The Role of financial identity processes in financial behaviors and financial well-being
ENFinancial identity formed during emerging adulthood is important for the regulation of youth financial behaviors, decisions, and long-term financial goals. This three-wave short-term longitudinal study investigates how youth develop a distinct manner of approaching and managing personal finances and reveals the structure and dynamics of financial identity development during emerging adulthood. Using the cross-lagged panel model analysis, it also investigates longitudinal reciprocal associations between financial identity processes, financial behaviors, and financial well-being of emerging adults. The sample consists of 533 Lithuanian higher education students (56.8% women; Mage ¼ 18.93, SDage ¼ 0.71) who took part in three assessment waves. The findings support the use of the three-factor model of financial identity formation and show that financial identity formation is shaped by emerging adults’ financial situation and contribute to the formation of financial behaviors and financial well-being. Practical implications of study results are also discussed. Keywords: financial identity, financial capabilities, positive financial behaviors, financial well-being, emerging adulthood. [From the publication]
- How does financial life shape emerging adulthood? short-term longitudinal associations between perceived eatures of emerging adulthood, financial behaviors, and financial well-being / Rimantas Vosylis and Theo Klimstra. Emerging adulthood. 2020, 10, 1, p. 90-108.
- Linking family financial socialization with its proximal and distal outcomes: which socialization dimensions matter most for emerging adults’ financial identity, financial behaviors, and financial anxiety? / Rimantas Vosylis and Rasa Erentaitė. Emerging adulthood. 2020. 8, 6, p. 464-475.
- The Financial identity scale (FIS): a multinational validation and measurement invariance study among emerging adults / Angela Sorgente, Rimantas Vosylis, Margherita Lanz, Joyce Serido, Soeyon Shim. International journal of behavioral development. 2020, 44, 6, p. 565-574.
