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Published: 08/04/2025

Control or freedom?
An investigation into the financial security of children and the influence of parental decisions

  • Authors:
Angelina Schreiber (Director of Studies), Bogdan Yakushenko, Alexander Min-Kim

Abstract

Many parents save money for their children over the years in order to provide them with a solid financial foundation when they enter adulthood. This raises the question of whether young adults are able to handle these amounts responsibly or whether control mechanisms are necessary to prevent impulsive spending. The study examines the extent to which parental protective measures such as staggered allowances or blocking periods can help to promote long-term financial stability and what role financial education plays in this. 

The analysis of the data results in the recommendation for methods such as staggered releases of a deposit in order to offer the next generation an additional safety net without restricting their independence too much.

Methods

The study is based on an online survey with three target groups from Germany:
  • Young adults evaluating their own financial behavior and the influence of external factors such as peer groups and social media.
  • Parents describing their parenting strategies, control mechanisms and expectations of their children's financial behavior.
  • Educational professionals who provide a neutral assessment of young people's financial literacy and the role of financial education.

A total of 243 responses were included in the analysis. The data collected was analyzed using quantitative and qualitative methods, including descriptive statistics, hypothesis testing and scenario analyses on the use of different amounts of money.

Results

Key findings of the study are:

  • Young adults generally plan sensibly with larger sums of money, but the proportion for consumer spending remains constant across all levels of expenditure and large amounts of money that are suddenly available are particularly tempting for uncontrolled spending.
  • Peer groups and social media have a significant influence on financial decisions, often more than the respondents themselves realize.
  • Parental protection mechanisms such as staggered releases or time limits can limit impulsive spending, but for the best outcome should be designed in consultation with the child to encourage personal responsibility.
  • Financial education is crucial: The study shows that financial literacy is taught less by schools than by parents. Better dovetailing of education and practical protection mechanisms could reduce financial mistakes in the long term.
  • Sample calculations show potential savings: control mechanisms and conscious savings strategies can bring considerable financial benefits. Structured financial planning reduces the risk of ill-considered expenditure, especially when large sums of money are involved.

The results suggest that a combination of early financial education, parental guidance and gradual personal responsibility is the most effective strategy to prepare young adults for a stable financial future.

Summary of the study

The following section provides a detailed summary of the key findings and data from the study. You can download the full study text here download

Introduction

Financial provision for children and young people is a high priority for many families. Parents save money over the years to provide their children with a solid financial foundation when they enter adulthood. This often takes the form of savings accounts, custody accounts or earmarked gifts, which are released when the child reaches the age of majority. 

However, the sudden availability of a substantial amount of money raises a crucial question: are young adults able to handle this financial responsibility appropriately, or is there a risk that the money will be spent unwisely?

Many parents are critical of early access to large sums of money and fear impulsive consumer decisions that could jeopardize long-term financial security. They therefore rely on control mechanisms to manage access to assets - be it through blocking periods, staggered payouts or guidelines for use. Others, on the other hand, argue that financial self-determination can only be learned through personal experience and that excessive control is detrimental to the learning process. 

This conflict between parental care and financial responsibility is the focus of this study. The data collected here will be used to develop a number-based overview of the spending behavior of young adults when large amounts of money are suddenly available, which will serve as a basis for recommendations for action such as control mechanisms for the release of deposits.

Backgrounds

As a basis for the research work, an overview of the previous research situation and studies on the development of financial literacy as well as current economic conditions and reports on the spending behavior of young people was compiled. The following is an overview of the core theses and observations of this initial situation:

Developmental psychological foundations of financial socialization

The ability to handle money responsibly is already shaped in childhood through socialization. Parents play a key role in this by teaching financial skills through example, conversations and pocket money rules. Young adulthood marks the transition to responsible financial management, with external influences such as social media, peer groups and advertising becoming increasingly important.

Theoretical models of decision-making, particularly from behavioral economics, show that people often do not act exclusively rationally, but are influenced by short-term incentives ("present bias"). Studies such as the famous Stanford marshmallow experiment show that the ability to defer rewards has a positive influence on long-term financial behavior, but that many children fail to forgo immediate rewards, even if they can achieve an advantage in the future.

