The Financial Management Practices Of Young Adults In Helsinki

Abstract

This thesis investigates the financial management practices of young adults in Helsinki, utilizing the Financial Decision-Making Continuum (FDMC) model as a model. The aim is to shed light on the dynamics of financial decision-making among individuals aged 18 to 30 in the Helsinki Region. The study employs a multifaceted methodological approach, incorporating focus groups and questionnaires designed to align with each stage of the FDMC model. Participants include diverse backgrounds, encompassing full-time students, part-time students, and full-time workers, ensuring a comprehensive representation of the young adult demographic in Helsinki. Thematic analysis for qualitative data and descriptive statistics for quantitative data form the basis of the data analysis process, providing a nuanced understanding of participants' perspectives on financial awareness, goals, and decision-making. While the study offers valuable insights into the financial practices of young adults, it is essential to acknowledge its limitations. The research is geographically bounded to Helsinki and may not fully generalize to other populations or cultural contexts. Additionally, the reliance on self-reported data introduces the potential for response bias. The cross-sectional nature of the study provides a snapshot of financial behaviours, limiting insights into longitudinal changes. By exploring the unique financial landscape of young adults in Helsinki, the study provides an account of the process, offering a foundation for future investigations aimed at enhancing the financial well-being of young adults in Helsinki.