Influence of family financial socialization on emerging adults’ financial well-being

Purpose This study, grounded in the theory of family financial socialization, aims to empirically investigate the influence of financial socialization within the family on the financial well-being of undergraduate students. Design/methodology/approach The data was collected using a purposive sampling method from undergraduate students of Punjab state. The research involved 242 university students in the state of Punjab. AMOS 20.0.0 was employed to assess the hypothesized relationships. Findings The results indicate a significant positive influence of family financial socialization on financial attitudes, financial self-efficacy and financial well-being among undergraduate students. Subsequent mediation analysis, utilizing bootstrapping in AMOS, revealed that both financial attitude and financial self-efficacy partially mediate the association between family financial socialization and financial well-being. Originality/value This study uniquely explores the direct and indirect effects of family financial socialization on undergraduate students’ financial well-being, highlighting the mediating roles of financial self-efficacy and financial attitude. It addresses a significant research gap in the Indian context, providing valuable insights for financial institutions and policymakers, suggesting strategies to enhance students’ financial well-being through targeted interventions based on family financial socialization.