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Sustainable Debt Behaviour and Well-Being of Young Adults: The Role of Parental Financial Socialisation Process

cris.lastimport.scopus2024-09-18T01:31:03Z
dc.abstract.enLiterature shows that parental financial socialisation plays an important role in attaining financial literacy as well as in shaping sustainable financial behaviours and that both translate into increased well-being indicators and financial security on micro- and macroeconomic levels. However, debt literacy and debt behaviour seem to be unique. Very little is known about the childhood financial socialisation process through which adults’ sustainable debt behaviour is shaped and how debt behaviour may affect well-being. This study tests a hierarchical model of childhood financial socialisation consisting of five levels: the anticipatory parental socialisation, and later life financial learning outcomes (particularly, debt literacy levels), financial attitudes, debt behaviour, and well-being. Using data collected from a purposive sample of young adult Poles (N = 600) during the period from 10 to 13 November 2018 and employing structural equation modelling, we have found evidence confirming the hierarchical relationship of literacy–attitude–behaviour. Our data do not support, however, either the hypothesised positive relationship between parental socialisation and objectively measured debt literacy or the assumed relationships between debt behaviour and well-being indicators. We posit that country-specific factors related to generational differences entailed by system-wide transition and the specificity of debt behaviour, respectively, are key for explaining these empirical deviations from the assumed conceptual framework. Finally, we found no significant differences between the models estimated separately for maternally conditioned and paternally conditioned respondents.
dc.affiliationNauk o Człowieku
dc.affiliationAdministracji i Nauk Społecznych
dc.contributor.authorAndrzej Cwynar
dc.contributor.authorWiktor Cwynar
dc.contributor.authorMonika Baryła-Matejczuk
dc.contributor.authorMoises Betancort
dc.date.accessioned2024-04-23T09:25:12Z
dc.date.available2024-04-23T09:25:12Z
dc.date.issued2019
dc.description.abstract<jats:p>Literature shows that parental financial socialisation plays an important role in attaining financial literacy as well as in shaping sustainable financial behaviours and that both translate into increased well-being indicators and financial security on micro- and macroeconomic levels. However, debt literacy and debt behaviour seem to be unique. Very little is known about the childhood financial socialisation process through which adults’ sustainable debt behaviour is shaped and how debt behaviour may affect well-being. This study tests a hierarchical model of childhood financial socialisation consisting of five levels: the anticipatory parental socialisation, and later life financial learning outcomes (particularly, debt literacy levels), financial attitudes, debt behaviour, and well-being. Using data collected from a purposive sample of young adult Poles (N = 600) during the period from 10 to 13 November 2018 and employing structural equation modelling, we have found evidence confirming the hierarchical relationship of literacy–attitude–behaviour. Our data do not support, however, either the hypothesised positive relationship between parental socialisation and objectively measured debt literacy or the assumed relationships between debt behaviour and well-being indicators. We posit that country-specific factors related to generational differences entailed by system-wide transition and the specificity of debt behaviour, respectively, are key for explaining these empirical deviations from the assumed conceptual framework. Finally, we found no significant differences between the models estimated separately for maternally conditioned and paternally conditioned respondents.</jats:p>
dc.identifier.doi10.3390/su11247210
dc.identifier.issn2071-1050
dc.identifier.urihttps://repo.akademiawsei.eu/handle/item/205
dc.languageen
dc.pbn.affiliationpsychology
dc.pbn.affiliationeconomics and finance
dc.relation.ispartofSustainability
dc.rightsCC-BY
dc.subject.en: debt
dc.subject.endebt behaviour
dc.subject.enfinancial socialisation
dc.subject.enparental socialisation
dc.subject.enfinancial literacy
dc.subject.endebt literacy
dc.subject.enwell-being
dc.subject.enyoung adults
dc.titleSustainable Debt Behaviour and Well-Being of Young Adults: The Role of Parental Financial Socialisation Process
dc.typeReviewArticle
dspace.entity.typePublication
oaire.citation.issue24
oaire.citation.volume11