Photo: Debrocke/ClassicStock/Getty Images The concept of “self-efficacy” is easy to love, partly because it just makes sense. Coined in the 1960s by psychologist Albert Bandura, it’s defined as “one’s belief in one’s ability to succeed in specific situations or accomplish a task,” and generally correlates with higher performance in said task. For example, I have high self-efficacy in grilling meats, because I know from experience that I can solve problems that might arise during the process .
At first, it appeared that students’ parents played the biggest role in whether or not the kids spent recklessly: Families that discussed finances together tended to produce young adults who made smarter, more considered choices with their money. However, as the students graduated and became young adults, a new variable came into play. “It was no longer just about what the parents did,” says Serido.
Of course, all of this is easier to do if you have more money to begin with. Which begs the question: Were those with financial self-efficacy more likely to have a higher income, or does a higher income boost financial self-efficacy? It’s a little bit of both, Serido explains: Income does not equal well-being or self-efficacy, but there’s a certain level of income that you need to afford those things,” she says.
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