Behavior of young adults when a large sum of money is suddenly available

Research shows that many young adults are overwhelmed when they suddenly have large sums of money at their disposal. Studies on lottery winners show that unprepared people often spend their wealth quickly and experience financial difficulties later on. The so-called "windfall gains effect" describes the phenomenon that unexpected amounts of money tend to be seen as "play money" and are spent impulsively.
Such studies and reports suggest that young adults are also tempted to make impulse purchases when accessing a deposit account when they come of age.

The role of parents: education, trust and control mechanisms

Parents have a significant influence on later financial behavior through parenting styles and active financial education with methods such as pocket money, conversations about money and their role model function and should actively participate in their children's financial education.

Control mechanisms, such as blocking periods or staggered approvals, can prevent impulsive wrong decisions. Behavioral economic theories suggest that such measures make sense if they give young adults time to reflect. However, too strict control could encourage defiant reactions and risky behavior.

External influences and contextual factors

In addition to parental upbringing, external factors have a considerable influence on financial behavior:

  • Peers and social media: The pressure to follow consumer trends can lead to even well-considered financial plans being discarded.
  • Financial education: Schools in Germany only teach financial skills to a limited extent. According to a Mastercard study, young people primarily see their parents as financial brokers, while social media is playing a growing role.
  • Cultural factors: Savings and consumer behavior are strongly influenced by social background. Studies also show that women are often less educated about finances than men.

The circle of friends and social media in particular are considered risk factors that can have a strong impact on young people's spending behavior. They can be countered with parental education and control mechanisms.

Status of the financial behavior of young adults in 2024

Young adults are currently facing increasing financial challenges:

  • Little financial education: There is a lack of compulsory financial courses in Germany. Many young people rely on online sources and their own experiences.
  • Consumer behavior: Priorities are often placed on leisure, fashion and digital goods. Peer pressure and influencer marketing reinforce short-term consumer decisions.
  • Rising debt: "Buy now, pay later" models and microtransactions in online games encourage reckless spending.
  • Savings and investment behavior: While some invest in ETFs or cryptocurrencies, there is often a lack of systematic understanding of risk.

As a result, there is currently a strong tension between sensible financial decisions and consumer desires. In general, there is a good tendency for young adults to be concerned about their financial future and want to make provisions. However, today they live in a world heavily influenced by media and consumption, which makes this difficult.

These backgrounds and correlations were used in the study to develop hypotheses on the financial behavior of young people and to examine them with the help of data collected through questionnaires in order to ultimately be able to draw up recommendations for action with regard to control mechanisms for deposits.

Methods

This study examines the financial decision-making processes of young adults when accessing large sums of money for the first time. The focus is on the role of parental education, control mechanisms and external influences. In order to obtain a comprehensive picture of the interrelationships, three different groups were included in the study: young adults, parents and educational professionals.

Study design

The study is based on an online survey that was conducted using three different questionnaires. These were specifically tailored to the respective target group in order to capture relevant aspects from different perspectives.

The first questionnaire was aimed at young adults around the age of majority. The focus was on their financial behavior, their attitudes towards saving and investment decisions and their reaction to hypothetical scenarios in which they suddenly had large sums of money at their disposal. The extent to which external factors such as peer groups, social media or advertising influence their behavior was also examined.

The second questionnaire was aimed at parents who had built up or planned financial reserves for their children. The aim was to find out what parenting strategies they use in relation to financial education, to what extent they consider control mechanisms to be useful and what expectations they have of their children's behavior in the event of sudden access to money.

The third group consisted of educational professionals such as teachers, educators and school social workers. They were asked to provide a neutral assessment of young people's financial literacy, based on specialist knowledge and experience and independent of family ties. They were also asked about their perceptions of financial education in schools and potential factors influencing young people's consumption and saving behavior.

By combining these three perspectives, the study was not only able to capture individual decisions and behaviors, but also analyze the influence of family background and external environmental factors.

Sample and survey method

The data was collected via standardized online questionnaires, which were completed anonymously. A total of 238 people took part in the study. These consisted of 128 young adults, 100 parents (some of whom provided information for several children and thus provided 105 answers) and 10 educational professionals.

All participants were informed in advance about the objectives of the study, the anonymization of the data and the voluntary participation. Personal data such as names or addresses were not collected.

Data analysis

The study was analyzed using a combination of quantitative and qualitative methods.

