Enhancing customer knowledge: the role of banks in financial well-being

2018 ◽  
Vol 30 (4/5) ◽  
pp. 459-582 ◽  
Author(s):  
Mauricio Losada-Otalora ◽  
Carlos Augusto Valencia Garcés ◽  
Jorge Juliao-Rossi ◽  
Pedro Mario Donado ◽  
Efraín Ramírez F.
Keyword(s):  
Latin American ◽  
Well Being ◽  
Financial Knowledge ◽  
Subjective Well Being ◽  
Content Type ◽  
Information Transparency ◽  
Cultural Variables ◽  
Objective Financial Knowledge ◽  
Subjective Financial Knowledge

Purpose The purpose of this paper is to explore the role of banks in enhancing consumer knowledge aiming to increasing customer’s financial well-being. Design/methodology/approach This research applied two quantitative studies with customers of banks in a Latin American country. The literature review and the results of the data analysis founded the development of a model that relates bank information transparency and subjective financial well-being through consumer financial knowledge. Findings By being transparent banks may transform the financial well-being of their customers. Particularly, this paper shows that consumer financial knowledge mediates the relationship between bank information transparency and the subjective financial well-being of individuals. However, the mediational effect occurs by subjective but not objective financial knowledge. Research limitations/implications The mediational model of this research does not take in consideration the role that individual factors play in the exposition and processing of the information provided by banks and its final impact on the subjective well-being of individuals. Also, this paper does not explore potential moderators of the theoretical relationships neither include cultural variables in the analysis. Originality/value Firm transparency has been related to various constructs in the marketing literature; however, its impact on consumer financial well-being is under-researched. This paper shows that companies need to aim to increase the subjective financial knowledge of their customers as a way to improve ultimate well-being of their customers.

How perceived information transparency and psychological attitude impact on the financial well-being: mediating role of financial self-efficacy

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Muhammad Zia-ur-Rehman ◽  
Khalid Latif ◽  
Muhammad Mohsin ◽  
Zahid Hussain ◽  
Sajjad Ahmad Baig ◽  
...  
Keyword(s):  
Financial Institutions ◽  
Self Efficacy ◽  
Well Being ◽  
The Body ◽  
Main Concern ◽  
Productivity Level ◽  
Content Type ◽  
Information Transparency ◽  
Psychological Attitude

PurposeThe basic intention of this research is to investigate the role of information transparency of financial institutions and psychological attitude of the individuals toward their attention to saving and borrowing. This study also tries to know how an individual's psychological factor affects a person's attitude to motivate them to save or borrow and contribute to well-being by giving them confidence that they can face financial challenges. So, the main concern of this study is to explore different factors that ultimately contribute to the financial well-being (FWB) of individual.Design/methodology/approachA survey was conducted by using a well-structured questionnaire to collect data and test the developed hypotheses by using SmartPLS. Data were collected from 120 customers of seven different commercial banks in Pakistan.FindingsThe findings of this study show that perceived information transparency positively affects FWB. It is also because transparent shared information creates positive change in individuals' perceived self-efficacy and leads to FWB. Furthermore, an individual's psychological attitude toward borrowing and saving did not contribute to the FWB of people who belong to Pakistan.Research limitations/implicationsThe research area is limited to one city of Pakistan and analysis is done with small numbers of sample, it can be increased and more areas can be explored.Practical implicationsThis research provides significant implications for people and economists by providing awareness about the antecedents of FWB. The policymakers or managers who work in financial institutions should provide more transparent information and create less risky opportunities to improve the individual's well-being. If person, manager and financial institution can properly utilize the information of this study, then they are able to improve their FWB. By providing more transparent services and favorable experience with your dealings, it could help to obtain and retain more loyal internal (employees) and external customers. The loyal customers and sincere employees can increase the productivity level of organization. The more productive organizations in countries means better society and progress in the economy.Originality/valueThis research contributes to the body of knowledge that how perceived information transparency and psychological attitude of borrowing create improvement and upward changes in the FWB of a person.

