Examining Financial Socialization, Socioeconomic Mobility, and Financial Well-being

Live Poster Session: Zoom Link

Randy Tyng

I am a junior majoring in Economics with a minor in Data Analysis. I am very interested in the world of finance and the stock market, which is why my project utilized a financial dataset. I plan on taking more project-oriented courses offered by the QAC. After graduation, I plan on working in data science or finance.

Abstract: This study analyzes how financial well-being is correlated with perceptions about socioeconomic mobility and financial socialization. To understand more, this study utilized the Consumer Financial Protection Bureau’s (CFPB) National Financial Well-being survey data (n=6,394). Multiple linear regression was used to measure the effect on the financial well-being scores of adults aged 18-34 and compared them to those of adults aged 34-75+. Results indicate that all levels of PSM (higher levels of agreement linked to larger coefficients, p=0.000 for each level) and the aggregate FS score (coeff. = .1956563, p=0.004) are significantly correlated with financial well-being for both age groups. These variables remained significant after including 7 other possible confounders in the model. This study can be useful for further research into the determinants of financial well-being, as well as for use in developing financial education curriculum that can address gaps in financial understanding.

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