Connections to Economic Prosperity: Money Aspirations from Adolescence to Emerging Adulthood Ivan F. Beutler This study examines the “living well” aspirations of an emerging adult sample and compares them with earlier results of middle and high school samples. The tenor of emerging adult responses was more stridently extrinsic and more convincingly intrinsic than adolescent responses, revealing less middle ground as emerging adults more clearly take a position. Less than half of their responses characterized intrinsic aspirations that would use financial resources to build individuals, families, and communities. Slightly larger numbers of emerging adults expressed aspirations that were extrinsically oriented; living well was about the socially acceptable external self. Aspirations among emerging adults were more self-indulgent than those of adolescents and articulated a more nuanced perception of social image and a no worries lifestyle. Implications for parenting and financial education are discussed. Key Words: adolescents, emerging adults, extrinsic aspirations, intrinsic aspiration, money attitudes Introduction tions centered on meeting basic human needs in ways that Despite the prevalence of research regarding youth and fi- engender individual growth. These aspirations included af- nances, little is known about the development of financial filiation, community feeling, physical fitness, and self-ac- values during the adolescent and emerging adult years. The ceptance. Individuals who centered their lives on intrinsic current research examined the feelings and aspirations of aspirations generally experienced greater well-being and a youth themselves, continuing work on questions about the reduced amount of emotional distress. By contrast, extrin- developmental and possibly malleable nature of money, sic aspirations, such as financial success, social recogni- and relational aspirations and their possible connections tion, and an appealing appearance, have been observed to to economic poverty or prosperity. Two previous papers center on external rewards, negatively related to adjust- sought to bolster scholarship in this area by developing ment and well-being. a preliminary picture of the financial aspirations held by adolescents. Using a qualitative measure, we asked mid- Building on the intrinsic and extrinsic value orientations dle school (Beutler, Beutler, & McCoy, 2008a) and high described in the literature, our research team developed school students (Beutler, Beutler, & McCoy, 2008b) to a conceptual model for classifying adolescent money describe life in the future when they were “living well.” aspirations. In the middle school and high school stud- Their responses fell into two general categories: some ies, we found that adolescents with extrinsic aspirations students were interested in outward indicators of success voiced greater interest in developing a socially desirable while others were motivated by internal goals. external self and greater trust that owning the right things would bring happiness. On the other hand, adolescents Our understanding of these student aspirations was in- with intrinsic aspirations were more concerned with the formed by the work of several researchers (Ahuvia & development of the inner self and with using resources in Wong, 2002; Kasser, 2006; Kasser & Kanner, 2004; Kass- ways that foster positive relationships. The purpose of the er & Ryan, 1993, 1996; Kasser, Ryan, Zax, & Sameroff, current paper was to compare adolescent aspirations with 1995; Ryan & Deci, 2000; Solberg, Diener, & Robinson, those of an emerging adult sample to better understand the 2004) that identified intrinsic and extrinsic goal orienta- development of financial aspirations in youth. tions as central ways of approaching life. Intrinsic aspira- Ivan Beutler, Ph,D., Professor, School of Family Life, Brigham Young University, 2048 JFSB, Provo, UT 84602, (801) 422-6416, [email protected] © 2012 Association for Financial Counseling and Planning Education®. All rights of reproduction in any form reserved. 17 Review of Literature caring is foundational in filling the need for relatedness. Although adolescence has been acknowledged as a distinct Few enduring parent/child relationship qualities are carried life stage for some time, emerging adulthood is a label more across the transition from adolescence into adulthood, car- recently applied to the transition between adolescence and ing is one of them (Acquilino, 1997). Kasser et al. (1995) adulthood (Arnett, 2000). Spanning late teens to mid-twen- observed that adolescents exposed to cold, controlling ma- ties, this period is typified by a continuing quest to establish ternal care developed relatively materialistic orientations, an individual identity and to find one’s niche in society (Ar- while