Healthy Financial Behaviors and Financial Satisfaction in Emerging Adulthood: A Parental Socialization Perspective

Abstract

To understand the relation between financial behaviors and satisfaction in emerging adults (EAs) and parental financial socialization, we conducted a cross-sectional study focusing on families from a collectivistic, former communist country, Romania, a cultural context marked by extreme financial dependence of youth on their parents. Participants were 143 parent–EAs child dyads from Romania (83% mothers, M age = 47.5 years and 80% girls, M age = 20.7 years). Results showed significant relations between parents’ and EAs’ view on parental financial socialization. EAs’ healthy financial behaviors were predicted by previous healthy financial behaviors in parents and previous parental financial monitoring of spending habits, only as reported by EAs. Moreover, EAs’ financial satisfaction was predicted by high socioeconomic status, previous healthy financial behaviors in parents, and current healthy financial relationship with parents, only as reported by EAs. We discuss the implications for supporting healthy financial behaviors and satisfaction in EAs.