As an emerging adult (ages 18-30), I can confidently say I do not actually feel like an adult. I still rely on my parents for car insurance, and regularly find myself asking what the difference between a Roth and Traditional IRA account is (many apologies to my family finance teachers, you really did your best to educate me). Many emerging adults find themselves in the same boat. With an economy that seems to require more and more of you to become a “fully fledged” adult with a house, car, and steady income stream, it can be difficult to identify as an adult on your 18th birthday.

This article was based on the project Whats and Hows of Family Financial Socialization[i], a study that spanned over 3 years. Interviewing university students and their parents and grandparents, researchers sought to learn how family finance is taught and passed down through generations.

When you think of how you learned about money as a child and as a teenager, what do you think of? You might remember parental advice about spending and saving, maybe a warning about debt or excessive credit card use, and, possibly, your first piggy bank. Parents’ financial teachings for their children and teenagers are especially important today given the challenges that many emerging adults, those ages 18–30, are facing in the U.S.

To be clear, I don’t hate my dad. In fact, Enrico is a great guy. However, family research makes it clear that parents’ choices affect their children, and for myself, my father’s gambling addiction had a significant impact on me.

Emerging adulthood is a time of change that can influence whether or not young adults become their ideal adult selves.1