424
Views
0
CrossRef citations to date
0
Altmetric
Original Articles

Becoming self-sufficient: a longitudinal person-centered analysis of financial identity and adult status during emerging adulthood

References

  • Arnett, J. J. (1998). Learning to stand alone: The contemporary American transition to adulthood in cultural and historical context. Human Development, 41(5–6), 295–315. https://doi.org/10.1159/000022591
  • Arnett, J. J. (2004). Emerging adulthood. Oxford University Press.
  • Asparouhov, T., & Muthén, B. (2014). Multiple-Group factor analysis alignment. Structural Equation Modeling: A Multidisciplinary Journal, 21(4), 495–508. https://doi.org/10.1080/10705511.2014.919210
  • Barber, B. L., Card, N. A., Serido, J., Shim, S. (2011)., November). Financial identity of United States and Australian college students. Paper presented at the National Council of Family Relations Conference, Orlando, FL.
  • Benson, J., & Elder, G. (2011). Young adult identities and their pathways: A developmental and life course model. Developmental Psychology, 47(6), 1646–1657. https://doi.org/10.1037/a0023833
  • Borschel, E., Zimmermann, J., Crocetti, E., Meeus, W., Noack, P., & Neyer, F. J. (2019). Me and you in a mobile world: The development of regional identity and personal relationships in young adulthood. Developmental Psychology, 55(5), 1072–1087. https://doi.org/10.1037/dev0000677
  • Bosch, L. A., Serido, J., Card, N., Shim, S., & Barber, B. L. (2016). Predictors of financial identity development in emerging adulthood. Emerging Adulthood, 4(6), 417–426. https://doi.org/10.1177/2167696816631845
  • Coleman, R. P. (1983). The continuing significance of social class to marketing. Journal of Consumer Research, 10(3), 265–280. https://doi.org/10.1086/208966
  • Collins, L. M., & Lanza, S. T. (2010). Latent class and latent transition analysis: With applications in the social, behavioral, and health sciences. Wiley.
  • Crocetti, E. (2018). Identity dynamics in adolescence: Processes, antecedents, and consequences. European Journal of Developmental Psychology, 15(1), 11–23. https://doi.org/10.1080/17405629.2017.1405578
  • Crocetti, E., Klimstra, T. A., Hale, W. W., III, Koot, H. M., & Meeus, W. (2013). Impact of early adolescent externalizing problem behaviors on identity development in middle to late adolescence: A prospective 7-year longitudinal study. Journal of Youth and Adolescence, 42(11), 1745–1758. https://doi.org/10.1007/s10964-013-9924-6
  • Crocetti, E., Prati, F., & Rubini, M. (2018). The interplay of personal and social identity. European Psychologist, 23(4), 300–310. https://doi.org/10.1027/1016-9040/a000336
  • Crocetti, E., Rubini, M., & Meeus, W. (2008). Capturing the dynamics of identity formation in various ethnic groups: Development and validation of a three-dimensional model. Journal of Adolescence, 31(2), 207–222. https://doi.org/10.1016/j.adolescence.2007.09.002
  • DeLuca, S., Clampet-Lundquist, S., & Edin, K. (2016). Coming of age in the other America. Russell Sage Foundation.
  • Eliason, S. R., Mortimer, J. T., & Vuolo, M. (2015). The transition to adulthood: Life course structures and subjective perceptions. Social Psychology Quarterly, 78(3), 205–227. https://doi.org/10.1177/0190272515582002
  • Erikson, E. H. (1968). Identity: Youth and crisis. W. W. Norton.
  • Fingerman, K., Miller, L., Birditt, K., & Zarit, S. (2009). Giving to the good and the needy: Parental support of grown children. Journal of Marriage and the Family, 71(5), 1220–1233. https://doi.org/10.1111/j.1741-3737.2009.00665.x