adolescents with warm, nurturing mothers developed nett, 2000; Padilla-Walker, Barry, Carroll, Madsen, & Nel- more intrinsic goals such as personal growth and healthy son, 2008). Individuals in this developmental stage typically relationships. These observations are consistent with ear- lack serious social or familial commitments, and they are lier theoretical work which argued that to the extent par- often involved in exploring romantic relationships, poten- ents were caring and established a home environment that tial occupations, ideological beliefs, and family associations supported children in meeting intrinsic needs, they would (Arnett, 2000; Nelson & Barry, 2005). facilitate prosocial values in their offspring and free them from self-preoccupation (Kohn, 1990). Conflict between Emerging adulthood is also characterized by an intense parents and children around consumption has also been focus on the self (Nelson et al., 2007), a focus that both identified as an indicator of materialism by Moore-Shay emerging adults and their parents have identified as need- and Berchmans (1996) and confirmed by Schor (2004). ing to change in order for the transition to adulthood to Adolescents in families experiencing persistent levels of be complete (Padilla-Walker, Nelson, Madsen, & Barry, high stress are inclined to substitute possessions for inter- 2007). The strongest unifying factor among emerging personal family relationships (Roberts, Tanner, & Manolis, adults is their tendency to self-identify as such, noting in 2005). In the absence of parental caring, adolescents and surveys that although they feel they have some adult char- emerging adults frequently develop materialistic attitudes acteristics, they do not consider themselves adults (Ar- and values. nett, 2000; Nelson et al., 2007). Not surprisingly, financial factors contribute significantly to emerging adults’ lag in Familial origins as a basis for youth attitudes about money assuming responsibility and independence. Current trends, are more frequently being addressed in the literature. such as spending more time in higher education and ac- Traditionally scholarship regarding personal and family cumulating student loans and consumer debt, increase de- finance has remained separate from relational and develop- pendence on parents, delaying entry into adulthood (Mor- mental issues. Greater knowledge of money attitudes and timer & Lee, 2005; Roberts & Jones, 2001). their relational ends is critical to these purposes especially in light of the propensity of youth to make risky and ill- Attaining economic independence is a critical component informed decisions which adversely affect the financial of the transition to adulthood (Arnett, 2000; Mortimer future of themselves and their parents. & Lee, 2005) and it is, therefore, unfortunate that little research has focused on the financial attitudes and values The Elements of Prosperity of youth in this period of change.1 Current research points Prosperity is a comparative concept; a conclusion reached to the influence of family in shaping financial thinking and by relating one’s realized level of living with one’s stand- behavior among adolescents and emerging adults. Humans ard of living—the level of living one believes they should possess an innate psychological need for competence, au- be able to attain and for which they strive to attain (Dea- tonomy, and relatedness (Deci & Ryan, 2000). In a variety con & Firebaugh, 1981). In this way, prosperity depends of ways, effective parenting and adolescent participation not only on accumulating stuff, but also on the other social in nurturing family relationships help meet these psycho- and emotional dimensions of one’s level and standard of logical needs. There is discomfort associated with falling living. Both extrinsically and intrinsically oriented persons short, and when adolescents do, they are vulnerable to the are likely to pursue prosperity through the acquisition of pursuit of extrinsic motivations, compensatory motives, wealth, possessions, and interpersonal relationships. How- and pseudo-satisfying pathways that serve as surrogates to ever, important distinctions include extrinsic self-focus on genuine caring family and peer relationships. possessions, image, and fame for the purpose of person- ally winning the zero sum game versus intrinsic prosperity, According to Flouri (1999), the family environment serves which also includes financial success but is affiliated and is as an important predictor of youth materialism. Parental achieved through building a community of trust. 