TY - JOUR
T1 - Parental financial socialization, financial behaviors, and well-being among Hong Kong young adults amid COVID-19
AU - Khan, Muhammad Aamir
AU - Li, Xiaomin
AU - LeBaron-Black, Ashley B.
AU - Serido, Joyce
N1 - Publisher Copyright:
© 2023 National Council on Family Relations.
PY - 2023/12
Y1 - 2023/12
N2 - Objective: We investigated how parental financial socialization was related to Hong Kong young adults' financial behaviors and well-being amid COVID-19. Background: We extended existing literature by including two types of financial behaviors: healthy money management (e.g., spending within budget) and financial enabling (i.e., overgiving and sharing financial resources). We focused on well-being in financial and nonfinancial domains (i.e., financial well-being and hopelessness, respectively). We also considered moderating roles of gender, family socioeconomic status (SES), and income changes during COVID-19. Methods: We collected cross-sectional survey data from 604 Hong Kong young adults and conducted structural equation modeling. Results: Parental financial socialization, on the one hand, promoted well-being via healthier money management. On the other hand, parental financial socialization increased financial enabling and reduced well-being. The examined associations varied across gender, family SES, and income changes during COVID-19. Conclusions: Parental financial socialization was a “double-edged” sword, and the examined associations varied for young adults with diverse experiences across gender, family SES, and income changes during COVID-19. Implications: Efforts are needed to strengthen desired consequences and alleviate undesired ones of parental financial socialization. The different needs and experiences of young adults deserve attention.
AB - Objective: We investigated how parental financial socialization was related to Hong Kong young adults' financial behaviors and well-being amid COVID-19. Background: We extended existing literature by including two types of financial behaviors: healthy money management (e.g., spending within budget) and financial enabling (i.e., overgiving and sharing financial resources). We focused on well-being in financial and nonfinancial domains (i.e., financial well-being and hopelessness, respectively). We also considered moderating roles of gender, family socioeconomic status (SES), and income changes during COVID-19. Methods: We collected cross-sectional survey data from 604 Hong Kong young adults and conducted structural equation modeling. Results: Parental financial socialization, on the one hand, promoted well-being via healthier money management. On the other hand, parental financial socialization increased financial enabling and reduced well-being. The examined associations varied across gender, family SES, and income changes during COVID-19. Conclusions: Parental financial socialization was a “double-edged” sword, and the examined associations varied for young adults with diverse experiences across gender, family SES, and income changes during COVID-19. Implications: Efforts are needed to strengthen desired consequences and alleviate undesired ones of parental financial socialization. The different needs and experiences of young adults deserve attention.
KW - Hong Kong young adults
KW - financial behaviors
KW - parental financial socialization
KW - well-being
UR - http://www.scopus.com/inward/record.url?scp=85170566303&partnerID=8YFLogxK
UR - http://www.scopus.com/inward/citedby.url?scp=85170566303&partnerID=8YFLogxK
U2 - 10.1111/fare.12947
DO - 10.1111/fare.12947
M3 - Article
AN - SCOPUS:85170566303
SN - 0197-6664
VL - 72
SP - 2279
EP - 2296
JO - Family relations
JF - Family relations
IS - 5
ER -