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Review

Money Matters: A Contemporary Review of Young Adults’ Financial Behavior

by
Sheela Sundarasen
1,*,
Usha Rajagopalan
1 and
Izani Ibrahim
2
1
Department of Accounting, Prince Sultan University, Riyadh 12435, Saudi Arabia
2
College of Business Administration, Prince Sultan University, Riyadh 12435, Saudi Arabia
*
Author to whom correspondence should be addressed.
Societies 2025, 15(11), 304; https://doi.org/10.3390/soc15110304
Submission received: 25 September 2025 / Revised: 24 October 2025 / Accepted: 1 November 2025 / Published: 5 November 2025
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Abstract

This study intends to examine the intellectual discussion on the financial behavior of young adults between the ages of 18 and 29. Research on the financial behavior of this demographic group is critical as they are transitioning from parental guidance to independently managing their finances. Vosviewer and Biblioshiny R-package were used to examine a total of 364 peer-reviewed articles from 1993 to March 2025. The results of the study underwrote three dominant themes: (1) Red Cluster—Financial literacy, Financial Capability, and Financial Behavior among Young Adults; (2) Green Cluster—Psychosocial, Demographic (gender), and Financial Behavior among Young Adults; and (3) Blue Cluster—Socialization and Financial Behavior among Young Adults. The outcome of this study provides valuable insights to all stakeholders, i.e., parents, educational institutions, employers, and regulatory bodies, in terms of the importance of the financial behavior of young adults and thus the design of appropriate intervention strategies and tools that stakeholders could use at every stage of an individual’s life to ensure proper financial management and well-being, ultimately contributing to a sustainable economy.

