scholarly journals Predictors of well‐being during the COVID‐19 pandemic: The importance of financial satisfaction and neuroticism

2022 ◽  
Author(s):  
Weiting Ng ◽  
Soon‐Hock Kang
Keyword(s):  
Well Being ◽  
Financial Satisfaction

Financial education and financial satisfaction

2017 ◽  
Vol 35 (5) ◽  
pp. 805-817 ◽  
Author(s):  
Jing Jian Xiao ◽  
Nilton Porto
Keyword(s):  
Financial Literacy ◽  
Financial Education ◽  
Well Being ◽  
Financial Behavior ◽  
Future Research ◽  
Financial Satisfaction ◽  
Financial Capability ◽  
Data Set ◽  
Content Type ◽  
Mediating Factors

Purpose The purpose of this paper is to investigate roles of financial literacy, financial behavior, and financial capability as mediating factors between financial education and financial satisfaction. Design/methodology/approach Data are from the 2012 National Financial Capability Study, a large national data set with detailed information on financial satisfaction, education, literacy, behavior, capability, and related variables. Mediation analyses are used to answer research questions. Findings Financial education may affect financial satisfaction, a subjective measure of financial well-being, through financial literacy, financial behavior, and financial capability variables. Results show that subjective financial literacy, desirable financial behavior and a financial capability index (a sum of Z-scores of objective financial literacy, subjective financial literacy, desirable financial behavior, and perceived financial capability) are strong mediators between financial education and financial satisfaction. Research limitations/implications The study has used cross sectional data that can only document associations between financial education and satisfaction and the mediators between them. Future research could use relevant longitudinal data to verify multiple benefits of financial education. Practical implications The findings have implications for financial service professionals to take advantages of multiple benefits of financial education in content acquisition, confidence in knowledge and ability, and action taking when they communicate with their clients. Social implications Policy makers on consumer financial education may use the information to advocate and promote effective education programs to improve consumer financial well-being. Originality/value This study is the first of this kind to examine the association between financial education and financial satisfaction and several financial capability variables as mediating factors.

scholarly journals Mediators of Differences Between Employed and Unemployed in Life Satisfaction and Emotional Well-being

2021 ◽  
Author(s):  
Filip Fors Connolly ◽  
Tommy Gärling
Keyword(s):  
Life Satisfaction ◽  
Time Use ◽  
Online Survey ◽  
Time Pressure ◽  
Negative Mood ◽  
Well Being ◽  
Financial Satisfaction ◽  
The Unemployed ◽  
The Relationship

AbstractPrevious research has shown that the unemployed has lower life satisfaction than the employed but that their emotional well-being may not differ. The aim is to investigate the role of mediators with bearings on these differences between the employed and unemployed in emotional well-being compared to life satisfaction. Participants were 3,463 employed and 452 unemployed living in five Western countries. They answered questions in an online survey. The results showed that the employed had both higher life satisfaction and emotional well-being. Mediation analysis replicated previous results in that the relationship between unemployment and life satisfaction was mediated by financial satisfaction. The relationship with emotional well-being was mediated by satisfaction with time use which was higher for the employed than the unemployed. Financial satisfaction was also a mediator of the relationship with emotional well-being, both directly and through satisfaction with time use. Although the unemployed felt lower time pressure than the employed, this factor was not a strong mediator of the relationship with emotional well-being, neither directly nor through satisfaction with time use. A possible explanation for the differences in the results for emotional well-being is that a negative mood is less associated with work than found in previous research.

