Examining young adults' debt control behavior: an elicitation study to guide the application of the integrated behavioral model and explore lived experiences

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Adesina, Folasade O.
University of Lethbridge. Dhillon School of Business
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Lethbridge, Alta. : University of Lethbridge, Dhillon School of Business
The apparent general lack of effectiveness of financial education programs and financial knowledge in improving financial literacy has led to calls for more investigation of “lived experiences”. There is also a perception that we need to better understand other factors that potentially affect financial behavior (Fernandes et al, 2014). This current study has answered these calls, to help extend research beyond assuming that having knowledge will automatically improve behavior to understanding the larger behavioral context. This study explores the Integrated Behavior Model (Montano & Kasprzyk, 2008) to help guide the operationalization of the IBM constructs for young adults and their financial control behavior, and also explores their lived experiences. The study has identified potential individuals and factors which could influence young adults’ financial behavior so that future researchers have a foundation for determining the referents to include when studying financial literacy.
debt control , financial education , financial literacy , integrated behavior model , lived experiences , young adults , elicitation interview technique