18 Journal of Financial Counseling and Planning Volume 23, Issue 1 2012 Fukuyama (1995) argued that all successful economic aspirations in a sample of college students. Accordingly, societies are communities united by trust. He stated that the data were re-evaluated from the perspective of extrin- trust means sharing the norms and values of the group and sic and intrinsic aspirations, and concepts were connected subordinating one’s individual interests to that group. A to Kasser and Ryan’s (1996) terminology and model. From breakdown of that trust imposes a direct tax on all eco- this analysis a variable concept indicator model was devel- nomic activities. In examining the economic history of oped for the middle school sample. That model has been several developed countries (China, France, Korea, Japan, applied and the parameters specified for the high school Germany, and the United States), he found “law, contract sample (Beutler et al., 2008b) and in the current research and rationality (to be) necessary but insufficient. . . they for the emerging adult sample. must be leavened with reciprocity, moral obligation, duty toward community, and trust, which are based on habit Living Well Feedback Form rather than moral calculation” (Fukuyama, 1995, p. 11). The Living Well Feedback Form was used to elicit emerg- Each successful economy found a way to employ both ing-adult responses about money aspirations. It was origi- trust and financial results. This is not only true for nations, nally developed by our research team from a series of ado- but there is evidence that it applies to corporations, fami- lescent focus groups where youth were asked to describe lies and individuals as well (Collins, 2001; Kasser, 2006; sources of personal income, financial habits and expendi- Rackham, 1988; Reichheld, 1996). Thus sustainable pros- tures, and current and future financial aspirations. These perity transcends personal income and fame; it necessarily youth also discussed their future selves and the activities in includes affiliation and trust. which they would like to participate. The foremost aspira- tion was the desire to own a car, followed closely by the The purpose of the current paper was to conduct an in- desire to have money in their pockets, cool clothes, and the depth examination of the financial aspirations of emerging right hair. Based on focus group information, the Living adults and compare them with those of an early adoles- Well Feedback Form was created and used with an early cent sample (Beutler, Beutler, & McCoy, 2008a) and those adolescent, late adolescent and emerging adult sample. The of a late adolescent sample (Beutler, Beutler, & McCoy, form proved to be concise, applicable to a wide range of 2008b). We examined the following questions: (a) How are ages, and allowed students to interpret “living well” inde- aspirations similar or different from the earlier adolescent pendently. Youth were asked to look ahead to a time when samples? (b) Do patterns of intrinsic and extrinsic aspira- they would be living well and describe themselves, their tions continue in the emerging adult sample? (c) Do aspi- car, their home, and their activities (see Table 1). ration patterns indicate that emerging adult youth are more or less intrinsic compared to adolescents?, and (d) Do the Sample and Procedure “living well” aspirations of emerging adults give us hope The following terms are used interchangeably: emerging or concern for their economic and relational prosperity? adults (post high school youth), early adolescents (mid- dle school students), and late adolescents (high school Methodology students). The emerging adult sample consisted of 238 A qualitative method of inquiry was used to observe the post-high school youth, ages 18–25 (131 males and 107 “living well” aspirations of emerging adults allowing for actual-word comparisons between their aspirations and those of a middle school sample and a high school sam- Table 1. Living Well Feedback Form ple studied previously (Beutler et al., 2008a, 2008b). The initial work on the middle school sample was guided by grounded theory methodology, specifically the work of When you look ahead and see yourself “Living Well,” LaRossa (2005), and subsequently by an extensive review what do you see? of literature. In the process of open coding, small themes In the space below, describe: were identified and labeled as indicators. Indicators were then grouped together under larger themes, which were la- • Yourself beled as concepts (LaRossa, 2005). At this point it became • Your home clear to our research team that the themes emerging in the indicators and concepts were broadly either materialistic or • Your car prosocial in nature. Kasser and Ryan (1996) had previous- • Your activities ly explored these values in terms of extrinsic and intrinsic Journal of Financial Counseling and Planning Volume 23, Issue 1 2012 19 females) currently living in Utah who had completed high Empirical Model school. Of the sample, 149 of the respondents