Financial Identity Development During Emerging Adulthood

Abstract

The concept of emerging adulthood (18-25 years-old) (Arnett, 2015) is a new stage of identity development characterized by increased exploration and metacognition. Arnett outlines five pillars as markers of adulthood, one of these being financial identity and responsibility. The goal of the current study is to determine whether the financial identity development is influenced by the experiences people have before this emerging adulthood period. It is expected that parental socialization, education, and work experiences will be influential in this development and contribute to the amount of financial stress a person has during this period.