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A Structural Determinants Framework for Financial Well-Being.

Lu Fan1, Robin Henager2

  • 1Program of Personal Financial Planning, Division of Applied Social Sciences, University of Missouri, 125B Mumford Hall, 1100 University Avenue, Columbia, MO 65211 USA.

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Summary
This summary is machine-generated.

Financial well-being is enhanced by financial satisfaction and short-term positive behaviors, but hindered by financial stress and long-term behaviors. Understanding these factors is key for financial health.

Keywords:
Financial behaviorFinancial knowledgeFinancial satisfactionFinancial stressFinancial well-beingPerceived financial capabilityStructural equation modeling

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Area of Science:

  • Behavioral Economics
  • Financial Psychology
  • Consumer Finance

Background:

  • Existing research on personal financial wellness and satisfaction informed the conceptual framework.
  • Financial well-being is a complex construct influenced by various interconnected factors.
  • Understanding the determinants of financial well-being is crucial for individual and societal financial health.

Purpose of the Study:

  • To develop and empirically validate a conceptual framework for understanding financial well-being.
  • To identify significant direct and indirect determinants of financial well-being.
  • To explore the relationships between financial perceptions, knowledge, stress, behaviors, and satisfaction.

Main Methods:

  • Utilized the 2018 National Financial Capability Study dataset.
  • Employed structural equation modeling (SEM) to analyze the proposed framework.
  • Examined direct and indirect relationships among identified financial determinants.

Main Results:

  • Financial satisfaction, perceived financial capability, and short-term financial behaviors directly and positively influenced financial well-being.
  • Financial stress and long-term financial behaviors directly and negatively impacted financial well-being.
  • Financial perception, knowledge factors, financial stress, and short-term behaviors exhibited significant indirect effects on financial well-being.

Conclusions:

  • The study provides empirical support for a comprehensive conceptual framework of financial well-being.
  • Findings highlight the distinct roles of financial satisfaction, stress, and behaviors in achieving financial well-being.
  • Results offer actionable insights for financial practitioners and policymakers to improve financial well-being.