were cur- Emerging adult responses to the “living well” questions rently attending a university, community college, or trade were coded in N-Vivo 8 using grounded theory methodol- school, and 89 of the respondents were not attending ogy (LaRossa, 2005). Responses varied in length and style school. Respondents were contacted by members of our re- among emerging adults. Some of them answered using full search team at universities, community colleges, trade and sentences, others used only phrases, and a few, similar to tech schools, malls, local businesses, professional offices, middle school students, responded with one word answers and grocery stores where they completed a paper version for each question; however, the sample size was sufficient of the questionnaire. for conceptual saturation to be achieved. Thus, qualitative analysis using inductive coding was used with constant Previous to the emerging adult study, the Living Well comparisons made of coded words and phrases to identify Feedback Form had been administered to Utah middle those commonalties that emerged as indicators. Likewise, school students, ages 11–13 (N = 187, 96 females and 91 constant comparisons were made to identify indicator males) and to Utah high school students, ages 16–17 (N = commonalities that emerged as concepts and concept com- 190, 84 females and 106 males) for comparison (no 14 or monalities that emerged as either variable A, extrinsic as- 15 year olds were sampled). Both high school and middle pirations, or variable B, intrinsic aspirations (see Figure 1). school students responded to the form at the beginning of a financial literacy class before being exposed to any con- Coding cepts taught in the course. Our research team consisted of faculty members and their students across several semesters who were enrolled in Figure 1. Empirical Variable, Concept, and Indicator Model Extrinsic Aspirations Extrinsic Aspirations Variable A Variable B (Concept) (Concept) (Concept) (Concept) Emerging adult responses to: When you look ahead and see yourself “Living Well” what do you see? Describe: Yourself } Qualitative analysis – inductive coding of respond- Your home ent words and phrases via constant comparisons to Your car identify indicator and concept commonalities that Your activities represent intrinsic and extrinsic aspirations. (Indicators) (Indicators) (Indicators) (Indicators) (Indicators) (Indicators) (Indicators) (Indicators) 20 Journal of Financial Counseling and Planning Volume 23, Issue 1 2012 a research-oriented undergraduate course. Before stu- arise as aspirations for social recognition, but rather as dents were given data for the emerging adult sample, they aspirations for social status. Indicator themes centered on studied qualitative methodology, other related academic owning status possessions (vehicles and homes), partici- journal articles, and the model developed in the middle pation in status activities, and a status career. Owning and high school studies. Coding began as a group process. expensive things was extremely important to these youth: Students worked in teams with a faculty member study- “Brand new Ferrari and a black Dodge Ram;” “My house ing a few cases at a time and then collaborating at the end is filled with nice stuff, basketball court out back and trails of class to share and compare findings. Students were for four wheeling;” “Armani suit, confident, Rolex, Rolls- insightful, quick to pick up new themes and interpret the Royce;” and “vacations, sports, dancing, clubs.” vernacular of their peers, but they were also impatient with learning the discipline necessary for consistency in quali- Image as a theme was highly nuanced among post high tative analysis. At the end of the coding process, our lead school youth and more explicit than aspirations identi- faculty coder reviewed all coding before it was finalized in fied by Kasser & Ryan (1996). Extrinsic emerging adults N-vivo. were highly preoccupied with social image, an indicator theme identified in the high school sample that mushroomed among young adults. Social image is a multifaceted image Similar to middle school and high school findings, not all involving a lifestyle of money, status, relationships and pos- emerging adult responses were intrinsic or extrinsic; some sessions that allow one to “look good” in a very broad and were merely descriptive and were not analyzed further. inclusive sense. One emerging adult expressed it like this: “I For example, aspirations for a home that specified the city look good, my wife looks good and my kids look good.” Im- and state in which the house would be located were coded age preoccupation became the second extrinsic concept. descriptive, such as “Somewhere in Bucks County, PA or Westchester, New York.” The same was true for aspirations