  • Frisén, A., & Wängqvist, M. (2011). Emerging adults in Sweden: Identity formation in the light of love, work, and family. Journal of Adolescent Research, 26(2), 200–221. https://doi.org/10.1177/0743558410376829
  • Galambos, N. L., Turner, P. K., & Tilton-Weaver, L. C. (2005). Chronological and subjective age in emerging adulthood: The crossover effect. Journal of Adolescent Research, 20(5), 538–556. https://doi.org/10.1177/0743558405274876
  • Galliher, R. V., McLean, K. C., & Syed, M. (2017). An integrated developmental model for studying identity content in context. Developmental Psychology, 53(11), 2011–2022. https://doi.org/10.1037/dev0000299
  • Garrison, S., & Gutter, M. (2010). 2010 outstanding AFCPE® conference paper: Gender differences in financial socialization and willingness to take financial risks. Journal of Financial Counseling and Planning, 21(2), 60-72. https://ssrn.com/abstract=2222017
  • George, D., & Mallery, P. (2003). SPSS for Windows step by step: A simple guide and reference. 11.0 update (4th ed.). Allyn & Bacon.
  • Kenny, D. A. (2005). Cross-lagged panel design. In B. Everitt, & D. C. Howell (Eds.), Encyclopedia of statistics in behavioral science (pp. 450–451). Wiley.
  • LeBaron, A. B., Hill, E. J., Rosa, C. M., Spencer, T. J., Marks, L. D., & Powell, J. T. (2018). I wish: Multigenerational regrets and reflections on teaching children about money. Journal of Family and Economic Issues, 39(2), 220–232. https://doi.org/10.1007/s10834-017-9556-1
  • LeBaron, A. B., & Kelley, H. H. (2021). Financial socialization: A decade in review. Journal of Family and Economic Issues, 42(S1), 195–206. https://doi.org/10.1007/s10834-020-09736-2
  • Lowe, S. R., Dillon, C. O., Rhodes, J. E., & Zwiebach, L. (2013). Defining adult experiences: Perspectives of a diverse sample of young adults. Journal of Adolescent Research, 28(1), 31–68. https://doi.org/10.1177/0743558411435854
  • Lubke, G., & Muthén, B. O. (2007). Performance of factor mixture models as a function of model size, covariate effects, and class-specific parameters. Structural Equation Modeling: A Multidisciplinary Journal, 14(1), 26–47. https://doi.org/10.1207/s15328007sem1401_2
  • Luhr, S. (2018). How social class shapes adolescent financial socialization: Understanding differences in the transition to adulthood. Journal of Family and Economic Issues, 39(3), 457–473. https://doi.org/10.1007/s10834-018-9573-8
  • Lusardi, A., Scheresberg, C. D., Oggero, N. (2016). Student loan debt in the US: An analysis of the 2015 NFCS data. Global Financial Literacy Excellence Center Policy Brief. https://www.usfinancialcapability.org/downloads/GFLEC-Brief-Student-Loan-Debt.pdf
  • Luyckx, K., Goossens, L., & Soenens, B. (2006). A developmental contextual perspective on identity construction in emerging adulthood: Change dynamics in commitment formation and commitment evaluation. Developmental Psychology, 42(2), 366–380. https://doi.org/10.1037/0012-1649.42.2.366
  • Luyckx, K., Schwartz, S. J., Berzonsky, M. D., Soenens, B., Vansteenkiste, M., Smits, I., & Goossens, L. (2008a). Capturing ruminative exploration: Extending the four-dimensional model of identity formation in late adolescence. Journal of Research in Personality, 42(1), 58–82. https://doi.org/10.1016/j.jrp.2007.04.004
  • Luyckx, K., Schwartz, S. J., Goossens, L., & Pollock, S. (2008b). Employment, sense of coherence, and identity formation: Contextual and psychological processes on the pathway to sense of adulthood. Journal of Adolescent Research, 23(5), 566–591. https://doi.org/10.1177/0743558408322146
  • Marcia, J. E. (1966). Development and validation of ego-identity status. Journal of Personality and Social Psychology, 3(5), 551–558. https://doi.org/10.1037/h0023281
