Development of Financial Capacity in Adolescents

Alex Yue Feng ZHU, Kee Lee Chou

Research output: Journal PublicationsJournal Article (refereed)

Abstract

This study aims to check whether the framework of developing financial capacity of adolescents is similar as that of college students, as well as whether adolescence, compared to college age, is the better age for objective financial knowledge to trigger the positive cycle of developing financial capacity. Using a convenience sample of 967 adolescent students from five Hong Kong secondary schools, this study conducted structural equation modeling to evaluate the development of financial capacity. Both subjective and objective financial knowledge in adolescents can be internalized into financial self-beliefs. Subsequently, these self-beliefs influence their financial behavior. The effect of objective financial knowledge on the financial self-beliefs, which is weak for college students, was much stronger for adolescents. The framework of developing financial capacity of adolescents is similar as that of college students. Adolescence, compared to college age, is the better age for objective financial knowledge to trigger the positive cycle of developing financial capacity.

Original languageEnglish
Pages (from-to)309-315
Number of pages7
JournalChild and Adolescent Social Work Journal
Volume35
Issue number3
DOIs
Publication statusPublished - 1 Jun 2018
Externally publishedYes

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Keywords

  • Adolescents
  • Developmental process
  • Financial capacity
  • Objective financial knowledge
  • Subjective financial knowledge

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