Degree Type


Date of Award


Degree Name

Master of Science


Human Development and Family Studies


Human Development and Family Studies

First Advisor

Jonathan Fox


Based on results from the 2015 National Financial Capability Study (NFCS), an increasing number of families in the United States are experiencing acute economic pressure, which has been linked to negative family outcomes. Previous research has identified that overconfident household financial decision-makers are more likely to exhibit poor financial decisions; however, the connection between financial self-efficacy, family economic pressure, and financial behavior needs further exploration. The purpose of this study is to add to the work in financial confidence and financial self-efficacy through an examination of both over and underestimation of personal financial knowledge and its link to family economic pressure and financial behavior. This study employs the 2015 and 2018 National Financial Capability Study (NFCS), a nationally representative sample of adults living in the United States, to measure household decision-maker confidence in knowledge of personal finance and identify links to measured family economic pressure and financial behavior. The study is organized within the framework of the Family Financial Socialization Model which implies that financial behavior and economic pressure partially results from socialization and knowledge of personal finance. Overall findings suggest that underconfident individuals, irrespective of their real level of financial literacy, were more likely to exhibit unhealthy financial behaviors and experience higher levels of economic pressure. Findings from this study have implications for financial literacy researchers and practitioners of family financial planning.


Copyright Owner

Isha Chawla



File Format


File Size

102 pages

Available for download on Sunday, August 28, 2022