Psychological capital and career commitment: the mediating effect of subjective well-being

2018 ◽  
Vol 56 (2) ◽  
pp. 458-473 ◽  
Author(s):  
Hansika Singhal ◽  
Renu Rastogi
Keyword(s):  
Life Satisfaction ◽  
Negative Affect ◽  
Positive Affect ◽  
Psychological Capital ◽  
Career Commitment ◽  
Well Being ◽  
Subjective Well Being ◽  
Content Type ◽  
The Relationship

Purpose The purpose of this paper is to discover the role of psychological capital (PsyCap) as a predictor of subjective well-being (SWB) and career commitment (CC). Further, it aims to analyze the mediating role of SWB in the relationship between PsyCap and CC in the Indian manufacturing sector. Design/methodology/approach A quantitative survey-based research design employing data from 300 employees in the National Capital Region (NCR) of India was used in the present research. Findings The results demonstrated that PsyCap acted as a predictor for SWB and CC. Additionally, SWB partially mediated the relationship between PsyCap and CC. Research limitations/implications The limitations of the present research would have to do with the purposive sample set chosen during the data collection. The sample consisted of middle- and upper-middle-class Indian employees working in the NCR having knowledge of English language and computer skills. Perhaps, future research works should take into account a wider sample in terms of the regions across India and not only the NCR. Although the findings showed that SWB reduced the relationship between PsyCap and CC, still that relationship was significant statistically. Further research studies might also explore various moderators while simultaneously studying SWB. In the research, SWB acted as a significant mediator of the relation between PsyCap and CC, yet at the same time, it may be the scenario that employees who are committed toward their career would be more inclined to espouse a greater sense of SWB (i.e. mediator is caused by the outcome). Hence, the authors duly recognize the need to test this substitute model. Since, SWB places chief emphasis on respondent’s own experiences and perspectives; it does not denote a consummate understanding of their mental health as people may have psychological disorders even if they experience happiness. Hence, the use of other measures in addition to SWB in comprehending a person’s psychological health is desirable (Diener et al., 1997). Practical implications This study suggests that in order for organizations to have a workforce committed to their career and hence, their profession, the supervisors will need to train the employees having a higher incidence of PsyCap to increase their SWB. Consequently, the supervisors will, in turn, need to recruit employees already having the four dimensions of PsyCap, i.e. hope, efficacy, resilience and optimism at the workplace in order for them to have a higher life satisfaction, positive affect, reduced negative affect (three components of SWB) and increased CC. Social implications Employees who develop within themselves a state of being hopeful, efficacious, resilient and optimistic will also be strongly oriented toward having greater life satisfaction, positive affect and lower levels of negative affect. This, in part, would help them achieve the required commitment toward their career and hence, help them in sticking with their jobs. Originality/value The present study advances the existing work on positive organizational behavior by exhibiting the noteworthy role of PsyCap in predicting SWB and CC. Further, it helps in demonstrating the inevitable role of SWB in partially mediating the relationship between PsyCap and CC.

Subjective financial knowledge, prudent behaviour and income

2019 ◽  
Vol 37 (4) ◽  
pp. 934-950 ◽  
Author(s):  
Leonore Riitsalu ◽  
Rein Murakas
Keyword(s):  
Financial Literacy ◽  
Financial Education ◽  
Well Being ◽  
Financial Knowledge ◽  
Future Research ◽  
Objective Knowledge ◽  
Content Type ◽  
Subjective Knowledge ◽  
Subjective Financial Knowledge ◽  
Behaviour Score

Purpose The purpose of this paper is to study how subjective and objective knowledge of finance, behaviour in managing personal finances and socio-economic status affect financial well-being. Design/methodology/approach The financial well-being score is constructed in quantitative financial literacy survey data from Estonia as the arithmetic mean of four statements on a five-point scale. Four hypotheses are tested in multiple regression analysis. Findings Subjective knowledge has a stronger relation with financial well-being than objective knowledge. Financial behaviour score and income level correlate with financial well-being. Research limitations/implications The paper contributes to literature on financial literacy, subjective financial knowledge and financial well-being. In future research, psychological factors and future orientated financial well-being should be included, and their relationship to subjective well-being could be analysed further. Practical implications The results highlight the importance of subjective knowledge and sound behaviour for improving financial well-being. Providers of financial services should address these more in the design of their services and communication. Social implications Policymakers developing national strategies for financial education need to address subjective financial knowledge for increasing financial well-being in society. Originality/value Knowledge, behaviour and subjective knowledge have not been used simultaneously in the analysis of financial well-being in Europe before.

scholarly journals Happiness and pro-environmental consumption behaviors

2022 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Hung Vu Nguyen ◽  
Mai Thi Thu Le ◽  
Chuong Hong Pham ◽  
Susie S. Cox
Keyword(s):  
Quantitative Research ◽  
Online Survey ◽  
Well Being ◽  
Subjective Well Being ◽  
Psychological Well Being ◽  
Content Type ◽  
Environmental Messages ◽  
The Relationship ◽  
Theoretical Foundations

