ERIC Number: EJ1185313
Record Type: Journal
Publication Date: 2017
Pages: 15
Abstractor: As Provided
ISBN: N/A
ISSN: ISSN-1052-3073
EISSN: N/A
Financial Executive Orientation, Information Source, and Financial Satisfaction of Young Adults
Cao, Yingxia; Liu, Jeanny
Journal of Financial Counseling and Planning, v28 n1 p5-19 2017
Social media play a role in the lives of young adults (18-25 years old), but motivators and influences of this and similar sources on their money handling are not well-understood. This study examined their personal finance information source choices using a non-random online survey (N = 229). Results of structural equation modeling suggested that four personal financial execution antecedent factors (i.e., impulse control, financial planning, financial motivation, and financial organization) may influence their selection of information source and such choice may affect financial satisfaction. Young adults who sought social media and online sources for personal financial decisions belonged to a distinct group, whereas their choices were associated with financial satisfaction. This study suggests that financial institutions and financial advisors targeting young adults should consider their financial executive orientations and connect with them through effective information sources, including social media.
Descriptors: Information Sources, Money Management, Life Satisfaction, Young Adults, Need Gratification, Social Media, Online Surveys, Structural Equation Models, Social Influences, Mass Media Use, Mass Media Role, Preferences, Investment, Decision Making Skills, Decision Making, Undergraduate Students, Correlation, Student Attitudes
Association for Financial Counseling and Planning Education. 1500 West Third Avenue Suite 223, Columbus, OH 43212. Tel: 614-485-9650; Fax: 614-485-9621; Web site: http://afcpe.org
Publication Type: Journal Articles; Reports - Research
Education Level: Higher Education
Audience: N/A
Language: English
Sponsor: N/A
Authoring Institution: N/A
Identifiers - Location: California
Grant or Contract Numbers: N/A