Title
Financial Executive Orientation, Information Source, and Financial Satisfaction of Young Adults
Document Type
Journal Article
Publication Date
1-2017
Keywords
general population, financial status and behavior, age, psychological barriers, financial education, executive function
Abstract
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 5 229). 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.
