Joyce Serido & Soyeon Shim University of Minnesota - - PowerPoint PPT Presentation

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Joyce Serido & Soyeon Shim University of Minnesota - - PowerPoint PPT Presentation

Aug 19, 2022 34 likes •514 views

Joyce Serido & Soyeon Shim University of Minnesota University of Wisconsin Acknowledgements Robert Lanza, Technology and Support Dr. Michael Staten, TCAI Director Dr. Melissa Curran, TCAI Research Director Tiffany Kiramidjian, TCAI

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Joyce Serido & Soyeon Shim University of Minnesota University of Wisconsin

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Acknowledgements

Robert Lanza, Technology and Support

  • Dr. Michael Staten, TCAI Director
  • Dr. Melissa Curran, TCAI Research Director

Tiffany Kiramidjian, TCAI project manager

  • Dr. Sun Young Ahn, Washington College, MD
  • Dr. Jessie Rudi, University of Minnesota- Twin Cities

Sarah Burcher , University of Minnesota- Twin Cities Sun Kyung Lee, University of Minnesota- Twin Cities & Evan Runyon Jina Choi

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2007 Why are college students misusing credit cards?

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Why are college students misusing credit cards?

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How do college students acquire financial knowledge and skills? Does college student financial knowledge or financial skill even matter in the long term?

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Spri ring ng 2008: What are the pre-college and early college experiences that contribute to college students’ financial attitudes and behaviors? (N=2,098; Ages 18-21) Spri ring ng 2009: How does a severe economic recession impact college students’ financial behaviors? (N=748; Ages 19-22) Fall l 2011: Are young adults prepared for the life- changing experiences awaiting them as they enter the world of full-time adult responsibility? (N=1,511; Ages 21-24) Spri ring ng 2013: What role do life choices and

  • pportunities play in young adults’ personal,

financial, and career well-being? (N=1,010; Ages 23-26) Spri ring ng 2016: How are changing economic and social condition related to young adults’ achievements and happiness? (N=855; Ages 26-29)

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Today

  • Describe the developmental transition
  • f APLUS participants
  • Identify factors that contribute to /

undermine financial capability over time

  • Provide insights on the in

inter erpla lay of finances and young adults’ happiness

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The (college) Kids Are (mostly) Alright!

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BUT

GEN ENDE DER WAGE E GAP: P:

  • 45

45% of men en wer ere ear e earning ning over er $6 $60, 0,00 000/y 0/yr

  • Co

Comp mpar ared ed to to 27 27% of wome men n

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Other Markers of Adult Status

  • Education - 97% have a college degree

Pew Research Center, 2015

  • Employment – only 2.8% unemployed

Bureau of Labor Statistics, 2016

  • Living on their own – only 11% lived with

parents Fry, 2016

  • Forming committed relationships (64%)

Saad,2015

  • Becoming parents? Not so much (10%)

Fleming, 2016

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All Grown Up?

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Financial Capability in Action

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Reactive Behaviors BY SES

1.3 1.5 1.7 Wave 1 Wave 2 Wave 3 Wave 4

Grand Mean Lower SES Middle SES Higher SES

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Reactive Behaviors By First-Gen Status

1.3 1.5 1.7 Wave 1 Wave 2 Wave 3 Wave 4

Grand Mean First Gen Not First Gen

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Reactive Behavior By SES and First Gen Status

1 2 3 Wave 1 Wave 2 Wave 3 Wave 4

Grand Mean Fgen -Lower SES Fgen Middle SES Fgen Higher SES

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Preventive Behaviors By Gender

3.25 3.45 3.65 Wave 1 Wave 2 Wave 3 Wave 4

Grand Mean Men Women

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Preventive Behavior By SES

3.25 3.45 3.65 Wave 1 Wave 2 Wave 3 Wave 4

Grand Mean Lower SES Middle SES Higher SES

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Preventive Behaviors By First-Gen Status

3.2 3.4 3.6 Wave 1 Wave 2 Wave 3 Wave 4

Grand Mean First Gen Not First Gen

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Preventive Behaviors BY SES and First Gen Status

1.5 2 2.5 3 3.5 4 Wave 1 Wave 2 Wave 3 Wave 4

Grand Mean Fgen -lower SES Fgen Middle SES Fgen Higher SES

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Proactive Behavior By SES

2.1 2.5 2.9 3.3 Wave 1 Wave 2 Wave 3 Wave 4

Grand Mean Lower SES Middle SES Higher SES

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Proactive Behaviors By First-Gen Status

2.3 2.6 2.9 3.2 3.5 Wave 1 Wave 2 Wave 3 Wave 4

Grand Mean First Gen Not First Gen

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Proactive Behaviors BY SES and First Gen Status

1.5 2.5 3.5 Wave 1 Wave 2 Wave 3 Wave 4

Grand Mean Fgen -lower SES Fgen Middle SES Fgen Higher SES

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All Things Being Equal…

  • Sociodemographics (gender, race, ethnicity,

first gen status) don’t matter.

