influence of Economic Needs on Financial Attitudes, and to determine the effect of Financial Attitudes on Financial Management Behavior of the Ende Lio community. The research method used in this study is a quantitative method using Structural Equation Modeling (SEM) analysis tools using AMOS 22. The results of the study show that Wurumana Culture has a significant positive effect on Economic Conditions (H1), Economic Conditions are proven to have a significant positive effect on Management Behavior Financial (H2), Economic Conditions have a significant positive effect on Financial Attitudes (H3), and Financial Attitudes have a significant positive effect on Financial Management Behavior (H4).

The Influence of Attending Festivals with Children on Family Quality of Life, Subjective Well-Being, and Event Experience

2021 ◽  
Author(s):  
Yi Liu ◽  
Jason Draper
Keyword(s):  
Quality Of Life ◽  
Family Relationships ◽  
Structural Equation ◽  
Well Being ◽  
Equation Modeling ◽  
Family Quality Of Life ◽  
Subjective Well Being ◽  
Family Activity ◽  
The Relationship

Participants attending a festival(s) with children is a family activity that influences family relationships. This study examines the relationship between attending status (e.g., with or without children), event experience, subjective well-being, and family quality of life (FQOL). A total of 585 festival participants’ data analyzed by structural equation modeling (SEM) revealed that participants attending with children have a higher level of subjective well-being and FQOL compared to those without children. Participants attending with children have a higher level of cognitive engagement and experience novelty in festivals compared to those without children. Event experience results in a significant positive relationship with subjective well-being. This study expands current event literature in terms of FQOL and provides a practical guideline to event organizers to better understand the significance of festivals.

Antecedents to responsible financial management behavior among young adults: moderating role of financial risk tolerance

2020 ◽  
Vol 38 (5) ◽  
pp. 1177-1194 ◽  
Author(s):  
Dhananjay Bapat
Keyword(s):  
Young Adults ◽  
Financial Management ◽  
Financial Risk ◽  
Risk Tolerance ◽  
Financial Knowledge ◽  
Financial Behavior ◽  
Management Behavior ◽  
Content Type ◽  
Financial Risk Tolerance

PurposeThe study examines the antecedents of responsible financial management behavior among young adults in India and explores the role of financial risk tolerance as a moderating variable.Design/methodology/approachThe sample includes young adults in the age group of 18–35. The analysis uses a two-step approach via standard partial least squares structural modeling (PLS-SEM) and ordinary least square (OLS) regression.FindingsStructural modeling results show that financial attitude fully mediates the relationship between financial knowledge and responsible financial management behavior, and locus of control influences responsible financial management behavior. Financial risk tolerance moderates the relationship. Among demographic factors, age and occupation influence responsible financial management behavior.Research limitations/implicationsThe financial knowledge used in the survey are based on self-reported responses. The future study can include participants from both developed and emerging countries to assess similarities and differences.Practical implicationsDespite the growing focus on improving financial literacy, there are growing concerns regarding responsible financial behavior. Since financial services is related to fiduciary responsibility, managers and policymakers need to ensure that financial knowledge results in improving financial attitude, which further leads to responsible financial behavior.Originality/valueThe present study from an emerging country will add value to the literature.

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