Date of Award:

8-2024

Document Type:

Thesis

Degree Name:

Master of Science (MS)

Department:

Human Development and Family Studies

Committee Chair(s)

Yoon Lee

Committee

Yoon Lee

Committee

Sarah Tulane

Committee

David Schramm

Abstract

Using data from the 2021 National Financial Capability Study (NFCS), this study focused on poor credit card behaviors and financial satisfaction of emerging adults ages between 18 and 29 (N=1,944). The descriptive results show that 45.8% reported carrying over a balance in the past 12 months and 51.3% reported paying the minimum payment some months. It was also found that 28.3% reported being charged a late fee for late payment some months in the past 12 months, whereas 21.7% reported being charged an over the limit fee for exceeding their credit limit some months.

The multivariate results indicated that emerging adults who experienced a large drop in income were more likely to carry over credit card balances, pay minimum payments, pay a late fee, and pay an over-the-limit fee. However, emerging adults with higher financial capability were less likely to report each of these poor credit card behaviors. The results further showed that carrying over balances and paying minimum payments significantly decreased levels of financial satisfaction. The findings of this study can assist financial counselors, financial coaches, and financial educators as they are working with their clients in emerging adulthood. This thesis includes further discussions on implications for financial counselors, financial educators, and policymakers.

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Creative Commons Attribution 4.0 License
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