Abstract
Our exploratory study aims to examine individual factors that may differentiate young adults' trust in banks and financial institutions. We use a longitudinal data set compiled during two, timed surveys, before and after the collapse of the nation's financial system. Participants (N=748) were classified into three groups distinguished according to their differing levels of trust. Findings based on ANOVA and three-group discriminant analyses indicate that several individual factors - self-reported well-being (overall well-being, financial well-being, subjective financial knowledge) and financial status (determined by parents' socioeconomic status and total debt level) - significantly influence young adult consumers' level of trust in banks and financial institutions.
Original language | English (US) |
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Pages (from-to) | 26-33 |
Number of pages | 8 |
Journal | Journal of Retailing and Consumer Services |
Volume | 20 |
Issue number | 1 |
DOIs | |
State | Published - Jan 2013 |
Keywords
- Consumer trust
- Financial institutions
- Young adults