Financial Knowledge, Confidence, Credit Use, and Financial Satisfaction

2019 ◽  
Vol 30 (2) ◽  
pp. 175-190 ◽  
Author(s):  
Stephen A. Atlas ◽  
Jialing Lu ◽  
P. Dorin Micu ◽  
Nilton Porto
Keyword(s):  
Credit Card ◽  
Well Being ◽  
Financial Knowledge ◽  
Strong Interactions ◽  
Financial Satisfaction ◽  
Financial Behaviors ◽  
Subjective Knowledge ◽  
Subjective Financial Knowledge ◽  
The Right ◽  
Credit Card Use

This article investigates associations between confidence about financial knowledge and two outcome variables, financial behaviors and financial satisfaction. On one hand, subjective financial knowledge (confidence) is necessary to make proactive decisions, yet overconfidence has been associated with a range of negative financial behaviors and outcomes. Both types of objective and subjective knowledge may be related to critical financial behaviors and choices such as credit card usage which in turn may be associated with financial satisfaction, an important component of consumer well-being. This article analyzes data from the 2015 National Financial Capability Study to examine how financial knowledge confidence relates to credit card behaviors and financial satisfaction. We use mediation and floodlight analyses to uncover relevant relationships between variables of interest. We find evidence that confidence is associated with healthy credit card use that contributes to financial satisfaction. We also observe strong interactions with knowledge to find that confidence is more strongly associated with credit card use and overall financial satisfaction as knowledge increases. Findings from this study can help financial educators and advisors to deliver the right mix of financial knowledge to better financial choices and behaviors.

Culture Moderates the Relation Between Income Inequality and Subjective Well-Being

2019 ◽  
Vol 50 (10) ◽  
pp. 1221-1241 ◽  
Author(s):  
Chen Li ◽  
Miron Zuckerman ◽  
Ed Diener
Keyword(s):  
Socioeconomic Status ◽  
Income Inequality ◽  
Well Being ◽  
Financial Satisfaction ◽  
Subjective Well Being ◽  
Moderator Effect ◽  
Conservative Ideology ◽  
Moderator Effects ◽  
Liberal Ideology ◽  
Significant Moderator

Liberal ideology promotes equality whereas conservative ideology justifies inequality. Four studies examined whether the liberal–conservative continuum moderates the relation between inequality and subjective well-being (SWB). All four studies found a significant moderator effect such that higher inequality was related to greater SWB in conservative countries. In liberal countries, the corresponding relation was mostly reversed but did not reach significance. Studies 2 and 3 also showed that the moderator effect of liberalism was itself moderated by socioeconomic status (SES)—it was stronger among lower SES individuals. These two studies also found that the moderator effects of both liberalism and SES were partially or fully mediated by financial satisfaction. The current findings explain why previous research on the relation between income inequality and SWB produced inconsistent results.

Income, Age and Financial Satisfaction

2003 ◽  
Vol 56 (2) ◽  
pp. 89-112 ◽  
Author(s):  
Chang-Ming Hsieh
Keyword(s):  
Age Differences ◽  
Well Being ◽  
Financial Satisfaction ◽  
Subjective Well Being ◽  
Social Psychological ◽  
Major Life ◽  
Social Surveys ◽  
Clear Cut ◽  
Psychological Mechanisms ◽  
The Social

Although the effects of income and age on subjective well-being have been widely studied, research on the effects of income and age on financial satisfaction, a major life domain to which income has direct relevance, remains limited. Analyzing data from the General Social Surveys, this article empirically examined the effects of income and age on financial satisfaction. These findings suggest that the social-psychological mechanisms underlying the age differences in the effects of income on financial satisfaction might not reflect a clear-cut status attainment versus status maintenance framework. The findings also served to caution future financial satisfaction research in the choice of income measures and the age grouping.

scholarly journals The Impact of Money Attitudes on the Relationship Between Income and Financial Satisfaction

2015 ◽  
Vol 46 (2) ◽  
pp. 197-208 ◽  
Author(s):  
Agata Gasiorowska
Keyword(s):  
Subjective Evaluation ◽  
Well Being ◽  
Subjective Perception ◽  
Money Management ◽  
Financial Satisfaction ◽  
Net Income ◽  
Money Attitudes ◽  
Love Of Money ◽  
The Impact ◽  
The Relationship

