Jing Jian Xiao|Swarn Chatterjee|Jinhee Kim
Factors associated with financial independence of young adults
University of Rhode Island|University of Georgia|University of Maryland, College Park
abstract young adults important transition period financially depending parents becoming financially independent purpose study identify factors associated perceived financial independence among merican young adults aged 1823 taking interdisciplinary perspective hypothesized major contributing factors young adults financial independence would include economic psychological family factors data two linked data sets 2009 ransition dulthood data set parental companion data set 2009 p anel tudy ncome ynamics nationally representative us sample results indicated economic factors young adults income assets work status educational attainment positively associated financial independence several psychological factors economic selfefficacy money management ability problemsolving ability also positively associated financial independence family economic factors parental income stock holding financial assistance decreased level young adults financial independence additional analyses indicated level financial independence college graduates higher never attended college currently college differ dropped college common different factors associated young adults financial independence also identified among four education groups findings study implications consumer educators develop implement targeted financial education programs young adults aged 1823 differ educational attainment