Extrinsic emerging adults were more subtle in their as- regarding cars with “good head room” or “plenty of leg pirations for financial success than adolescents. Middle room” or a car that would “run on garbage” were coded as and high school adolescents wanted to be visibly rich and descriptive statements. Detailed description and rationale aspired to a status career to insure it. Emerging adults, on of coding pertaining to the post high school emerging adult the other hand, were more knowing and wary of commit- sample is given in the Appendix. ments required for financial success, yet at the same time expressed the belief that money should solve life’s prob- Emerging Adult Model lems and allow them a lifestyle of few restrictions with no Once the contrasting themes of intrinsic and extrinsic as- worries about what they could purchase or afford: “flow of pirations emerged from the coding, Kasser and Ryan’s abundance, able to go where I want to go” and “just living (1996) work and LaRossa’s (2005) methodology aided in great with no money worries.” Reflective of these themes, the structure and organization of an emerging adult vari- the concept heading was changed from financial success to able concept indicator model (see Figure 2) based on the financial ease. middle and high school models (Beutler et al., 2008a, 2008b).2 Four concepts underlie the model’s extrinsic vari- Self-indulgence was not part of Kasser and Ryan’s (1996) able: social status, image preoccupation, financial ease, work but was adopted in the middle and high school mod- and self-indulgence. Indicators underlie each concept. For els when the theme was identified during coding (Beut- example, the concept of social status has four indicators: ler et al., 2008a, 2008b). In both the adolescent and the status activity, status career, status home, and status vehi- emerging adult sample, youth expressed self-indulgence as cle. Similarly, four concepts underlie the model’s intrin- a desire to pursue life at their leisure and for their personal sic variable: growth, health, relatedness, and community benefit only. As one male respondent described it: “I will feeling, with descriptive indicators shaping each concept. do just what I want to do.” In the middle school sample, Selected descriptions of the concepts and indicators in the this was a very small theme, but it strengthened in the high emerging adult model are given in the paragraphs below.3 school sample and two indicators of self-gratification and easy living were added to the model. Self-gratification Extrinsic concept names. Aspirations of fame, image, and emerged as the aspiration for a life of individualistic pleas- money surfaced in the post high school coding; build- ure-seeking and excess, often to the exclusion of others. ing on the adolescent models, distinctions descriptive of Easy living emerged as the aspiration to expend very little emerging adults were made. Aspirations for fame did not personal effort to support oneself, instead living off others Journal of Financial Counseling and Planning Volume 23, Issue 1 2012 21 or making just enough money to support personal hob- Intrinsic concept names. Strong intrinsic themes sur- bies without the inconvenience of caring for other people. rounding aspirations to stretch and grow, to become fully In the emerging adult sample, aspirations for a life of both developed, and to achieve autonomy and self-regard were self-gratification and easy living were greater than those of noted in the sample. One female wrote: “I see myself as a middle or high school students. Self-indulgent emerging happy individual who’s constantly trying to make positive adults seemed particularly reluctant to share their time or changes.” A male aspired to be “well respected.” Another material goods with family or friends. planned to “get an education as a private pilot, buy and pay Figure 2. Variable, Concept, and Indicator Model (University, Community College, Trade School, and/or Working Emerging Adults) 46.6 % 6.1% 47.2% Extrinsic Aspirations Descriptive Intrinsic Aspirations Variable A Statements Variable B 19.9% 15.7% 4.8% 6.4% 25.3% 1.7% 15.7% 4.5% Social Image Financial Self Growth Health Relatedness Community Status Preoccupation Ease Indulgence Feeling (Concept) (Concept) (Concept) (Concept) (Concept) (Concept) (Concept) (Concept) 5.3% 0.6% 1.0% 5.1% 8.5% 1.7% 14.9% 3.0% Status Self- I’ll Be Self Actualizing Healthy Family Community Activity Decoration Rich Gratification Activities Body Service 0.7% 1.2% 1.4% 3.8% 1.2% 3.9% Friends 0.6% Status Body No Money Easy Personal Charitable Career Image No Worries Living Qualities Giving 5.8% 13.6% 4.7% 1.0% Status Social Realistic Neighbor- Home Image hood 5.1% 7.5% Autonomy Status Vehicle 3.0% Provident Living (Indicators) (Indicators) (Indicators) (Indicators) (Indicators) (Indicators) (Indicators) (Indicators) Note. Percent of words and phrases coded as extrinsic, descriptive, or intrinsic, based on all 1385 words, and phrases coded in the sample. 