Influence of Financial Parenting and Financial Coping Behaviour on Well-Being of Young Adults: A Study in India

Abstract

The goal of the study is to understand the role of parents in developing financial behaviour among young adults. A total of 868 responses of college students in the age group of 18–28 years have been collected to achieve the objectives of the study. The study examines the data to understand the influence of the family’s financial interactions and financial environment in developing a young adult’s financial, psychological, and personal well-being. The study enriches the existing literature in two ways; first, it gives an exposure to the association of perceived financial parenting with the well-being of Indian students. It also highlights the significant indirect effect of financial parenting (through financial coping behaviour) on well-being. The results suggest promoting financial education among parents and guiding them about their role in improving positive financial behaviour among their next generation.