An Empowerment Model of Youth Financial Behavior

The current study examines the antecedents of youth financial behavior. By grounding the conceptual framework on empowerment theory, we argue that in addition to financial knowledge other elements such as intrapersonal (e.g., locus of control and motivation) and interactional elements (e.g., parenta...

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Bibliographic Details
Published in:The Journal of consumer affairs 2015-09, Vol.49 (3), p.550-575
Main Authors: Angulo-Ruiz, Fernando, Pergelova, Albena
Format: Article
Language:English
Subjects:
Children & youth
Empowerment
Financial literacy
Influence
Knowledge
Motivation
Parenting
Parents & parenting
Quantitative psychology
Sherraden, Margaret
Social aspects
Studies
Teenagers
Youth
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Summary:The current study examines the antecedents of youth financial behavior. By grounding the conceptual framework on empowerment theory, we argue that in addition to financial knowledge other elements such as intrapersonal (e.g., locus of control and motivation) and interactional elements (e.g., parental financial teaching and behavior) also impact youth financial behavior. To test the hypotheses, structural equation modeling is used on a data set of youth from Western Canada. The results indicate that external locus of control has the highest total effect on youth financial behavior followed by parental influence and motivation. Findings are validated by performing several robustness checks and multigroup analysis. Organizations trying to influence youth financial behavior should broaden the understanding of empowerment to include personal worldview, motivation, as well as social surroundings.
ISSN:0022-0078
1745-6606
DOI:10.1111/joca.12086