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Keywords:

  • adolescent development;
  • family stress and coping;
  • financial coping;
  • financial parenting;
  • parent-child relations

The goal of this study was to consider the role of parents in the development of their children's financial independence by the time the children are old enough to enter college. Using data from 2,098 first-year university students, we examined two pathways to emerging adults' financial, psychological, and personal well-being, combining research on the positive effects of family financial environment and future-oriented coping behaviors. Two findings are of particular note. The quality of parent-child communication regarding financial topics proved to be the most potent predictor of children's financial, psychological, and personal well-being. Further, parents' expectations had a significant indirect influence (via financial coping behaviors) on their children's well-being. Implications for promoting financial self-sufficiency among young adults are discussed.