![]() ![]() One way this can be done is through improved financial socialization (LeBaron et al. Thus, it is essential that we improve the financial wellbeing of emerging adults. ![]() 2016), academic health risks (Kim 2007), and relational health risks (Gudmunson et al. 2001), physical health risks (Bemel et al. This financial stress is associated with higher mental health risks (Eisenberg et al. ![]() Finances are associated with exceptional stress for many emerging adults (American Psychological Association 2018 Staats et al. Additionally, many emerging adults lack basic financial knowledge and skills (e.g., compound interest, inflation, risk diversification Babiarz and Robb 2014 FINRA IEF 2013 Lusardi et al. In terms of financial struggles, almost one-third of emerging adults are financially dependent on their parents (FINRA IEF 2013), and many live with their parents out of financial necessity (US Census Bureau 2013). 2014) like they were in generations past (Arnett 2000). Indeed, a key reason for the creation of the developmental stage “emerging adulthood” was that three of the top qualifications for attaining adulthood (i.e., accepting responsibility for one’s self, making independent decisions, and becoming financially independent Arnett 1998, 2000) are no longer met by most 18 year-olds (Fingerman et al. A growing number of emerging adults are struggling financially, which is negatively associated with wellbeing in many areas of life (Serido and Deenanath 2016). ![]()
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