Welcome to APLUS!
The recent financial crisis and ensuing economic recession have raised awareness about helping people manage their finances better. Yet, how do people learn their financial behaviors? Dr. Soyeon Shim, Professor/ Director of the Norton School of Family and Consumer Sciences and her colleagues want to find out the answer.
This landmark longitudinal research study examines two important questions: 1) How do adolescent experiences at home, at work and at school shape the financial attitudes and behaviors of college students? 2) How do the financial attitudes and behaviors of college students contribute to life success and well-being in adulthood?
Plans are to follow a group of young adults into middle-age to understand how the financial behaviors practiced in college form the basis for their financial habits as adults.
Project Synopsis
In fall 2007, with data collected from a group of more than 2,000 first year University of Arizona students, the researchers found that parents played the most important role in the formation of their college-aged children’s financial attitudes and behaviors. High school work experiences and financial education courses also played an important role.
Shortly after the study began, the global financial credit crisis ushered in the worst economic downturn in the U. S. since the Great Depression. To understand the impact of the recession on young adults’ financial behaviors, the research team re- surveyed 748 of the APLUS students. In the one-year since the first study:
• Well-being decreased in every area (e.g., psychological, academic, relationships, health)
• Financial confidence dropped nearly 20%
• Credit card debt increased 60%
Next Steps
Learning to adapt to economic ups and down is part of life. We hope you are as interested as we are to see how these young adults are adapting to the new economic reality as they prepare for life after college.
Launching in August 2010: APLUS Wave 2 - Preparing for Young Adulthood
