In the last century, Erik Erikson and James Marcia offered key insights into how identity develops during adolescence. But does this identity also include our relationship with money?
Together with an international team of 18 researchers, Professors Tamás Martos and Viola Sallay explored this question in a study involving 4,000 young adults across ten countries (Austria, Finland, Hungary, India, Italy, Lithuania, Portugal, Romania, Slovenia, and the U.S.).
Published in the Journal of Family and Economic Issues (Springer Nature), the project tested both a variable-centered and a person-centered approach to the Financial Identity Scale.
Four identity statuses were identified:
Achievement, Foreclosure, Diffusion, and Moratorium : each reflecting different ways of relating to money and autonomy.
The study also revealed four profiles of young adults: Pathfinders, Followers, Drifters, and Indecisive.
Financial autonomy, the authors conclude, is not just about managing money; it’s part of a broader identity process shaped by how we define ourselves through finances.
Read the full article: https://lnkd.in/dASFQfVF