Live Poster Session: https://wesleyan.zoom.us/j/5836198106?omn=93230264666
Holt Young
Holt Young is an undergraduate student at Wesleyan University studying Economics and Government. His academic work focuses on understanding how early-life experiences influence adult outcomes, particularly in areas that relate to financial security and well-being. He developed this project for QAC 201 Applied Data Analysis to explore the long-term impact of parental financial socialization on adult financial well-being using nationally representative survey data.
Abstract: This project examines whether parental financial socialization contributes to higher financial well-being (FWB) in adulthood, independent of the adult’s own socioeconomic conditions. Using data from the nationally representative 2016 National Financial Well-Being Survey, I analyze how parental saving talk and parental education relate to adult FWB while controlling for household income, respondent education, age, and race/ethnicity. Bivariate analyses show that individuals whose parents discussed saving report significantly higher FWB scores. Multivariate regression confirms that parental saving talk remains a statistically significant predictor of adult financial well-being, even after adjusting for demographic and economic factors, whereas parental education does not. Income and respondent education emerge as the strongest predictors of FWB. These findings suggest that early financial conversations provide lasting benefits and support the importance of family-based financial socialization in promoting long-term financial resilience.
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