1. Introduction

Financial behavior refers to an individual’s behavior related to financial matters. This study examines the financial behavior of young adults, as this demographic group is transitioning from parental guidance and dependence to managing their personal finances in terms of expenses, savings, settling student loans, investments, and managing parents’ medical expenses. If financial behavior is not well managed, every action taken will have long-term repercussions and catastrophic financial distress later in life [1]. This demographic group is also exposed to a very uncertain and volatile financial environment, in addition to social media influences and unhealthy financial habits such as ‘buy now pay later’ schemes and random use of credit cards. Thus, a comprehensive review of existing studies, their gaps, and potential future research is critical as a source of information for all stakeholders. This leads to the motivation of this study: to examine and review the existing literature on the financial behavior of young adults across multiple disciplines. The study’s results could contribute towards further understanding the financial behavior of young adults, what the factors affecting such behaviors are, and the consequences of such behavior on the financial well-being of this group in the medium and long term. Related stakeholders could then work on appropriate intervention tools to tackle the issues at every stage of the individual’s life.
Fundamentals of financial behavior research are deeply rooted in several theories, mainly the Theory of Planned Behavior [2] and Social Learning Theory [3]. The theory of Planned Behavior is a cognitive theory that links beliefs to behavior. The theory maintains that three core components, namely, attitude, subjective norms, and perceived behavioral control, shape an individual’s behavioral intentions. In the context of financial behaviors, the theory of planned behavior has explored the determinants of financial behaviors, demonstrating how beliefs about financial management, societal expectations, and confidence in one’s ability to manage and navigate their finances predict actual behavior [4,5,6,7]. Social Learning Theory [3] highlights the importance of observational learning, where individuals attain knowledge, skills, attitudes, and beliefs by observing the actions of others and the consequences that follow, leading to the modeling and adoption of observed behaviors. Thus, the financial behavior perspective underscores the role of observation and imitation in acquiring financial behaviors, underlining how young adults learn from parental modeling, peer interactions, and institutional influences. Recent empirical studies grounded in observational learning principles show that peer communication and observed financial behavior improve quality of financial decision-making [8,9], and family financial socialization via parental modeling and openness robustly predicts young adults’ financial literacy, financial confidence, intentions, and behaviors [9,10,11,12,13].
Extant literature also documents that several factors shape the financial behavior of young adults, including demographic and socioeconomic factors, level of financial literacy, socialization, parental guidance, psychological attributes, and social media. Financial literacy, which is the ability to process economic information and make informed decisions about financial planning, wealth accumulation, debt, and pensions, is fundamental to financial behavior. Individuals with higher financial literacy are better off and undertake responsible financial habits, such as budgeting, saving, and prudent borrowing [14,15,16]. Financial literacy among young adults is pivotal as this will assist them in making day-to-day and other important financial decisions, such as taking loans and excessive use of credit cards [17,18]. However, several factors, such as an individual’s educational level, their access to financial education, and the socioeconomic status of themselves and their family, affect the financial literacy level among young adults [19,20,21]. Socialization agents, especially parents, play a significant role in influencing young adults’ financial behavior. Parents influence their offspring as their children look up to them as role models. Parental influence is also seen in terms of their teachings on financial-related matters and attitude towards money, thus acting as the pioneer influencer [22,23,24]. Young adults who have been exposed to the best directives, practices, and advice from parents tend to be able to manage their finances more effectively [23,25,26]. They tend to follow similar financial practices and principles followed by their parents, which have now been handed down to their children. Kim and Torquati [27] discussed the importance of frequent and quality discussion on financial matters amongst family members, as this will favor financial knowledge and confidence in money management.
Complementing financial literacy and parental guidance, socialization in other forms also affects young adults’ financial behavior. Socialization is very much dependent on the life cycle of these individuals—from parents to friends, educators, social media users, life partners, relatives, employers, etc. These socialization agents are pivotal in influencing young adults’ financial knowledge, attitude, spending habits, and behavior towards financial management [28]. Next to parents, educators are the primary socialization agents, and they play a fundamental role in laying the foundations of financial knowledge and money management [29]. Social media is another extremely influential socialization agent [30]. Young adults need to use social media with great care as information provided by this platform may not be verified, and in some cases, it can lead to extreme catastrophe due to scammers. It is important to understand that not all information shared through social media is accurate or truthful knowledge or normalization regarding money management and financial behavior. Platforms like Instagram, TikTok, and YouTube expose users to curated lifestyles, often glamorizing consumption and creating unrealistic financial expectations [25]. In the current environment, influencers specifically target young adults and glamorize a lifestyle, which traps young adults into unwarranted and impulsive spending [31]. Buy now, pay later (BNPL) schemes are grave techniques that could lead to substantial financial distress among young adults who want to keep up with the Joneses but spend more than they can afford. Thus, the young adults must be selective in adopting the information via this platform, verifying and ensuring its credibility, source, and quality of information.
Social media is currently not only providing information but also significantly impacting individuals’ mental health. These psychological factors are critical in affecting young adults’ financial behavior and attitude, as stress encourages emotional spending [32]. In fact, on a larger scale, Kahneman and Tversky [33] have documented that cognitive biases such as loss aversion and overconfidence are the main catalysts for unplanned risky investments.
Theory of Planned Behavior [2]. supports this conjecture, stating that an individual’s attitude towards money, their perceived social norms, and self-efficacy majorly impact their financial actions and consequences. In this line of studies, personality traits are another important factor affecting financial behavior and management. Financial attitudes such as carefulness, self-control, and prudence positively and significantly affect financial management. However, impulsiveness, materialism, and high neuroticism could adversely affect financial behavior and management [34]. Understanding these factors is important for all stakeholders as proper actions could be designed and implemented at every stage of an individual’s life.
The above scholarly discussion indicates that young adults’ financial behaviors are influenced by many factors: financial literacy/knowledge, parental guidance, socialization agents, psychology, and personality traits. Financial literacy is the core to financial management and independence, as high levels of financial literacy will effectively contribute to financial planning. Socialization via parents’ guidance, peers, educational institutions, life partners, and employers is equally important in influencing financial attitudes regarding spending, saving, investing, etc. Psychological factors further exacerbate or weaken the above-mentioned relationships. Social media adds another contemporary layer of influence, contingent on the credibility of the information content. It is evident that an all-inclusive strategy and intervention policy is needed: financial literacy and knowledge integration at every stage of one’s life, parental guidance and role modeling, credible social media platforms, and psychological resilience.
This study offers significant contributions to multiple stakeholders.
  • Young adults: it is critical that this demographic group understand the importance of their financial behavior and attitude towards financial management. Any financial mistake made at any stage of their life could have long-term catastrophic financial consequences.
  • Educational institutions: Incorporating financial education into the curricula at different stages of an individual’s life could enhance their knowledge of financial literacy and subsequently contribute to their financial decision-making and well-being.
  • Employers: Finance-related training, in addition to the knowledge obtained from educational institutions, would immensely help working adults manage their finances more efficiently at this stage of their lives, as young adults would already have access to financial inclusions. Targeted financial wellness programs could help them cope with challenges and better equip them with financial management and long-term retirement planning.
  • Finally, regulatory bodies could contribute immensely via policies that ensure other stakeholders effectively implement targeted interventions. This could narrow the financial literacy gaps and, more importantly, regulate the digitalization of financial literacy products.
Collectively, these contributions underscore the importance of a multi-stakeholder approach to enhancing young adults’ financial capabilities and outcomes in a rapidly evolving economic landscape. The study intends to consolidate the current scholarly discussion via a bibliometric synthesis and content analysis, which is demographically targeted (ages 18–30) and contextually rich. This synthesis will offer a more nuanced and actionable blueprint for enhancing financial literacy and behavior in young adults. The following research questions will be examined.
RQ1: What are the trends in terms of publication, prominent articles, authors, and thematic evolution of research related to young adults’ financial behavior?
RQ2: What are the dominant themes in research related to young adults’ financial behavior?
RQ3: What are the implications and potential future research related to young adults’ financial behavior?

