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University attendance moderates the link between financial norms and healthy financial behavior for Australian young adults

Watson, S.J. and Barber, B.L. (2016) University attendance moderates the link between financial norms and healthy financial behavior for Australian young adults. Journal of Family and Economic Issues, In press .

Link to Published Version: http://dx.doi.org/10.1007/s10834-016-9505-4
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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 developing financial independence for some during young adulthood.

Publication Type: Journal Article
Murdoch Affiliation: School of Psychology and Exercise Science
Publisher: Springer
Copyright: © 2016 Springer Science+Business Media New York
URI: http://researchrepository.murdoch.edu.au/id/eprint/33783
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