An empowerment model of youth financial behavior

Author
Angulo, Fernando
Pergelova, Albena
Faculty Advisor
Date
2015
Keywords
Western Canada , economics , consumption , youth , self-efficacy , structural equation modeling
Abstract (summary)
The current study examines the antecedents of youth financial behavior. By grounding the conceptual framework on empowerment theory, we argue that in addition to financial knowledge other elements such as intrapersonal (e.g., locus of control and motivation) and interactional elements (e.g., parental financial teaching and behavior) also impact youth financial behavior. To test the hypotheses, structural equation modeling is used on a data set of youth from Western Canada. The results indicate that external locus of control has the highest total effect on youth financial behavior followed by parental influence and motivation. Findings are validated by performing several robustness checks and multigroup analysis. Organizations trying to influence youth financial behavior should broaden the understanding of empowerment to include personal worldview, motivation, as well as social surroundings.
Publication Information
Angulo-Ruiz, Fernando, and Albena Pergelova (2015) “An empowerment model of youth financial behavior,” Journal of Consumer Affairs, 49 (3), 550-575. http://doi.org/10.1111/joca.12086
Notes
Item Type
Article
Language
English
Rights
All Rights Reserved