Descriptive statistics were used to analyze the closed questions in order to illustrate central tendencies within the sample. This included the calculation of frequencies, mean values and percentage distributions, which revealed patterns in the participants' financial behavior and attitudes.

In addition, comparative analyses were carried out between the survey groups. In particular, it was examined whether parents were able to accurately assess their children's financial skills or whether there were discrepancies between parental expectations and the actual behavior of young adults.  

Another focus was on hypothesis testing. The study assumed that parental control mechanisms can reduce impulsive consumption, that a combination of financial education and structured protective measures achieves the most sustainable effect and that control mechanisms are particularly effective in consumption-oriented environments. These assumptions were tested and evaluated on the basis of the data collected.

Scenario analyses were carried out to examine individual financial decisions in detail. Participants were asked to indicate how they would use different sums of money (€10,000, €20,000, €50,000 and €100,000). This information was compared with parental expectations in order to identify misjudgements or realistic assumptions. They also served as a basis for sample calculations regarding how large savings could be achieved through various control mechanisms.

Ethical considerations

As the study dealt with personal financial issues, particular emphasis was placed on data protection and ethical standards. Participation was entirely voluntary and the anonymity of all participants was guaranteed at all times. No sensitive personal data was stored or passed on. The aim was to enable the most open, undistorted analysis possible of the financial behavior of young adults without invading their privacy.

Overview of the questionnaire results

The main findings from the participants' responses are summarized below. A detailed analysis with figures and percentages can be found in the full text of the study.

Results of the parent questionnaire

The survey makes it clear that parents introduce their children to handling money at an early age, but are divided into two different basic attitudes. Some give their children a largely free hand and trust that they will learn responsibility, while others intervene in a more regulatory manner and want more control.

Despite these different approaches, many families discuss the value of money and the importance of conscious financial planning. Many parents attach great importance to imparting basic knowledge in everyday life and use practical examples such as shopping together or giving pocket money.

An important point is access to existing reserves and larger sums of money. Some children are already allowed to dispose of their money freely, others only under the supervision of their parents. Despite these differences, many mothers and fathers pursue the goal of enabling their children to take responsibility for their own finances. 

At the same time, it is clear that advertising influences, circles of friends and trends via social networks have a considerable influence on children's spending behavior and that parents perceive peers and social media in particular as a strong source of external pressure to spend money, sometimes unwisely.

Figure: Parent questionnaire - weighting of the influence categories

Most parents assume that, despite all the temptations, their children will handle money carefully, although this information can also be an expression of their hopes rather than realistic information. Overall, however, most parents think realistically and expect spontaneous or impulsive spending as well as investments.

Figure: Parent questionnaire - use of € 5,000

The survey also shows in the scenarios of deposit amounts of between €10,000 and €100,000 at the age of majority that most parents expect their child to save or invest a considerable portion of a larger sum of money for longer-term purposes and not spend it all immediately. However, it is also clear that experiences and consumer desires are the main focus, especially for moderate amounts. As the amount of money available increases, the priority shifts more and more to saving and investing, presumably because larger sums of money are available and investing is less associated with sacrifice.

Figure: Parent questionnaire - scenario comparison Weighting of expenditure

In many families, the topic of money rarely leads to conflict, as children have often already had their first positive experiences with saving or spending their money in a controlled manner. Where tensions do arise, however, parents assess their ability to exert influence differently: While some rely completely on their parenting skills, others prefer certain protective mechanisms or specific guidelines or specifically want more control.
Finally, the study makes it clear that trust in their children's financial maturity is predominantly high, although some mothers and fathers remain cautious and would continue to keep a close eye on larger sums in the future. Many parents would like to see more control mechanisms when it comes to large sums of money, such as deposits. 

Results of the young-adult questionnaire

The analysis makes it clear that many young adults already have their own income, be it through part-time jobs, training or a permanent job, while others are supported by their parents occasionally or not at all. Family influences are clearly noticeable here, as most respondents state that they have talked to their parents about money at least occasionally and confirm their parents' assumption that they have a strong influence on their offspring's financial behavior. 

There are differences in the actual living situation here, as some have hardly any reserves or are more dependent on financial support from their parents, while others have larger amounts of money at their disposal.

At the same time, it is clear that school and lessons have little or no influence on the financial behavior of many, while friends, personal interests and trends from the media often play a greater role. Some respondents recognize external expectations and pressure as a risk factor for impulse spending. 

