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Author: Lim, HanNa
Resulting in 2 citations.
1. Fan, Lu
Lim, HanNa
Lee, Jae Min
Young Adults' Financial Advice-seeking Behavior: The Roles of Parental Financial Socialization
Family Relations published online (2 December 2021): DOI: 10.1111/fare.12625.
Also: https://onlinelibrary.wiley.com/doi/10.1111/fare.12625
Cohort(s): NLSY97
Publisher: National Council on Family Relations
Keyword(s): Allowance, Pocket Money; Financial Behaviors/Decisions; Financial Literacy; Parental Influences; Parenting Skills/Styles; Personality/Big Five Factor Model or Traits

Objective: This study investigated the association between family financial socialization during adolescence and seeking financial advice in early adulthood. Personality, financial risk tolerance, and financial knowledge were examined as mediators. Gender differences throughout the parental financial socialization process and outcome were also explored.

Method: Using the 1997 National Longitudinal Survey of Youth and the family financial socialization model, we constructed a structural framework in which we could examine whether two aspects of family financial socialization, parenting style and receiving allowance, influenced young adults' propensity to seek financial advice. Also, the mediating roles of personality traits, financial risk tolerance, and financial knowledge were examined.

Results: Personality traits, financial risk tolerance, and financial knowledge were directly associated with financial advice-seeking behavior. Parenting style and receiving allowance during adolescence were indirectly associated with young adults' financial advice-seeking behavior. Additional analyses by gender showed significant differences in the direct and indirect associations among financial socialization factors, personality traits, and financial advice-seeking behavior between men and women.

Bibliography Citation
Fan, Lu, HanNa Lim and Jae Min Lee. "Young Adults' Financial Advice-seeking Behavior: The Roles of Parental Financial Socialization." Family Relations published online (2 December 2021): DOI: 10.1111/fare.12625.
2. Yilmazer, Tansel
Lim, HanNa
Reconsidering the Crowded Nest: Wealth Accumulation of Young Adults before and after Leaving Parental Home
Presented: Miami FL, Association for Public Policy Analysis and Management (APPAM) Annual Fall Research Conference, November 12-14, 2015
Cohort(s): NLSY97
Publisher: Association for Public Policy Analysis and Management (APPAM)
Keyword(s): Assets; Debt/Borrowing; Educational Attainment; Residence; Residence, Return to Parental Home/Delayed Homeleaving; Wealth

Permission to reprint the abstract has not been received from the publisher.

This study presents an explanatory analysis of parent-child coresidence and the wealth accumulation of young adults using data from the National Longitudinal Survey of Youth 1997 (NLSY97). We conduct our empirical analysis in three steps. First, we investigate the assets and debt holdings of young adults who never left parental home (failure-to-launch), those who started living independently and those who moved out of the parental home but returned (boomerang). Compared to boomerang children, young adults who never left parental home have higher net worth because of lower mortgage and non-housing debt. Young adults who live independently between the ages of 20 and 25 also have higher net worth than boomerang children because they are more likely to own their primary residence and accumulate home equity. We did not find any significant difference in educational loans between those who never left parental home and boomerang children. Second, we investigate change in assets and debt between the ages of 20 and 25 by the coresidence status. Young adults who never left parental home experience an increase in financial assets from age 20 to 25 compared to boomerang children while college graduates who left home between ages 23 to 25 have higher non-housing debt. Finally, we examine the factors that influence the coresidence status of young adults. Educational attainment, marital status and race are more strongly correlated with coresidential decisions than young adults' earnings and working status.
Bibliography Citation
Yilmazer, Tansel and HanNa Lim. "Reconsidering the Crowded Nest: Wealth Accumulation of Young Adults before and after Leaving Parental Home." Presented: Miami FL, Association for Public Policy Analysis and Management (APPAM) Annual Fall Research Conference, November 12-14, 2015.