Abstract Prior research has showed that the subjective perception of objective wealth might be affected by various individual difference variables, such as one’s love of money, level of desires, or materialistic inclinations. This paper examines an impact of attitudes towards money on the relation between personal net income and household income, and its subjective evaluation, measured as financial satisfaction and subjective economic well-being. The results of two studies revealed that the affective dimension of money attitudes (assigning the symbolic meaning to money) partially mediated the relationship between income and financial satisfaction. Moreover, the instrumental dimension of attitude towards money (individuals’ attitude toward money management) moderated this relationship: The relationship between the two was stronger for individuals highly concentrated on money management than for those with low scores on this factor.

scholarly journals KNOWLEDGE, EXPERIENCE, FINANCIAL SATISFACTION, AND INVESTMENT DECISIONS: GENDER AS A MODERATING VARIABLE

2020 ◽  
Vol 22 (1) ◽  
pp. 57-64
Author(s):  
Tri Kartika Pertiwi ◽  
Nuruni Ika Kusuma Wardani ◽  
Icasania Septentia
Keyword(s):  
Decision Making ◽  
Investment Decisions ◽  
Well Being ◽  
Partial Least Square ◽  
Least Square ◽  
Financial Satisfaction ◽  
Knowledge Variable

This research aimed to analyze and examine the effect of financial ex­pe­ri­ence, financial knnowledge, and financial satisfaction to the decision making of in­vestor’s investment with gender as a moderation variable. The method of analysis employed was Partial Least Square (PLS). Meanwhile, the research re­sult showed that the knowledge variable, experience, and financial satisfac­tion significantly af­fected to the decision making of investment. However, gen­der as a moderation va­riable was not significantly strengthening to that re­la­tion­­ship. Finally, it could be con­cluded that in decision making we had to con­sider several factors like know­ledge, experience, and satisfaction in efforts to in­crease the investor’s prosperity or well-being.

scholarly journals Up and About: Older Adults’ Well-being During the COVID-19 Pandemic in a Swedish Longitudinal Study

2020 ◽  
Author(s):  
Marie Kivi ◽  
Isabelle Hansson ◽  
Pär Bjälkebring
Keyword(s):  
Older Adults ◽  
Life Satisfaction ◽  
Risk Perception ◽  
Early Stage ◽  
Well Being ◽  
Financial Satisfaction ◽  
Psychological Consequences ◽  
Social Distancing ◽  
Self Rated Health ◽  
Financial Consequences

Abstract Objectives To investigate early effects of the COVID-19 pandemic related to (a) levels of worry, risk perception, and social distancing; (b) longitudinal effects on well-being; and (c) effects of worry, risk perception, and social distancing on well-being. Methods We analyzed annual changes in four aspects of well-being over 5 years (2015–2020): life satisfaction, financial satisfaction, self-rated health, and loneliness in a subsample (n = 1,071, aged 65–71) from a larger survey of Swedish older adults. The 2020 wave, collected March 26–April 2, included measures of worry, risk perception, and social distancing in response to COVID-19. Results (a) In relation to COVID-19: 44.9% worried about health, 69.5% about societal consequences, 25.1% about financial consequences; 86.4% perceived a high societal risk, 42.3% a high risk of infection, and 71.2% reported high levels of social distancing. (b) Well-being remained stable (life satisfaction and loneliness) or even increased (self-rated health and financial satisfaction) in 2020 compared to previous years. (c) More worry about health and financial consequences was related to lower scores in all four well-being measures. Higher societal worry and more social distancing were related to higher well-being. Discussion In the early stage of the pandemic, Swedish older adults on average rated their well-being as high as, or even higher than, previous years. However, those who worried more reported lower well-being. Our findings speak to the resilience, but also heterogeneity, among older adults during the pandemic. Further research, on a broad range of health factors and long-term psychological consequences, is needed.

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