22 Journal of Financial Counseling and Planning Volume 23, Issue 1 2012 off a house within 5 years, pay off car, pay off debt.” Kass- middle school, high school, and post high school models, er and Ryan (1996) used both self-acceptance and growth while image preoccupation and financial ease were new in their early work to describe these aspirations. Because emerging adult concepts. of the youthfulness of our sample, we chose to use growth at the concept level. Extrinsic indicators. The emerging adult model (see Figure 2) varies structurally from the high school model with the Somewhat surprising, aspirations for involvement with addition of one new extrinsic indicator; no money wor- friends surfaced but remained a very small theme, while ries (3.8%). Surprisingly, this was a stronger theme among aspirations for close relationships with family members, emerging adults than “I’ll be rich” (1%), though both both nuclear and extended, became a dominant theme. Ex- themes were evident in the sample: “successful, happy, se- pressed as: “spending time with my family,” “taking care cure, getting married to a well off guy,” “living in New York of family,” “go camping and to sporting events with my as a successful graphic designer with my beautiful wife and family,” “teaching my kids how to work, and doing fun maybe two kids!” “Traveling, having my own Design Agen- and bonding activities with them,” “help my family to get cy and not worrying about money.” Emerging adults who out of debt,” and “having good relations with my in-laws.” talked about having no money worries expressed trust that Affiliation and relatedness were earlier identified as intrin- money would solve their problems, make them happy, and sic aspirations (Kasser & Ryan, 1996). Because of the nar- provide a lifestyle with few restrictions: “Whatever I want, row familial scope aspired to by emerging adults, we chose whenever I want,” “successful and no worries.” The theme to name this concept relatedness. no money worries was coded extrinsic. Community feeling was also included as an intrinsic con- By contrast, some emerging adults worried about money cept in the emerging adult model. Post high school youth in ways that fell under the intrinsic indicator provident liv- expressed aspirations to participate in a fairly narrow ing. These youth aspired to be in charge of their resources community, not the large world community envisioned by and use money to build a stable home and a sense of worth Kasser and Ryan (1996) where they could make a differ- in their children. “Having kids and being able to sup- ence. Rather, they hoped for quiet neighborhoods where port them all. Being comfortable, being able to do things they would: “feel safe,” “coach soccer or basketball,” without stressing about money. I see myself with a home I “raise kids,” “help out neighbors,” and “teach cooking, pi- love, not too big or too small just what I need. I see myself ano, or English.” comfortable, with enough money to do what I want reasonably, go on trips go out with friends, enjoy my (fu- Health was a stronger theme among emerging adults than ture) children and allow them to have benefits that I may among adolescents. In the sample, two post high school not have had as a child. Also, I see significant amounts of youth moved beyond aspirations to feel healthy and not be money in savings.” sick, to very broad hopes that included a spiritual ground- ing, mental and emotional well-being, and good family Social image (13.6%) was the strongest extrinsic theme in relationships: “at a healthy weight, also, I see myself being the emerging adult sample. This theme touched many of spiritual, mentally and physically balanced”; “a beautiful the extrinsic indicators, elements of social status; financial life between family plus career balance between physical, ease and self-indulgence were wrapped to create a multi- mental, emotional, spiritual activity and health.” In their faceted and interconnected social image. For example, a 1996 work, Kasser and Ryan chose physical fitness rather female emerging adult expressed the following: “I see my- than health as a label for aspirations that described being self having moderately expensive clothes that bring out my free of illness. Our research team felt that physical fit- personality and have a good color on me. I don’t need to ness was a fairly narrow aspect of physical well-being and spend hours at work since my husband has a high paying chose to use the concept name of health in the model. job, but I work a few hours to keep creativity going and to get out of the house and meet