2. Materials and Methods

Bibliometric analysis is a robust and systematic approach for examining extensive scientific literature. It has been effectively utilized in numerous influential studies to uncover trends and patterns within academic fields [35,36]. In alignment with this methodological tradition, the present study undertakes a bibliometric investigation centered on the financial behavior of young adults, employing a carefully constructed search string to extract relevant scholarly outputs. By leveraging quantitative bibliometric techniques, the study identifies incremental and transformative shifts in the field, highlighting emerging research frontiers and thematic evolutions [37]. This approach also helps identify the financial behavior of young adults, provides directions for future scholarly work, and ultimately enhances the understanding of this domain for all stakeholders.

2.1. Data Collection Method and Procedure

Data for this study were collected in March 2025 using the Scopus database, as it has the most comprehensive peer-reviewed high-impact articles published in reputable journals. The database also has a dependable ‘inclusion and exclusion’ filtering system [38,39,40,41,42]. To start the process, we inserted the following keywords into the ‘title, abstract, and keyword’ using the Boolean query (“financial literacy” or “financial capabilities” OR “financial wellbeing” OR “financial behavior”) AND (“young adults” OR “adults”).
Inclusion and exclusion criteria were applied.
  • The search was restricted to English-language documents
  • The subject areas were limited to business and management, economics, psychology, and the social sciences.
  • Only journal articles and early access were included.
The screening process identified 364 articles published between 1993 and March 2025. As a final step, the authors manually assessed each article to ensure suitability for the current bibliometric study.

2.2. Data Analysis Techniques

Similarly to most established bibliometric studies and as documented by Donthu et al. [37], this study used a two-stage bibliometric methodology, which includes a performance analysis and science mapping. Biblioshiny (version 4.0) [43] was used for the performance analysis. The outcome of performance analysis included textual and graphical outputs of publication trends, highly cited articles, authors, and thematic evolution. Publication trends show the trajectory of publications in the current domain, while highly cited articles and authors indicate the widely discussed scholarly articles and their respective authors. Thematic evolution shows the progression of discourse in this domain of research. As for the science mapping, this study used VOSviewer (version 1.6.20) [36,44,45,46]. Two main outputs are discussed under the science mapping: keywords’ co-occurrences and bibliographic coupling. Keyword occurrences is a network that shows connected keywords, where two or more keywords appear together in the text, sentence, or document. Connected words with high frequency will eventually form clusters. On the other hand, bibliographic coupling enables the clustering of publications based on shared references; the more references shared by two documents, the stronger the link between the two articles. Documents with higher coupling are located closer to one another. This translates into a network of clustered articles in the form of a visual map, which eventually helps identify appropriate thematic groups via a content analysis. Thematic maps form the backbone of this study as they systematically classify all related publications into a network and assist researchers in determining the scholarly discussion and thematic architecture.

3. Results

3.1. Publication Trends

Figure 1 shows the publication output of articles related to the financial behavior of young adults between 1993 and March 2025. Annual publication was relatively low (below 10 publications) between 1993 and 2014. A sudden spike was noticed in 2015, and thereafter, the number of publications has been increasing, reaching a peak in 2024 with 49 publications. This increase in publications could be attributed to several factors:
  • First, increasing global concern about the extent of financial literacy and behavior of young adults and its significance on their financial planning, management, and financial security in later years.
  • Second, young adults’ financial behavior is currently perceived to be influenced by emerging technologies (fintech) and social media influencers.
  • Third, major economic disruptions such as the COVID-19 pandemic (2020–2021) and a vulnerable and uncertain economic situation have increased the need for well-designed financial planning and debt management among young adults.
Thus, research on these areas is critical, specifically for this age group, as they are the targeted group by finfluencers.