Spending on experiences and consumer goods is always high up in the expenditure categories, with many of the participants also stating that they are already making provisions for the future.

Figure: Young adults questionnaire - Everyday spending categories

In terms of the hypothetical amounts of money that would suddenly be available, most respondents would invest and save the majority in the long term, followed by short to medium-term reserves. Consumption desires do make an appearance, but overall they lag behind the need for security and wealth accumulation.

Figure: Young adults questionnaire - scenario comparison of freely formulated output categories

In almost all cases, the question of long-term security plays an important role according to the young adults themselves, which is reflected in their spending behavior and future plans. Overall, the participants state that they are concerned about their financial future and would like to make provisions accordingly.

Nevertheless, there is also a justified need for spending on consumer goods, leisure activities and experiences that have an impact on people's perceived quality of life. In today's world, the cost of these is constantly rising, while other factors such as salary rarely follow suit. The reaction to this tension varies between frugal spending and defiant reactions. However, the responses of the 128 young adults reveal predominantly sensible attitudes, although self-assessment and reality can also differ. 

Results of the educator questionnaire

The educators surveyed generally see children and young people as relatively easy to influence when it comes to spending. Family upbringing is said to play a particularly influential role, but influences from friends, social networks and advertising are also perceived as strong. 

Figure: Educator questionnaire - Influenceability of financial behavior

Teachers also largely agree that schools and lessons could play an important role in teaching financial education. At the same time, they point out that financial content is often dealt with inadequately or not consistently enough in everyday school life, even though many pupils are interested in it.
As there is a lack of compulsory school content on the subject of finance, young people draw their knowledge from the internet in addition to their parents' financial education and are strongly influenced by their friends, social media and trends.

Figure: Educator questionnaire - factors influencing financial behavior

The answers clearly show that, in the experience of the educators, children and young people mainly focus on short-term consumer wishes when it comes to smaller sums of money. If the available amounts increase, there is a growing awareness of the need to save or invest a portion, but spontaneous purchases and rather short-sighted decisions still dominate.
Only when really large sums are involved do the respondents assume a significantly stronger tendency towards long-term plans and strategic handling of money. In all scenarios, however, the willingness to prioritize expenses in the area of mobility - such as a driving license - remains high, reflecting the desire for independence and flexibility.
Educators emphasize that parents and children should develop a conscious approach to money together. Control mechanisms are seen by many as a supportive measure as long as they do not get out of hand. Close supervision is viewed critically because it can inhibit the development of independent decision-making. Instead, it is important to gradually introduce young people to large sums of money and financial responsibility so that they learn early on what it means to plan realistically and reflect on their own spending habits.

Figure: Educator questionnaire - fluctuating reason when suddenly receiving large sums of money

The experts believe that young people in particular, who are already managing their finances sensibly, could be tempted to change their consumer behavior in the short term if they are given unexpectedly large sums of money. The interviewees therefore recommend promoting a greater awareness of saving and investing at an early age. In this way, impulsive bad decisions could be reduced and adolescents would think more long-term.

Figure: Educator questionnaire - Long-term benefits of control mechanisms

Control mechanisms are seen by the experts as a helpful, additional safeguard and the educators warn against underestimating the temptation of sudden amounts of money and the power of outside influence to which even fundamentally sensible children are exposed. Fair control mechanisms such as staggering the release of deposits can serve as a safety net here.

Discussion of the results

The study examines how financial protection mechanisms, particularly parental control, influence the spending behavior of young adults and whether they can reduce impulsive purchasing decisions. The focus is on the different assessments of parents, young adults and educators as well as a comparison with current reports on the financial behavior of young people in 2024. 

The most important results are summarized below and divided into thematic categories: 

Spending behavior of young adults

The results show that young adults mainly use their money for short-term consumption when the amount available is still manageable. The higher the amount, the more the focus shifts to strategic saving and investing. A significant proportion of the amounts in the €100,000 scenario are invested in long-term investments such as securities or real estate. 

Nevertheless, a noticeable proportion remains for spontaneous needs, as the desire for immediate consumption is only gradually reduced. Parents generally rate the tendency to save higher, while teachers tend to confirm that long-term planning only takes place when really large sums of money are involved. 

