Self-control and Financial Well-Being: Exploring the Long-Term Impact

• In Event: Criminogenic Factors Impacting Financial Outcomes in Early Adulthood: Findings from the Long-Term Follow-Up of G.R.E.A.T.

Abstract

Objective; In this presentation we examine how adolescent self-control predicts financial outcomes later in life. Methods: We draw on data from the G.R.E.A.T. evaluation, which relies on the Grasmick et. al. scale to measure both the level and trajectory of self-control in adolescence, and matched credit records in early adulthood. Analysis: Using group-based trajectory modeling (GBTM), this paper explores how both the level and trajectory of self-control in adolescence predicts credit visibility and credit score strength and trajectory in early adulthood. Implications: The presentation will discuss the theoretical and practical implications of these findings, highlighting the potential for early interventions aimed at strengthening self-control to promote financial health in adulthood.

Authors

• Thomas Wojciechowski, Michigan State University

• Chris Melde, Michigan State University

• Steven Chermak, Michigan State University

• Dena Carson, Indiana University Indianapolis