PurposeThis paper employs the theoretical foundations for subjective well-being to examine the impacts of two underlying dimensions of subjective well-being (psychological well-being and social well-being) on pro-environmental consumption behaviors (PECBs). In this research, the moderating role of exposure to positive environmental messages on media in the relationship between subjective well-being and PECBs is also examined.Design/methodology/approachThis research uses a quantitative research method with data collected from an online survey questionnaire posted in Facebook groups related to PECBs in Vietnam.FindingsPsychological well-being and social well-being are found to be separate significant predictors of PECBs. More importantly, exposure to positive environmental messages on media was found to reinforce the impacts of psychological well-being on PECB but not moderate the relationship between social well-being and PECB.Originality/valueThis research offers a new insight for encouraging PECB from the perspective of subjective well-being. Different from the extant perspectives, which usually examine subjective well-being as a unidimensional antecedent of PECB, the authors highlight that subjective well-being can influence PECB in two separate dimensions. Moreover, this research extends existing literature by accentuating the role of exposure to environmental messages in the association between different types of social well-being and PECB.

Hospitality business models, customer well-being and trust: the mediating role of competitive service advantage

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Lenna V. Shulga ◽  
James A. Busser ◽  
Billy Bai
Keyword(s):  
Purchase Intention ◽  
Business Models ◽  
Well Being ◽  
Generational Cohorts ◽  
Subjective Well Being ◽  
Content Type ◽  
Mediating Role ◽  
Value Propositions ◽  
Hospitality Business

Purpose This study aims to examine how hospitality consumers of different generations appraise competitive service advantage (CSA) of service providers, based on providers’ business models and value propositions, particularly, how these perceptions influence consumers’ purchase intention, subjective well-being and trust in service provider. Design/methodology/approach This study used a 3 × 4 between-within online scenario-based experimental design (business models: traditional, collaborative, shared; value propositions: innovation, marketing, service production, recovery) using equal and randomized assignment to experimental conditions. Following equal quota-based randomized sampling, three generations were examined (n = 180): baby boomers, Generation Xers and millennials. Multivariate analysis of variance and PROCESS macro were used to analyze the data. Findings Hospitality consumers perceived value propositions from providers with different business models inversely based on their perceptions of firms’ CSA, subjective well-being and trust. CSA amplified the outcomes and served a mediating role for purchase intention, subjective well-being and trust. Different outcomes were based on generational cohorts. Practical implications Customer perceptions of firm’s unique competitive position should be managed holistically by combining business models, value propositions and generational cohorts to ensure customers’ purchase intention, trust and subjective well-being. CSA should be communicated to customers differently based on generational membership. Originality/value This study deepens knowledge of CSA, specifically from the consumer level of analysis. The key contribution is the role of CSA as a mediator for hospitality business models and customer-related outcomes of purchase intention, subjective well-being and trust. This study brings forward consumer subjective well-being as a potential goal for hospitality firms.

The companion effect on adventure tourists’ satisfaction and subjective well-being: the moderating role of gender

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Lujun Su ◽  
Jin Cheng ◽  
Scott Swanson
Keyword(s):  
Online Survey ◽  
Well Being ◽  
Additional Contribution ◽  
Subjective Well Being ◽  
Content Type ◽  
Tourist Satisfaction ◽  
Relative Ability ◽  
The Impact ◽  
Moderating Role

Purpose In an adventure tourism context (i.e. sky diving, bungee jumping) the effect of the absence or presence of a travel companion; companion relative ability (i.e. perception of a companion’s possessed resources useful for the achievement of travel goals); and tourist gender on the impact of companion relative ability on tourists’ satisfaction and subjective well-being is examined. This paper aims to investigate the mediating role of satisfaction that combines companion relative ability, tourist gender, tourist satisfaction and subjective well-being. Design/methodology/approach This research uses three situational experiments. A one-factor between-subjects experimental design was used for Study 1. Studies 2 and 3 used a one-factor between-subjects and a 2 × 3 factorial between-subjects design. Participants included tourists visiting a national park in China assigned to scenarios using an anonymous intercept approach and an online survey. Findings Having a companion with greater/comparable relative ability produces a greater effect on tourist satisfaction and subjective well-being than having a companion with lower relative ability. Furthermore, the perceived relative ability of a travel companion results in a stronger positive effect on tourist satisfaction and subjective well-being for female tourists. Meanwhile, satisfaction fully mediates the impact of the interaction between companion relative ability and tourist gender on subjective well-being. Originality/value The current research validates the companion effect on adventure tourists’ satisfaction and subjective well-being. An additional contribution is an investigation into the effect of companion relative ability. The study is the only one the authors are aware of that examines the moderating role of tourist gender on the effect of companion relative ability on tourist satisfaction and subjective well-being and identifies the mechanism that combines companion relative ability, tourist gender, tourist satisfaction and subjective well-being.

