Financial loss and financial well-being of emerging adults during covid-19 : The limitations of psychological resilience

Abstract

Amidst the COVID-19 pandemic, emerging adults are especially vulnerable as they experience its financial impact as a source of stress. We tested a model of psychological resilience among emerging adults (18-25 years) during the pandemic from six western countries (Finland, Italy, Lithuania, Portugal, Slovenia, United States) using online survey data collected between May and September 2020. Framed in the Conservation of Resources Theory (COR), we examined the association between financial loss and financial wellbeing and the moderating role of psychological resilience in that association. Using path analysis, we found a direct negative association between financial loss and financial wellbeing, a direct positive association between psychological resilience and financial wellbeing, but no evidence of moderation. We discuss the findings in the context of continuing global economic uncertainty and the support needed to foster adult independence and financial wellbeing of emerging adults. https://mc. manuscriptcentral. com/jfcp