External influencing factors

Social media, advertising and the social environment play an important role in consumer behavior. Young adults themselves often see their scope of action as self-determined and, according to their own statements, do not feel overly influenced. However, studies from 2024 show that the influence of trends and digital advertising is often underestimated. 

While many parents and educators consider the influence of external factors to be very high, there is a certain discrepancy between actual influence and personal perception among young adults. 

The role of financial education

Both parents and educators point out that schools still teach little structured financial knowledge, which is why young adults learn their skills predominantly at home. This underlines the importance of family education: where mothers and fathers provide concrete information and actively involve their children in budget issues, forward-looking financial behavior tends to be consolidated, whereas without appropriate guidance, short-term needs are often the focus. 

At the same time, the respondents warned that young people are increasingly turning to self-proclaimed financial experts on social networks, whose recommendations only appear to be professional and sometimes convey a distorted image of quick money. 

Precisely because schools only promote economic skills to a limited extent, a lack of guidance combined with questionable online tips can lead to long-term financial planning being neglected and young people making risky or ill-considered investment decisions.

Effectiveness of parental control mechanisms

A key point of the study is the question of whether and to what extent parental control can help to reduce impulsive purchasing decisions. Parents and educators often assume that staggered or limited access to larger sums of money helps to prevent rash spending. 

The responses from young adults show that many young people can understand parental controls on their spending. Around 40% of those surveyed think this is justified, but emphasize that they also feel restricted. Overall, it is clear that while the majority understand their parents' interest in their finances, the desire for independence is growing steadily, reflecting the transition from dependent adolescent to responsible adult. 

Empirical findings show that targeted restrictions can certainly lead to a reduction in impulse buying. However, it is crucial to find the right balance so that the development of independent financial literacy is not hindered. 

Comparison with current studies

The results of the study are largely in line with external studies, according to which young adults are caught between growing independence and parental support. Saving and investment behavior shows a clear upward trend as soon as larger sums of money are available. At the same time, respondents tend to underestimate the influence of social media.
Official statistics for 2024 show a similar trend towards more financial autonomy, while the subjective assessment of one's own independence is often greater than the actual data suggests. Due to economic crises, however, awareness of the importance of financial provision among young people currently tends to be very high, even if they see insufficient opportunities to effectively protect themselves without too many restrictions in everyday life.

Hypothetical scenarios and expenditure distribution

To illustrate behavior in various everyday situations, exemplary scenarios with amounts ranging from 10,000 to 100,000 euros were considered. This showed that as the amount of money increases, the proportion of long-term saving and investing increases noticeably, while consumer spending decreases proportionately. 

Nevertheless, a significant amount always remains for spontaneous use, which confirms that financial education and supportive control mechanisms can make a major contribution to reducing rash decisions.  

Recommendations for action

The study shows that parental control mechanisms can help to reduce impulsive consumer spending and promote sustainable financial planning. Particularly with larger sums of money, strategic control of the availability of funds leads to more money being invested for the long term and less being spent on short-term consumer desires. . 

At the same time, it is crucial that such mechanisms are not imposed unilaterally, but are developed together with the children or with consideration for their later needs in order to strengthen personal responsibility and avoid resistance.

Savings potential through control mechanisms

The sample calculations show that targeted control of access to money can enable considerable savings. Based on the answers from the questionnaires, it was possible to calculate a rough estimate of the amount of money that would be spent on consumer spending depending on the scenario:

The sample calculations show that targeted control of cash access can enable considerable savings. If, for example, the consumption share is reduced by 25%, the following amounts can be saved and used for long-term purposes:

The exact savings depend on the chosen control mechanism. The following potential amounts of money were determined for this purpose. The following measures have proven to be effective in realizing these potential savings:

  • Staggered release of funds

Instead of providing a large sum of money all at once, the money can be paid out in several tranches (e.g. 10% immediately, 30% after one year, 30% after two years, 30% after five years). This helps to avoid spontaneous wrong decisions and gives young adults time to develop financial foresight.

  • Incentives for long-term savings

Parents can create additional incentives by offering rewards for money saved. For example, part of the money could be released if a certain amount has not been spent over a set period of time.

  • Mandatory investment portion

One option is to invest a fixed proportion of the money directly in long-term investments such as ETFs, shares or fixed-term deposit accounts. This automatically secures a certain portion of the money for the future.

