Throughout the COVID-19 pandemic, young adults around the world faced severe financial challenges. From this societal context, college-aged adults sought financial guidance from their families and peers to learn about financial matters to make informed financial decisions. Using financial socialization theory and the theory of household consumption behavior, we examined the antecedents of financial behavior and the mediating role of financial knowledge on financial socialization and financial behavior. Using a cross-sectional survey in a public, state institution in 2022, we analyzed data from 207 participants. Results supported the mediating effect of objective and subjective financial knowledge on the positive relationship between financial socialization and financial behavior. Additionally, household spending had a moderating effect on the relationship between objective knowledge and financial behavior. Findings yield important implications for education and financial stakeholders working with young adult consumers.

YOUR “FIRST BUY” DIDN’T PROTECT YOU.