3.2. Thematic Map

The thematic map (Figure 2) is categorized by Relevance Degree (Centrality) and Development Degree (Density). These dimensions allow us to understand how integrated and developed each theme is within the field of study.

3.2.1. Motor Themes (High Centrality and High Density)

The motor themes identified in the thematic map occupy the top-right quadrant, representing well-developed and highly relevant areas in financial behavior. The motor theme is high in centrality and relevance, indicating that the keywords within this theme or quadrant are highly connected to other keywords within this quadrant and those in other quadrants. This signifies that these keywords (which form themes) are firmly established discussion topics. The prominent keywords under this quadrant are ‘family’, ‘psychology’, ‘aged’, ‘income’, ‘human’, ‘adult’, and ‘female’, suggesting the importance and maturity of topics such as socialization (mainly, family), demography, and psychology in research related to young adults’ financial behavior. This aligns with the thematic analysis based on bibliographic coupling in the following section, which highlights three main areas of research, i.e., financial education, socialization, psychology, and gender. In summary, the motor themes reflect well-established, multidimensional research integrating family, psychological, and demographic factors in young adults financial behavior studies.

3.2.2. Emerging or Declining Themes (Low Centrality and Low Density)

The emerging or declining themes quadrant—positioned at the lower left of the thematic map—is characterized by low density and low centrality. It indicates themes that could be underdeveloped or emerging, i.e., promising areas of research that have not yet gained substantial scholarly traction. It could also indicate previously prominent themes experiencing a decline in relevance within the current literature landscape.
In this quadrant, prominent keywords include ‘financial system’, ‘financial services’, ‘banking’, savings, debt, economic condition, and vulnerability. The keywords ‘financial services’, ‘financial system’, and ‘banking’ align with the thematic analysis, which suggests that more research is needed on the practical application of financial education on financial services, as this would bridge the gap between knowledge and practice. Such studies could explore young adults’ engagement with financial products and access to financial inclusions. ‘Economic conditions’ and ‘vulnerability’ are also important areas of future research, as these young adults are currently in a very uncertain and volatile financial environment. More research is needed for the young adults to better understand the exposure and the know-how of managing the situation. These themes are also critically important, especially amid economic disruptions (e.g., inflation, job insecurity, post-pandemic recovery), disproportionately affecting young adults.
To surmise, this thematic map provides insight into the state of research on financial behavior among young adults, highlighting family, psychology, and demographic factors as well-established core areas (Motor Themes) with both high relevance and extensive development. The financial system, savings, financial services, economic conditions, debt, etc., are either emerging or declining. Emerging themes may indicate directions for future research or areas needing renewed academic attention.

3.3. Keyword Analysis and Bibliographic Coupling

This section examines keywords and bibliographic coupling. In a keyword network, words are connected based on frequency and co-occurrence in the research articles, forming a visual map. Closely linked keywords create a cluster, contributing to the themes’ emergence. Bibliographic coupling, on the other hand, also contributes to identifying themes but is based on the shared citation of similar articles.
The red cluster predominantly discusses fundamental issues like financial literacy/education and its link to financial behavior. The blue cluster discusses how socialization agents impact young adults’ financial behavior. In contrast, the green cluster concentrates on psychology and gender and their impact on young adults’ financial behavior. The yellow cluster is merged with the rest of the other three clusters to create a more defined thematic analysis, since it has a minimal scope in its current form. Further detailed discussion (together with relevant significant articles) is discussed below.