new people.” Her social im- Consistent with the adolescent models, at the concept level age involves the right clothes, the husband with the high- the same intrinsic categorizations of growth, health, relat- paying career, and the creative job for her with opportu- edness, and community feeling described the aspirations of nities to meet the right friends. Social image was coded emerging adults. In contrast, extrinsic concepts of social extrinsic. The husband does not seem to be as important as status and self-indulgence remained the same across the his profession, and her aspirations are primarily focused on Journal of Financial Counseling and Planning Volume 23, Issue 1 2012 23 linking her identity with possessions and people that will so all in all just living life and growing up. What else do I bring external approval. need right?” A male respondent expressed social image this way: Coding Examples To acquaint readers with the nature of emerging adult “liv- Good job, baseball, family, friends, good life, very ing well” responses, we have included the following exam- nice house, new stuff inside, good neighborhood, ples for two male and two female students. The students in and around good people, sweet car, high end, very Appendix A express primarily extrinsic aspirations, while nice and safe, awesome color, and then another car the students in Appendix B express primarily intrinsic aspi- for my family, baseball, sports, hanging with family rations. A written explanation of the coding follows each of and friends. the tables. This aspiration is external; it is about appearances. Noth- Results ing speaks directly of effort he will make or the kind of From the 238 Living Well Feedback forms completed by person he will become, instead he is building an image by emerging adults, 1,412 words and phrases were coded and association. Much like early adolescents who aspired to grouped as follows: 46.6% of these selections were coded have the right body shape or the right clothes to project as extrinsic, 47.2% were coded as intrinsic, and 6.1% were a persona, he hopes to surround himself with carefully coded as descriptive (see Figure 2). A comparison of these selected activities, people, and things that decorate and re- percentages to those of a middle school sample (Beutler flect an image about him. Aspirations that embraced social et al., 2008a) and of a high school sample (Beutler et al., image were prevalent among emerging adults. 2008b) are shown in Figure 3. Of interest is the decline in descriptive responses across the samples: middle school Intrinsic indicators. The strongest intrinsic theme across (21.8%), high school (13.9%), and post high school (6.1%). all three samples was family. Emerging adults (14.9%), Emerging adult responses were more likely to be decisive high school students (13.9%), and middle school students expressions of either intrinsic or extrinsic aspirations. From (12.3%) were very interested in associating with family the middle school to the emerging adult sample, extrinsic as- members and promoting family well-being. While mid- pirations steadily increased (i.e., 41.9%, 44.0%, 46.6%), but dle and high school students aspired to “play,” “have fun,” not by as much as intrinsic aspirations (i.e., 36.3%, 42.1%, “vacation,” and “hang out” with their families. Emerging 47.2%). Emerging adult responses were nearly equally di- adults also aspired to have good relationships with their vided between the extrinsic variable (46.6%) and the intrin- immediate and extended families, even if those relation- sic (47.2%) variable. Because emerging adults wrote more ships required effort on their part: “Happy, united, success- than middle and high school students, more connections ful marriage,” “I see myself living well with the true things were evident between the indicator-level themes under the that matter, my family, we may not have the big boats, or intrinsic and extrinsic variable types. Also, individual case the fancy things, but we will be close nit and supportive level analysis revealed less blending between intrinsic and of one another,” “Good relationship with parents (and in- extrinsic aspirations for emerging adults and fewer descrip- laws),” “I’m hoping that I can help out my parents with tive statements compared to the younger adolescents. whatever needs they need help with.” To compare the relative strength of concept themes across Within this theme, a few emerging adults expressed hopes the three samples, consider those coded as extrinsic aspi- that they could provide for their children and give their ration concepts shown in Figure 4. Social status was the family members opportunities for personal growth: “I will foremost extrinsic concept-level theme in all three sample work hard in the home and teach my children how to work