  • But personal agency and knowledge matter:
  • 1. Financial Self-Efficacy (β=.343)
  • 2. Subjective Financial Knowledge (β=.182)
  • 3. Planning Horizon (β=.157)
  • 4. Objective Knowledge (β=.093)
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3.3 3.5 3.7 Wave 1 Wave 2 Wave 3 Wave 4

Self-Efficacy Men Women

Financial Efficacy By Gender

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3.3 3.5 3.7 Wave 1 Wave 2 Wave 3 Wave 4

Self-Efficacy Not First Gen First gen

Financial Efficacy By First Gen Status

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3.3 3.5 3.7 Wave 1 Wave 2 Wave 3 Wave 4

Self-Efficacy Lower SES Middle SES Higher SES

Financial Efficacy By SES

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Subjective Financial Knowledge By Gender

3 3.2 3.4 3.6 3.8

Wave 1 Wave 2 Wave 3 Wave 4

Grand Mean Men Women

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Planning Horizon By First Gen Status

2.5 2.9 3.3 3.7 4.1 4.5 Wave 1 Wave 2 Wave 3 Wave 4

Grand Mean Not First Gen First gen

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Planning Horizon By SES

2.5 3 3.5 4 4.5 Wave 1 Wave 2 Wave 3 Wave 4 Grand Mean Lower SES Middle SES Higher SES

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Objective Financial Knowledge By Gender

65 70 75 80 85 Wave 1 Wave 2 Wave 3 Wave 4

Grand Mean Men Women

P E R C E N T

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What’s Not Equal…

  • Financial Self-Efficacy (Women, Fgen,

lower SES)

  • Subjective Financial Knowledge

(Women)

  • Planning Horizon (Fgen, Lower SES)
  • Objective Knowledge (Women)
  • Why?
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Student Loan Debt

  • Of 32% with outstanding loans, Average

$26,000 (compared to $27,000 nationally)

Pew 2015

  • Black (2.5x), Hispanic (1.7x) and Native

American students (2.1x) compared to White

  • Lower SES (2.5x), Middle SES (1.8x)

compared to Higher SES

  • First gen (1.9x) compared to non First gen

College Board, 2016

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Student Loan Debt Status

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Does Student Loan Debt Impact Financial Behavior?

  • Reduces Proactive Behavior (β= -.165**)
  • Increases Reactive Behavior (β= .085**)
  • Pr

Pres esen ence ce of debt, t, not t debt t am amount, unt, ma matt tter ers

)

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How Happy Are They?

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Does Money Make Young Adults Happy?

  • Peer Relationships

+ Subjective Knowledge* + Preventive Financial Behavior*

  • Financial Satisfaction

+ Financial Self-Efficacy*** + Annual income*** + Proactive Financial Behavior*** – Reactive** and Preventive** Financial Behavior and Debt Reduces Financial Satisfaction*

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Does Money Make Young Adults Happy?

  • Life Satisfaction

+ Financial Self-Efficacy*** + Annual income*** + Proactive Financial Behavior* – Debt reduces Life Satisfaction*

  • Overall Well-Being

– Financial Self-Efficacy*** – Subjective Knowledge* – Annual income*** – Proactive Financial Behavior†

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Does Money Make Young Adults Happy?

  • Life Satisfaction

+ Financial Self-Efficacy*** + Annual income*** + Proactive Financial Behavior* – Debt reduces Life Satisfaction*

  • Overall Well-Being

– Financial Self-Efficacy*** – Subjective Knowledge* – Annual income*** – Proactive Financial Behavior†

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Next Steps

  • Identify within-group factors that

distinguish outcomes

  • Examining the associations of self-

efficacy and young adult outcomes

  • Fostering broader research using the

APLUS data

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