Mall image, shopping well-being and mall loyalty

2017 ◽  
Vol 45 (10) ◽  
pp. 1114-1134 ◽  
Author(s):  
Majid Mohammad Shafiee ◽  
Sayyed Mohammad Sadiq Es-Haghi
Keyword(s):  
Structural Equation ◽  
Middle Eastern ◽  
Well Being ◽  
Subjective Well Being ◽  
Content Type ◽  
Utilitarian Value ◽  
Recent Emergence ◽  
Iranian Context ◽  
High Level

Purpose This study was carried out to identify mall image dimensions, analyse and discuss how shopping well-being is influenced by mall image and impacts on mall loyalty with the moderating role of gender differences. Besides, the relationship between hedonic value (HV) and utilitarian value (UV) on shopping well-being are investigated. The paper aims to discuss these issues. Design/methodology/approach Through a questionnaire, data were obtained from shoppers at the biggest and the most remarkable malls in Tehran that has a high level of brand awareness. A two-stage method of structural equation modelling was used for testing the hypotheses. Findings The results show that shopping well-being is affected by mall image and HV but not by UV. In addition, as indicated in previous researches, this study supports the idea that shopping well-being influences mall loyalty. In other words, it is argued that shopping well-being is more about pleasure and fun than doing task-oriented activities. Originality/value Most of the mall image dimensions overlapped each other, therefore the purpose of this research is to choose and introduce the best and the most comprehensive combination of those dimensions. Also, in spite of the recent emergence of the shopping well-being concept, it has proved to be delicate in the Iranian context through value, consumer well-being, consumption experiences and sociological life space theories in the quantitative method. In addition, this study shows that shopping well-being is a subjective well-being. This is in contrast to what the common Islamic philosophers opine. Additionally, not only did it propose how to make shoppers more loyal through shopping well-being, but it also discussed the role of gender difference on the subject of shopper loyalty phenomenon. More importantly, this study enables other researchers to investigate cultural differences in this region and make it possible to compare Middle Eastern Countries, especially Iran, to other countries.

Financial well-being for a sustainable society: a road less travelled

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Mandeep Mahendru
Keyword(s):  
Financial Literacy ◽  
Well Being ◽  
Behavioural Economics ◽  
Integrative Approach ◽  
Subjective Well Being ◽  
Financial Capability ◽  
Content Type ◽  
Rational Decision Making ◽  
Long Time

PurposeMeasurement of financial well-being has remained a challenge for the governments for a long time. This paper responds to this challenge by taking an integrative approach, whereby the previous conceptualizations of financial well-being are examined. Further, we propose a new conceptualization of financial well-being using the parameters of objective and subjective well-being.Design/methodology/approachWe conduct a widespread review of the literature with regard to the linkage between financial literacy and financial capability.FindingsNumerous studies report the pertinent role of behavioural economics in rational decision making. This paper understands the role of behavioural economics in regard to financial well-being.Research limitations/implicationsEmpirical investigation in measuring the linkage between financial literacy and financial capability needs to be developed to achieve the goal of financial well-being.Originality/valueThis paper makes a noble contribution to the literature by proposing a new conceptualization of financial well-being spread over financial literacy, financial capability and psychological factors.

Tolerance, governance and happiness (in)equality: cross-country evidence

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Raufhon Salahodjaev
Keyword(s):  
Life Satisfaction ◽  
Well Being ◽  
Subjective Well Being ◽  
Equal Distribution ◽  
Content Type ◽  
Mediating Role ◽  
Quality Of Institutions ◽  
Cross Country

Purpose The purpose of this study is to extend related literature on life satisfaction. In particular, the author explores the link between tolerance, governance and life satisfaction inequality in a sample of 81 countries. While studies have shown that tolerance and governance are separately linked to subjective well-being, no study has shown their mutual relationship to life satisfaction inequality. Design/methodology/approach Considering the existing link between tolerance and quality of institutions, in this study, the author explores the relationship between tolerance and life satisfaction inequality and the mediating role of governance. This research could be embedded in the framework of ballooning research exploring the effect of societal values on institutions and life satisfaction. Findings The empirical findings suggest more tolerant societies are more likely to have more even levels of life satisfaction, but this correlation is completely mediated by governance. Quality of institutions thus seem to be one of the core channels by which societies that value tolerance achieve more equal distribution of happiness. The author also finds that while GDP per capita evens out happiness, income inequality increases the gap in life satisfaction within society. Originality/value To the best of the author’s knowledge, this study is the first that relies on most up-to-date cross-country data to explore a novel channel through which tolerance may be linked to subjective well-being. In particular, in this study, the author posits that tolerance may have been linked to subjective well-being indirectly via its impact on quality of institutions (governance).

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