Subjective financial situation and financial capability of young adults in Finland

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http://hdl.handle.net/10138/311388

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Ranta , M & Salmela-Aro , K 2018 , ' Subjective financial situation and financial capability of young adults in Finland ' , International Journal of Behavioral Development , vol. 42 , no. 6 , pp. 525-534 . https://doi.org/10.1177/0165025417745382

Title: Subjective financial situation and financial capability of young adults in Finland
Author: Ranta, Mette; Salmela-Aro, Katariina
Contributor organization: Department of Education
Minds Hub
Date: 2018-11
Language: eng
Number of pages: 10
Belongs to series: International Journal of Behavioral Development
ISSN: 0165-0254
DOI: https://doi.org/10.1177/0165025417745382
URI: http://hdl.handle.net/10138/311388
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.
Subject: 516 Educational sciences
financial capability
financial situation
longitudinal study
subjective well-being
Young Adult
EMERGING ADULTHOOD
SELF-EFFICACY
ADOLESCENCE
TRANSITION
FRAMEWORK
MODELS
515 Psychology
Peer reviewed: Yes
Usage restriction: openAccess
Self-archived version: acceptedVersion


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