3.3.1. Red Cluster—Financial Literacy, Financial Capability, and Financial Behavior Among Young Adults

The scholarly discussion in the red cluster is based on the keyword network (Figure 3) and Bibliographic Coupling (Figure 4). The overarching discussion concerns financial literacy or education and its impact on the financial behavior of young adults. Dominant keywords are: financial literacy, financial behavior, financial socialization, self-efficacy, financial stress, and savings. In the bibliographic coupling, several key authors have discussed along the same line of research: [47,48,49,50,51,52,53]. One of the important studies within this domain is by Batty et al. [47]. The study was undertaken in a classroom setting, and the results indicate that a five-session financial education curriculum tremendously improved the financial knowledge, attitudes, and savings capabilities. The results of the empirical study show that exposure to financial literacy is imperative in influencing the financial behavior of individuals. Nevertheless, extending such studies to a longer time frame is also important to cement the impact further. The authors further expanded their studies [54] using a simulation program called the My Classroom Economy (MCE). They documented similar results and concluded that hands-on learning is positively associated with the financial behavior of adults.
Another contributing area of research is the importance of actual versus subjective financial literacy and its impact on the behavior of young adults [55]. Allgood & Walstad, and Lind et al. [48,51] undertook this study. They documented that subjective literacy plays an important role in the financial behavior of young adults. The subjective financial literacy, which refers to one’s perception and confidence in managing financial matters, is equally important as actual financial literacy. However, one must be cautious and not overconfident, as this could lead to wrong financial decision-making and significantly impact financial well-being. To further support the issue of subjective and actual knowledge, Totenhagen et al. [56] examined its impact on married couples’ (cohabiting) financial behavior. The authors conjectured that financial behavior is not influenced in isolation but is affected by a broader life context.
Friedline and West [49] further contributed to this line of discussion by examining the combined effects of financial inclusion and financial education in determining the financial behavior of young adults. The results point out that mere financial education may not be sufficient, as it is important to allow individuals to translate knowledge into practice, justifying that financial education is fundamental, but exposing individuals to financial products further enhances the relationship and articulates their capabilities in financial management. Kass-Hanna et al. [50] discussed digital financial literacy, a critical contemporary topic, especially among young adults. The study results are very encouraging as they indicate a positive association between digital financial literacy and financial resilience among individuals. Munyegera and Matsumoto [53] also examined the effect of digital finance, i.e., mobile money, on individuals’ financial behavior and documented the importance of such innovation.
In summary, the red cluster predominantly discussed the importance of actual and subjective financial literacy and knowledge in shaping the financial behavior of young adults. Additionally, it highlights the need for financial inclusion and digital literacy to enhance adults’ exposure to financial management further.
Research Gaps:
  • Most studies are myopic and do not have a long-term focus on the financial behavior of young adults.
  • Limited research on the combined effects of financial education with financial inclusion.
  • Limited research on the impacts of digital financial literacy on young adults, including the effects on financial capabilities and emotional well-being, as digitalization has also increased the need for risk management in this context.
  • Limited research on financial literacy and financial risk management among young adults, predominantly due to exposure to scammers.
Future research could explore the following.
  • Studies should be undertaken over a longer time frame to witness the actual effects of financial literacy on young adults’ financial behavior and financial management.
  • A multi-country study could examine the effects of integrating financial education with financial inclusion. A global study would be good, as access to financial inclusion is limited to several countries.
  • Studies on the impacts of digital financial literacy and fintech on adults’ financial capabilities, financial behavior, and well-being.
  • Explore the relationship between digital financial literacy and the possibilities of reducing financial scams among young adults.

