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ERIC Number: EJ1015286
Record Type: Journal
Publication Date: 2013-Jul
Pages: 11
Abstractor: As Provided
ISSN: ISSN-0165-0254
A Developmental Model of Financial Capability: A Framework for Promoting a Successful Transition to Adulthood
Serido, Joyce; Shim, Soyeon; Tang, Chuanyi
International Journal of Behavioral Development, v37 n4 p287-297 Jul 2013
This study proposes a developmental model of financial capability to understand the process by which young adults acquire the financial knowledge and behaviors needed to manage full-time adult social roles and responsibilities. The model integrates financial knowledge, financial self-beliefs, financial behavior, and well-being into a single financial decision-making process. With two-time longitudinal survey data from college students ("N" = 1,511; aged 18-23 years at Wave 1 and 21-26 years at Wave 2), the findings provide support for a pattern of co-occurring change: changing knowledge about personal finances associated with changing self-beliefs about finances; changing self-beliefs associated with changing financial behaviors; and changing financial behaviors ultimately associated with changes in financial and overall well-being. We discuss the findings in the context of facilitating a positive transition to adulthood during widespread economic uncertainty. (Contains 2 figures and 2 tables.)
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Publication Type: Journal Articles; Reports - Research
Education Level: Higher Education; Postsecondary Education
Audience: N/A
Language: English
Sponsor: N/A
Authoring Institution: N/A
Identifiers - Location: Arizona
Grant or Contract Numbers: N/A