Factors Mediating the Association between Financial Socialization and Well-Being: An African American Perspective


  • Dr. John Young Clark-Atlanta University
  • Dr. Crystal R. Hudson Clark-Atlanta University
  • Dr. C.W. Copeland Clark-Atlanta University




Financial socialization Financial well-being, financial knowledge, financial management behavior, subjective well-being, financial goal-setting, Financial Socialization, Financial Well-Being, Financial Knowledge, Financial Management Behavior, Subjective Well-Being, Financial Goal-Setting



This study examines the relationship between financial socialization and well-being (financial and subjective) mediated by three motivations: financial knowledge, goal setting, and self-control, either directly on financial behaviors or indirectly through financial skills on financial behaviors of African Americans compared with European Americans. Researchers used an integrated concept derived from Gudmunson and Dane’s (2011) Financial Socialization framework and Fisher and Fisher’s (1992) Information Motivation Behavior Model to examine National Financial Well-Being Survey data. Researchers found a significant difference between African Americans and European Americans when “self-control” mediates directly through financial behaviors and indirectly through financial skills. There is also a significant difference in the relationship when “goal setting” mediates the relationship indirectly through skills in financial behaviors. Finally, there is a significant difference when “financial knowledge” directly mediates financial behaviors. Specifically, the findings imply that self-control is one of the most impactful factors on African Americans’ well-being.




How to Cite

Young, J., Hudson, C. R., & Copeland, C. (2024). Factors Mediating the Association between Financial Socialization and Well-Being: An African American Perspective. Financial Services Review: The Journal of Individual Financial Management, 32(2), 53–76. https://doi.org/10.61190/fsr.v32i2.3513



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