3.3.2. Green Cluster—Psychosocial, Demographic (Gender), and Financial Behavior of Young Adults

The green cluster in Figure 3 and Figure 4 shows the keywords network and bibliographic coupling, respectively. The main discussion in this cluster revolves around the impact of demography and psychology on young adults’ financial behavior. Main keywords highlighted in Figure 3 include gender, income, employment, mental health, psychology, and anxiety, highlighting how personal traits impact financial behavior. Figure 4 displays the bibliographic coupling output, with several prominent articles discussing demographic, psychological, and financial behavior issues.
One of the early studies that examined in detail the possible behaviors of adults is by Arnett [57]. Though the author did not explicitly examine the relationship with financial behavior, he discussed the term ‘emerging adulthood’ (18–25 years). In this age range, adults go through uncertainty and search for identity. This study sets a good foundation for understanding the behavioral patterns of young adults in all aspects of their lives, including the financial aspect. Worthy [58] surveyed 450 students using the term ‘emerging adulthood’. They documented that the financial behavior of this age group is dependent on demography (age and gender), adult status, sensation-seeking, and in some instances addiction to gambling. This highlights the combined effects of personality characteristics and demography in influencing the financial behavior of this age group. Oksanen [59] used a nationwide dataset in Finland to examine factors affecting debt problems among all age groups, including young adults. Despite Finland’s very supportive welfare system, demography, income levels, and lack of financial literacy were significant factors contributing to debt management among young adults, indicating the importance of financial literacy and early exposure to financial management. Loke [60], using the OECD database for Malaysia, documented similar results—income levels, lack of financial literacy, and poor financial management as main factors affecting debt management. An interesting study by Szendrey and Fiala [61] emphasized that young adults perceived financial agility contributes towards better financial management in terms of savings, investments, and budgeting. The study further concludes that the mindset of young adults plays a key role in their financial capabilities and well-being, thus suggesting the importance of psychological factors in determining financial behavior. Similarly, from a psychological perspective, Mao and Cai [62] highlighted the importance of understanding an individual’s interpretation of gains and losses as it affects one’s behavior regarding financial decision-making. A more contemporary study was conducted by Ezzahid and Elouaourti [63] (based on data from Morocco). The results indicate that digital financial tools have played an important role in shaping the financial behavior of young adults and further increased financial inclusion.
Based on the above scholarly discussion, it is clear that acquiring financial education alone is not a passport to financial well-being in the current complex financial environment. It needs to be a culmination of several factors, which include demography and psychological dimensions.
Critical insights and research gaps:
  • Limited longitudinal studies examining the psychosocial impact on young adults’ financial behavior.
  • More constructs need to be explored to achieve a more holistic understanding of the psychological impact on young adults’ financial behavior.
  • Most studies are conducted in silos. A more comprehensive study combining several aspects, such as financial education, demographics, psychology, and socio-economic factors, could give a broad picture of the realities of financial behavior and well-being.
  • Limited study on gender influences on digital financial literacy, access to financial inclusion and ability to apply financial technology in the digital environment.
Future research could explore the following.
  • A comprehensive longitudinal study across regions examining the impacts of psychology on young adults’ financial behavior could also capture the cultural effect in this context.
  • Factors such as perfectionism and how it intensifies and suppresses financial stress and ultimately impacts financial behavior could be further examined.
  • To assess real-world efficacy, implement and evaluate integrated interventions, blending financial literacy with financial inclusion.
  • Gender-focused studies probing digital literacy disparities, engagement in financial technology, disparity in technological confidence and their ability to apply financial knowledge in digital environment.

3.3.3. Blue Cluster: Socialization and Financial Behavior of Young Adults

The blue cluster discusses the socialization’s impact on the financial behavior of young adults. The main keywords (Figure 3) are socialization, adulthood, parents, college student, students, childhood, longitudinal study, motivation, and knowledge, predominantly deliberating on issues related to socialization among this group of individuals and perhaps on financial knowledge. The bibliographic coupling (Figure 4) looks into prominent papers published in this research domain. Several studies have documented that the impact of socialization is more significant during the transition period of young adults, as this age group is moving away from their parental guidance to become more independent in their financial decision-making [64,65]. Thus, the ‘phase of life’ and an individual’s personality are important determinants that impact their financial behavior.
Jorgensen and Savla [66] used the ‘College Student Financial Literacy Survey (CSFLS)’ on 420 college students to examine the extent to which perceived parental influence affects young adults, and the results indicated an indirect relationship. The study further conjectured the importance of parental guidance and influence in molding their attitude and its eventual effects on their financial behavior. Similarly, Chowa and Despard [67] conducted a study among 3623 Ghanaian youths, confirming the positive relationship between perceived parental financial socialization and their financial behavior. This further indicates the importance of family as a key socializing influence, thus including parents in all intervention programs arranged by all stakeholders.
Conversely, a study by Xiao, Chatterjee and Kim [7] on American young adults’ financial independence indicates that parental assistance tends to reduce young adults’ financial independence. Thus, there needs to be a balance in parents’ financial support when these young adults are transitioning into financial independence, as they need to manage their own finances. Too much of financial assistance from parent may adversely affect their self-reliance and responsibility. Grohmann, Kouwenberg, and Menkhoff’s study [68] emphasizes the importance of financial knowledge, mainly from two financial socialization agents, i.e., family and school. Thus, it is crucial that young adults are exposed to financial literacy from a young age via quality discussion within family members and then continued at school through structured financial literacy education. [69] documented similar results but included the influence of life partners as another source of influence on the financial behavior of young adults. As suggested by most studies, Jorgensen et al. [70] also evidenced that parental financial education during childhood predicts healthier financial management in emerging adulthood, independent of gender. Vosylis et al. [71] traced this lineage in a longitudinal framework, indicating that family socialization fosters positive financial identity, promoting responsible spending, saving, and borrowing behaviors in early adulthood.
Meanwhile, Bapat et al. and Robb [72,73] focused on more specific behavioral outcomes—such as credit use, emergency savings, and financial self-management—showing how young adults internalize social cues into everyday financial practices. These studies mapped how early socialization lays the foundations for later financial decision-making. Expanding the lens on social agents, Serido et al.’s decade-long review [74] emphasizes that family financial socialization, whether intentional or incidental, remains the most potent predictor of young adults’ financial attitudes, knowledge, behaviors, and well-being. This body of work underscores the enduring role of the family context even after childhood.
In summary, family socialization is an important determinant that shapes the financial behavior of young adults, in addition to financial knowledge. To a large extent, family socialization sets the foundation for individuals to build their financial attitude and behavior.
Several Research Gaps have been noted in this cluster:
  • Lack of studies examining the impact of non-family role models (mentors, community groups, influencers online) on young adults’ financial behavior.
  • There is a limited understanding of when peer and social media influences on financial matters outdo family influence as individuals transition into adulthood. Are there any mediating roles in this regard?
  • Studies are also scarce on how online socialization channels, such as social media platforms and FinTech applications, interact with traditional family-based financial teachings to shape financial attitudes and behaviors of young adults.
Future research could explore the following.
  • Longitudinal study on the impact of non-family role models on young adults’ financial behavior and potential mediating factors to this relationship.
  • Further research can examine when and how peer and social media influences begin to outweigh parental guidance in shaping financial behavior, or whether they act as complements across different cultures and life stages.
  • Role of personality traits as moderators or mediators in the relationship between socialization and financial behavior of young adults.
  • Examine how life-stage transitions (admission into college or University, starting employment, or marriage) alter the influence of parental financial socialization on the financial behavior and decision-making of young adults.
This path forward promises a richer and more inclusive understanding of how contextual and technological factors combine to foster young adults’ financial behavior and decision-making. Table 1 displays a summary of the thematic clusters and related keywords and articles.