percentages: middle school (27.3%), high school (28.6%), and how to be of service to those around them,” “I see and post high school (19.9%). Adolescents and emerging myself able to provide for the needs of my family—able adults are clearly interested in owning status vehicles and to put kids through college, and give them the opportunity homes and participating in status activities and careers. In to pursue interests and hobbies,” “I see myself happy and the emerging adult sample, extrinsic aspirations regarding able to handle my debts if any. I see my wife and I hav- image (15.7%), financial ease (4.8%), and self-indulgence ing a great relationship and having a few kids and a dog,” (6.4%) increased, while those for social status (19.9%) “Chasing kids around, doing things that I don’t want to do, decreased as compared to the middle and high school 24 Journal of Financial Counseling and Planning Volume 23, Issue 1 2012 samples. Among emerging adults, responses about social each individual respondent reflected an intrinsic perspec- image (13.6%) bled into other extrinsic concepts and indi- tive, an extrinsic perspective, or a combination of the two. cators making this the most multifaceted indicator coded After coding words and passages from each individual (see Figure 2). Emerging adults also desired a lifestyle not response to the four “living well” questions, the research plagued by financial concerns. Thus, no money worries team conducted a case-by-case respondent–level analysis (3.8%), a new extrinsic indicator, was added to the model and examined all four answers in their entirety, looking for (see Figure 2). the central aspiration each respondent expressed. When a majority of an individual’s words and phrases focused on Of the intrinsic aspirations, growth was the most highly fame, money, and image, their central aspiration was coded coded concept-level theme across the three samples: mid- as extrinsic. When a majority of their words and passages dle school (25.3%), high school (23.6%) and post high focused on growth, relatedness, health, and community in- school (15.9%). At the indicator level, aspirations regard- volvement, their central aspiration was coded as intrinsic. ing family were the strongest-indicator level theme across If a case contained both clear intrinsic and clear extrinsic the three samples (12.3%, 13.9%, 14.9%). Aspirations for aspirations, it was coded as blended. Some individuals’ close ties to friends, a healthy body, or participation in responses combined extrinsic or intrinsic statements with community service remained very small themes across all descriptive statements. In these cases, the descriptive state- three samples. ments were coded as neutral, and the respondent’s central aspiration was assigned based on the remaining statements. Central Aspiration Assessment If all four responses were merely descriptive, the entire re- The coding described thus far was completed through con- sponse was coded as descriptive. stant comparisons of words and phrases for each sample. This sample level analysis for emerging adults (see Figure This case-level analysis was labeled central aspiration, 2) was compared with the early adolescent and late ado- and percentages for all three samples are reported in Fig- lescent sample level results shown in Figures 3, 4 and 5. ure 6. Percentages of extrinsic central aspirations increased However, we were also interested in the degree to which over the samples: middle school (43%), high school (48%) Figure 3. Percent of Coded Words and Phrases by Variable Types — Comparing Middle School, High School, and Emerging Adult Respondents Middle School High School Emerging Adult 50 46.6 47.2 44.0 41.9 42.1 se 36.3 n o p s e R 25 21.8 t n e 13.9 c r e P 6.1 0 Extrinsic Intrinsic Descriptive Variable Types Journal of Financial Counseling and Planning Volume 23, Issue 1 2012 25 Figure 4. Percent of Coded Words and Phrases by Extrinsic Aspiration Concepts — Comparing Middle School, High School, and Emerging Adult Respondents Middle School High School Emerging Adult 50 e s n o p 28.6 27.3 s e R 25 t 19.9 n 15.7 e rc 10.5 9.9 e P 4.8 6.4 2.3 2.9 1.8 2.6 0 Social Status Appeal Financial Self Appearance Success Indulgence Preoccupation Preoccupation (Image) (Ease) Extrinsic Aspiration Concepts Note. Image Preoccupation and Financial Ease emerged as concepts for the emerging adult sample Figure 5. Percent of Coded Words and Phrases by Intrinsic Aspiration Concepts — Comparing Middle School, High School, and Emerging Adult Respondents Middle School High School Emerging Adult 50 e s n o p es 23.6 25.3 R 25 t n 15.9 15.7 e 14.6 14.7 c r e P 4.5 2.9 2.9 1.7 1.3 0 Growth Health Relatedness Community Feeling Intrinsic Aspiration Concepts 26 Journal of Financial Counseling and Planning Volume 23, Issue 1 2012