Emerging Adults’ Financial Well-being: A Scoping Review

Abstract

The financial crisis of 2008 has led to an increase in the number of studies on the financial condition of the younger generations. The current review maps the literature on the financial well-being of emerging adults in different disciplines (i.e., Economics, Sociology, Psychology) to systematically summarize and organize the scientific knowledge about their financial well-being by identifying this construct’s definition, components, predictors, and outcomes. Electronic databases were searched for English-language studies that measured the financial well-being (or its synonyms) variable and referred to emerging adults (18–29 years). A total of 44 records were found eligible. The mapping of the coded data was organized into five sections: (1) publication, (2) research aim, (3) the financial well-being construct, (4) data collection, and (5) the relationships among variables. The collected information revealed that financial well-being is a complex and multidimensional construct, as emphasized in financial well-being’s definition and components. The hierarchical relationship between financial well-being, financial wellness, financial health, financial satisfaction, and income satisfaction was clarified. The predictors of financial well-being were organized into 10 different categories and located in 4 quadrants generated by two axes: level (individual vs contextual) and domain (financial vs non-financial). Finally, research gaps and future research directions were described.