4. Conclusions

This study examines the scholarly discussion of the financial behavior of young adults, aged between 18 and 29. Research on this domain is critical as young adults transition from parental financial protection to independent financial management. Additionally, this demographic group is over-exposed to social media and peer influence. They also live in a very volatile and unpredictable financial environment, with risky investments such as cryptocurrency on one end and financial scammers on the other. For all these reasons, it is critical to conduct in-depth research on the financial behavior and attitude of this demographic group, and the results should be communicated to all stakeholders so that proper and effective awareness can be created and suitable intervention tools can be provided at every stage of their lives.
Thus, this study has used 364 peer-reviewed articles from the Scopus database to review and synthesize the scholarly discussion on the financial behavior of young adults. Vosviewer and Biblioshiny R-package were adopted to examine the literature from 1993 to March 2025. This study contributed to both numerical and visualization outcomes, with three dominant themes: (1) Red Cluster—Financial literacy, Financial Capability and Financial Behavior among Young Adults; (2) Green Cluster—Psychosocial, Demographic (gender), and Financial Behavior among Young Adults; and (3) Blue Cluster—Socialization and Financial Behavior among Young Adults.
The above cluster analysis highlighted three dominant factors influencing a young adult’s financial behavior: education, socialization, and psychology. These factors are not distinctive but are closely interrelated in shaping young adults’ financial behavior and decision-making. Much research has been undertaken on the importance of financial knowledge as the key factor influencing financial behavior. However, this scholarly discussion would like to add to the insights of this study domain that mere financial education does not guarantee financial well-being in this age group. Due to technological advancement and widespread exposure to technology, social media influence (Instagram, TikTok, LinkedIn), socialization agents (family, friends, colleagues), psychological impact, and broader socioeconomic conditions have a combined and collective effect on young adults’ financial behavior. It cannot be denied that financial education is fundamental, as it lays the basic foundation, but it operates within a broader emotional, social, and structural ecosystem. Thus, policymakers, educational institutions, and employers must acknowledge these themes and identify targeted intervention strategies to foster financial competence and well-being in this demographic. This is essential and critical because this group of individuals is at a crucial stage of their lives, and any financial habits could have a long-term impact on their financial well-being, success, and freedom. It will also ensure long-term sustainability and equip the young adults and the next generation with financial management knowledge and skills, which could contribute to financial security and economic well-being in the broader context.
As in most review studies, this study has several limitations. This study is based on the Scopus database only; thus, some articles related to the current scholarly discussion may be omitted. Nevertheless, recent articles that may not appear in the thematic analysis have been discussed in other sections as deemed appropriate. The keywords used in this study could have also limited the scope of debate and created a certain level of bias, as the articles selected are based on the keywords suggested. Though this could appear to be a limitation, it may not significantly impact the study’s outcome, as the dominant purpose is to examine the financial behavior of young adults, and it has been discussed holistically.

