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Financial Executive Orientation, Information Source, and Financial Satisfaction of Young Adults

Financial Executive Orientation, Information Source, and Financial Satisfaction of Young Adults <p>Social media play a role in the lives of young adults (18–25 years old), but motivators and influences of this and similar sources on their money handling are not well-understood. This study examined their personal finance information source choices using a non-random online survey (N = 229). Results of structural equation modeling suggested that four personal financial execution antecedent factors (i.e., impulse control, financial planning, financial motivation, and financial organization) may influence their selection of information source and such choice may affect financial satisfaction. Young adults who sought social media and online sources for personal financial decisions belonged to a distinct group, whereas their choices were associated with financial satisfaction. This study suggests that financial institutions and financial advisors targeting young adults should consider their financial executive orientations and connect with them through effective information sources, including social media.</p> http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Financial Counseling and Planning Springer Publishing

Financial Executive Orientation, Information Source, and Financial Satisfaction of Young Adults

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Publisher
Springer Publishing
ISSN
1052-3073
eISSN
1947-7910
DOI
10.1891/1052-3073.28.1.5
Publisher site
See Article on Publisher Site

Abstract

<p>Social media play a role in the lives of young adults (18–25 years old), but motivators and influences of this and similar sources on their money handling are not well-understood. This study examined their personal finance information source choices using a non-random online survey (N = 229). Results of structural equation modeling suggested that four personal financial execution antecedent factors (i.e., impulse control, financial planning, financial motivation, and financial organization) may influence their selection of information source and such choice may affect financial satisfaction. Young adults who sought social media and online sources for personal financial decisions belonged to a distinct group, whereas their choices were associated with financial satisfaction. This study suggests that financial institutions and financial advisors targeting young adults should consider their financial executive orientations and connect with them through effective information sources, including social media.</p>

Journal

Journal of Financial Counseling and PlanningSpringer Publishing

Published: Jan 1, 2017

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