  • Masyn, K. E. (2013). Latent class analysis and finite mixture modeling. In T. D. Little (Ed.), The Oxford handbook of quantitative methods: Vol. 2. statistical analysis (pp. 551–611). Oxford University Press.
  • McFarland, J., Hussar, B., Wang, X., Zhang, J., Wang, K., Rathbun, A., Forrest Cataldi, E., Bullock Mann, F., The Condition of Education 2018 (NCES 2018-144), U.S. Department of Education. Washington, DC: National Center for Education Statistics. Retrieved January 30, 2022 from https://nces.ed.gov/pubsearch/pubsinfo.asp?pubid=2018144
  • McLachlan, G., & Peel, D. (2000). Finite mixture models. Wiley.
  • McLean, K. C., Syed, M., & Shucard, H. (2016). Bringing identity content to the fore: Links to identity development processes. Emerging Adulthood, 4(5), 356–364. https://doi.org/10.1177/2167696815626820
  • Morin, A. J. S., & Litalien, D. (2017). Webnote: Longitudinal tests of profile similarity and latent transition analyses. Substantive Methodological Synergy Research Laboratory. http://www.statmodel.com/download/Morin-Litalien-2017.pdf
  • Morin, A. J., Meyer, J. P., Creusier, J., & Biétry, F. (2016). Multiple-group analysis of similarity in latent profile solutions. Organizational Research Methods, 19(2), 231–254. https://doi.org/10.1177/1094428115621148
  • Mortimer, J. T., Kim, M., Staff, J., & Vuolo, M. (2016). Unemployment, parental help, and self-efficacy during the transition to adulthood. Work and Occupations, 43(4), 434–465. https://doi.org/10.1177/0730888416656904
  • Muthén, L. K., & Muthén, B. O. (1998–2015). Mplus user’s guide. Muthén & Muthén.
  • Nagin, D. S. (2005). Group-based modeling of development. Harvard University Press.
  • Negru-Subtirica, O., Pop, E. I., & Crocetti, E. (2017). A longitudinal integration of identity styles and educational identity processes in adolescence. Developmental Psychology, 53(11), 2127–2138. https://doi.org/10.1037/dev0000325
  • Nelson, L. J., & Barry, C. M. (2005). Distinguishing features of emerging adulthood: The role of self-classification as an adult. Journal of Adolescent Research, 20(2), 242–262. https://doi.org/10.1177/0743558404273074
  • Nylund, K. L. (2007). Latent Transition Analysis: Modeling Extensions and an Application to Peer Victimization [Doctoral dissertation]. University of California. https://www.statmodel.com/download/nylunddis.pdf
  • OECD. (2019). OECD Employment Outlook 2019: The Future of Work. Paris, France. https://doi.org/10.1787/9ee00155-en
  • Piotrowski, K., Brzezińska, A. I., & Pietrzak, J. (2013). Four statuses of adulthood: Adult roles, psychosocial maturity and identity formation in emerging adulthood. Health Psychology Report, 1(1), 52–62. https://doi.org/10.5114/hpr.2013.40469
  • Piumatti, G., Giannotta, F., Roggero, A., & Rabaglietti, E. (2013). Working status and perception of adulthood: A comparison between Italian and Dutch emerging adults. Psihološka Obzorja / Horizons of Psychology, 22, 39–50. https://doi.org/10.20419/2013.22.374
  • Ranta, M., Punamäki, R., Tolvanen, A., & Salmela-Aro, K. (2012). The role of financial resources and agency in success and satisfaction regarding developmental tasks in early adulthood. In S. Lee Blair (Ed.), Economic stress and the family (contemporary perspectives in family research) (pp. 187–233). Emerald Group Publishing Limited. https://doi.org/10.1108/S1530-3535(2012)0000006011
  • Schwartz, S. J., Mullis, R. L., Waterman, A. S., & Dunham, R. M. (2000). Ego identity status, identity style, and personal expressiveness: An empirical investigation of three convergent constructs. Journal of Adolescent Research, 15(4), 504–521. https://doi.org/10.1177/0743558400154005