Author Contributions

Conceptualization: S.S.; Methodology: S.S.; formal analysis: S.S.; U.R. and I.I.; data curation: S.S.; writing—original: S.S., U.R. and I.I.; writing—review: S.S.; U.R. and I.I.; funding acquisition: U.R. All authors have read and agreed to the published version of the manuscript.

Funding

The authors thank Prince Sultan University for the financial support.

Institutional Review Board Statement

Not applicable.

Informed Consent Statement

Not applicable.

Data Availability Statement

No new data were created or analyzed in this study. Data sharing is not applicable to this article.

Conflicts of Interest

The authors declare no conflict of interest.

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Societies 15 00304 g001
Figure 1. Publication trends between the years 1993 to April 2025. Source: Bibliometrix R-package (Biblioshiny), version 5.0.1.
Figure 1. Publication trends between the years 1993 to April 2025. Source: Bibliometrix R-package (Biblioshiny), version 5.0.1.
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Figure 2. Thematic maps for financial behaviors among young adults. Source: Bibliometrix R-package (Biblioshiny) version 5.0.1.
Figure 2. Thematic maps for financial behaviors among young adults. Source: Bibliometrix R-package (Biblioshiny) version 5.0.1.
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Figure 3. Keyword network for financial behaviors among young adults. Source: VosViewer.
Figure 3. Keyword network for financial behaviors among young adults. Source: VosViewer.
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Figure 4. Bibliographic Coupling for financial behaviors among young adults. Source: VosViewer.
Figure 4. Bibliographic Coupling for financial behaviors among young adults. Source: VosViewer.
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Table 1. Summary of Clusters, Keywords, and Related Articles.
Table 1. Summary of Clusters, Keywords, and Related Articles.
Clusters KeywordsRelated Articles
RED
Financial literacy, financial capability, and financial behavior among young adults		Financial behavior; financial literacy; financial capability; financial education; financial knowledge; young adults; financial satisfaction; financial attitude; family finance; emerging adulthood, parenting; financial socialization; financial self-efficacy; well-being; debt; financial stress, retirement; household; financial inclusion; COVID-19; savings; financial stress; household finance; savings; young adults[47,48,49,50,52,53,68,75]
GREEN
Psychosocial, Demographic (gender) and Financial Behavior of young adults		Adolescent; Human; female; male; gender; psychology; money; employment; income; mental health; financial well-being; middle-aged; Australia; anxiety; aged; decision-making; Economics; financial management; knowledge; mental health; young adults[7,56,57,58,59,60,61,62,63,66,67,69,71]
BLUE
Socialization and Financial Behavior of young adults		Adult; knowledge; finance; education; poverty; united states; longitudinal studies; child; race; socialization; college students; adulthood; parents; knowledge; socialization[26,52,64,65,67,69,70,72,73]
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Sundarasen, S.; Rajagopalan, U.; Ibrahim, I. Money Matters: A Contemporary Review of Young Adults’ Financial Behavior. Societies 2025, 15, 304. https://doi.org/10.3390/soc15110304

AMA Style

Sundarasen S, Rajagopalan U, Ibrahim I. Money Matters: A Contemporary Review of Young Adults’ Financial Behavior. Societies. 2025; 15(11):304. https://doi.org/10.3390/soc15110304

Chicago/Turabian Style

Sundarasen, Sheela, Usha Rajagopalan, and Izani Ibrahim. 2025. "Money Matters: A Contemporary Review of Young Adults’ Financial Behavior" Societies 15, no. 11: 304. https://doi.org/10.3390/soc15110304

APA Style

Sundarasen, S., Rajagopalan, U., & Ibrahim, I. (2025). Money Matters: A Contemporary Review of Young Adults’ Financial Behavior. Societies, 15(11), 304. https://doi.org/10.3390/soc15110304

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