An Integrated Framework of Young Adults' Subjective Well-Being: The Roles of Personality Traits, Financial Responsibility, Perceived Financial Capability, and Race.

This study examines the relationships among personality traits, financial responsibility, perceived financial capability, and subjective well-being for young adults. Using an integrated approach and a theoretically grounded conceptual framework, a structural model is constructed. This study uses the 2015 Transition into Adulthood Supplemental dataset. The results show that (1) perceived financial capability and personality traits were significantly associated with subjective well-being, (2) financial responsibility, extroversion, conscientiousness, and neuroticism personality traits were associated with perceived financial capability, and (3) extroversion, conscientiousness, and neuroticism were significantly associated with financial responsibility. The same structural model is tested with two racial groups. This additional analysis shows differences in the proposed relationships between non-Hispanic Black and White young respondents. The findings provide a better understanding of the racial differences in the roles played by personality traits, financial responsibility, and perceived financial capability in the subjective well-being of young adults. Implications for researchers, financial counselors, and educators working with young adults are included. [ABSTRACT FROM AUTHOR]