  • Serido, J., LeBaron, A., Li, L., Parrott, E., & Shim, S. (2020b). The Lengthening Transition to Adulthood: Financial Parenting and Recentering during the College-to-Career Transition. Journal of Family Issues, 41(9), 1626–1648. https://doi.org/10.1177/0192513X19894662
  • Serido, J., Tang, C., Ahn, S. Y., & Shim, S. (2019a). Financial Behavior Change and Progress Toward Self-Sufficiency: A Goal-Framing Theory Application. Emerging Adulthood, 8(6), 521–529. https://doi.org/10.1177/2167696819861467
  • Shim, S., Barber, B. L., Card, N. A., Xiao, J. J., & Serido, J. (2010). Financial socialization of first-year college students: The roles of parents, work, and education. Journal of Youth and Adolescence, 39(12), 1457–1470. https://doi.org/10.1007/s10964-009-9432-x
  • Shim, S., Serido, J., Bosch, L., & Tang, C. (2013). Financial identity-processing styles among young adults: A longitudinal study of socialization factors and consequences for financial capabilities. Journal of Consumer Affairs, 47(1), 128–152. https://doi.org/10.1111/joca.12002
  • Sorgente, A., Lanz, M., Tagliabue, S., & Shim, S. (2019b). Latent transition analysis: Guidelines and an application to emerging young adulthood development. Testing, Psychometrics, Methodology in Applied Psychology, 26(1), 39–72.
  • Sorgente, A., Vosylis, R., Lanz, M., Serido, J., & Shim, S. (2020a). The Financial Identity Scale (FIS): A multinational validation and measurement invariance study among emerging adults. International Journal of Behavioral Development, 44(6), 565–574. https://doi.org/10.1177/0165025420914986
  • Sortheix, F. M., Chow, A., & Salmela-Aro, K. (2015). Work values and the transition to work life: A longitudinal study. Journal of Vocational Behavior, 89, 162–171. https://doi.org/10.1016/j.jvb.2015.06.001
  • Syed, M., & McLean, K. C. (2015). The future of identity development research: Reflections, tensions, and challenges. In K. C. McLean & M. Syed (Eds.), The Oxford handbook of identity development (pp. 562–574). Oxford University Press.
  • Tabachnick, B. G., & Fidell, L. S. (2013). Using multivariate statistics (6th ed.). Pearson.
  • Tanner, J. L., Arnett, J. J., & Leis, J. A. (2008). Emerging adulthood: Learning and development during the first stages of adulthood. In M. C. Smith & N. Defrates-Densch (Eds.), Handbook of research on adult learning and development (pp. 34–67). Routledge.
  • van Doeselaar, L., Becht, A. I., Klimstra, T. A., & Meeus, W. H. (2018). A review and integration of three key components of identity development. European Psychologist, 23(4), 278–288. https://doi.org/10.1027/1016-9040/a000334
  • Vespa, J. (2017). The changing economics and demographics of young adulthood: 1975–2016. Current Population Reports, 20-579. https://www.census.gov/content/dam/Census/library/publications/2017/demo/p20-579.pdf
  • Vosylis, R., Erentaitė, R., & Crocetti, E. (2018). Global versus domain-specific identity processes: Which domains are more relevant for emerging adults? Emerging Adulthood, 6(1), 32–41. https://doi.org/10.1177/2167696817694698

Reprints and Corporate Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

To request a reprint or corporate permissions for this article, please click on the relevant link below:

Academic Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

Obtain permissions instantly via Rightslink by clicking on the button below:

If you are unable to obtain permissions via Rightslink, please complete and submit this Permissions form. For more information, please visit our Permissions help page.