According to the sample calculation of the scenarios, these models could result in the following savings for a custody account amount of €100,000: 

While control mechanisms can reduce financial mistakes, it is important that they are not perceived as restrictive or disempowering. Young adults want to have autonomy over their money and may perceive restrictive guidelines as excessive control, which can lead to defiant reactions.

Open communication about the advantages and disadvantages of different models promotes understanding and acceptance. If children feel that they are involved in the decision-making process, they are more likely to perceive the measures as fair and be prepared to take on financial responsibility.

Parents and children should therefore talk together about sensible protective measures or, when taking out a deposit at an early age, use graduated control systems that allow the child a certain amount of freedom later on, while restricting excessively uncontrolled spending to provide a safety net for long-term financial security. 

Conclusion of the discussion

The present study suggests that although young adults are not fundamentally careless with money, they prioritize short-term consumption, especially for smaller sums. The larger the amounts available, the greater the focus on savings and investment goals. It should be emphasized that the desire to consume does not diminish. Thanks to the larger sums of money, the desire to consume in the higher scenarios can already be met with a smaller overall share of the sum without having to go without, which means that money is likely to be readily used for investments.

The influence of advertising, social media and friends is demonstrably present, but is often underestimated by those affected. Parental control mechanisms can reduce impulsive spending and are also largely perceived as justified by young people, although an appropriate degree of personal responsibility is essential. 

At the same time, the surveys show that there are still gaps in financial education at school, which further reinforces the educational role of parents. Overall, the results underline the need for a comprehensive approach that combines financial education, hands-on learning experiences and a measured use of parental safeguards to empower young people to engage in responsible, long-term financial planning. 

Restrictions

The study provides valuable insights into the financial behavior of young adults and the influence of parental control mechanisms, but some methodological limitations should be taken into account: 

A possible distortion potential arises from the subjective perception of parents, who may idealize or underestimate the behavior of their children. Young adults could also have an unrealistically positive view of their own financial behavior, which could lead to a discrepancy between self-assessment and actual actions.

In order to compensate for such misconceptions, three different survey groups were specifically included. While parents were able to evaluate the educational aspect and their previous handling of money, the educational professionals offered a neutral perspective on the financial competence of young people, detached from family ties. Although this reduces the risk of biased individual statements, it is no substitute for direct observation of actual financial behavior in real decision-making situations.

The limited sample size of 128 young adults, 105 parental responses and 10 educational professionals also limits the transferability of the results to the population as a whole. It does, however, represent a trend report on current tendencies.

In addition, the study is based on hypothetical scenarios in which the participants had to indicate how they would deal with different sums of money. As actual financial decisions are often influenced by spontaneous impulses or unforeseen factors, there may be discrepancies between the survey results and actual behavior. 

Nevertheless, the combination of several perspectives enables a differentiated view and provides valuable information on which factors favor sustainable financial planning for young adults and which control mechanisms could actually be useful.

Conclusion 

This study examines the spending behavior of young adults and the influence of deposit protection measures on their financial security. Based on the findings from the surveys of parents, young adults and educators, key conclusions can be drawn:

The study shows that young adults generally deal sensibly with suddenly available large amounts of money. Nevertheless, a constant proportion remains for consumer spending, regardless of the amount of money available. While the focus is increasingly on long-term savings and investments as the amount increases, spontaneous consumption decisions remain an integral part of financial planning. A key influencing factor here is peer groups, which have a significant impact on young adults' purchasing decisions.

A combination of financial education and moderate control mechanisms has proven to be effective in limiting impulsive spending without restricting the independence of young adults too much. The sample calculations show that targeted measures can enable considerable savings by promoting conscious financial planning. It is crucial not to impose control systems unilaterally, but ideally to discuss them together with the child or young person so that both sides feel they are fair.

The majority of young people surveyed also recognize parental control around the age of majority as understandable and justified, but emphasize that they also feel restricted by it. Graduated permissions are particularly suitable here, as they guarantee both financial security and allow consumption wishes within a controlled framework. In this way, independence is gradually encouraged, while uncontrolled spending remains limited. 

Overall, the results of the study therefore suggest that early financial education in combination with individually tailored protection mechanisms leads to better financial decisions in the long term and strengthens the financial security of young adults.

Sources

Information from the sources mentioned in the summary: 

The complete list of sources used for the study can be found in the appendix of the full text.

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