Article2015

An Empowerment Model of Youth Financial Behavior

53 citations0/0 files storedJournal of Consumer Affairs

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Financial Literacy, Pension, Retirement Analysis Decision-Making and Behavioral Economics Financial Literacy and Behavior

Abstract

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.

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References

1979Prospect Theory: An Analysis of Decision under Risk 1988Prospect theory: An analysis of decision under risk 1981The Framing of Decisions and the Psychology of Choice 2003Evolving to a New Dominant Logic for Marketing 1982The Subject and Power 1982The Experiential Aspects of Consumption: Consumer Fantasies, Feelings, and Fun 2007Service-dominant logic: continuing the evolution 1995PSYCHOLOGICAL, EMPOWERMENT IN THE WORKPLACE: DIMENSIONS, MEASUREMENT AND VALIDATION.

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