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Wednesday, May 20 • 1:00pm - 2:30pm
C2b Financial Socialization and Subjective Well-Being of Millennials

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This study aims to establish a conceptual framework to examine the relationship between financial socialization and subjective well-being of Millennials. As Millennials turn to the emerging and middle life adulthood, their financial well-being not only plays a role in their overall life well-being but also may have long-term influences during their later life course. This study finds that there are significant positive influences of early financial socialization on financial well-being and subjective well-being during the emerging and middle life stages of Millennials. The interplay among financial socialization, financial knowledge and behavior, and financial well-being and subjective well-being are significantly confirmed in this study. The findings of this study provide implications for Millennial consumers, parents with young children, financial practitioners, and policymakers.

Author(s): Lu Fan, Narang Park


Lu Fan

Assistant Professor, University of Missouri

Wednesday May 20, 2020 1:00pm - 2:30pm CDT
Room 2