Is the association between parental financial socialization and college students’ financial self-efficacy moderated by hope?
Disciplines
Developmental Psychology
Abstract (300 words maximum)
The transition to adulthood is a critical developmental period, both shaped by youths’ prior development and contexts and shaping future development (Elder, 1998). Some scholars have used the term “emerging adulthood” to argue that this is a new, distinct developmental stage (bounded generally by the third decade of life), of which identity exploration, setting and working toward long-term or future oriented goals, and gaining independence are key attributes (Arnett, 2000). One aspect of future oriented goal direction is hope, which Snyder (2002) conceptualized hope in two constructs: the ability to form pathways that lead to a goal being met and using agency thinking to activate those pathways. In a review of hope and young adult college students’ mental health, Griggs (2017) found that hope is related to college students’ improved coping and well-being, moderates the relation between negative life events and depression, and may protect against suicide and unhealthy behavior. Further, self-efficacy (believing one can handle situations effectively) is a key component to young adults gaining independence (particularly financial independence; Lim et al., 2014). However, the extent to which young adults’ parental relationships interacts with developmental assets like hope to predict financial self-efficacy is poorly understood and is the focus of this study. Kennesaw State University PSYC 1101 students (n = 651) participated in an online survey. We examined the multidimensional role of parental financial socialization on financial self-efficacy, and whether this association is moderated by hope.
Academic department under which the project should be listed
RCHSS - Psychological Science
Primary Investigator (PI) Name
Chanler Hilley
Is the association between parental financial socialization and college students’ financial self-efficacy moderated by hope?
The transition to adulthood is a critical developmental period, both shaped by youths’ prior development and contexts and shaping future development (Elder, 1998). Some scholars have used the term “emerging adulthood” to argue that this is a new, distinct developmental stage (bounded generally by the third decade of life), of which identity exploration, setting and working toward long-term or future oriented goals, and gaining independence are key attributes (Arnett, 2000). One aspect of future oriented goal direction is hope, which Snyder (2002) conceptualized hope in two constructs: the ability to form pathways that lead to a goal being met and using agency thinking to activate those pathways. In a review of hope and young adult college students’ mental health, Griggs (2017) found that hope is related to college students’ improved coping and well-being, moderates the relation between negative life events and depression, and may protect against suicide and unhealthy behavior. Further, self-efficacy (believing one can handle situations effectively) is a key component to young adults gaining independence (particularly financial independence; Lim et al., 2014). However, the extent to which young adults’ parental relationships interacts with developmental assets like hope to predict financial self-efficacy is poorly understood and is the focus of this study. Kennesaw State University PSYC 1101 students (n = 651) participated in an online survey. We examined the multidimensional role of parental financial socialization on financial self-efficacy, and whether this association is moderated by hope.