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Financial Behaviors, Government Assistance, and Financial Satisfaction
Yoon G Lee1, Emily Hales1, Heather H Kelley1
1Department of Human Development and Family Studies, Utah State University, 308C Family Life 2905 Old Main Hill, 84322-2905 Logan, UT USA.
Social Indicators Research
|January 23, 2023
Summary
Poor financial behaviors and adverse financial experiences increase government aid reliance. Receiving government assistance boosts financial satisfaction, while poor financial habits diminish it, with adverse experiences having a notable impact.
Area of Science:
- Behavioral Economics
- Public Policy Analysis
- Financial Well-being Research
Background:
- Understanding the interplay between financial behaviors, government assistance, and financial satisfaction is crucial for economic policy.
- Adverse financial experiences can significantly impact an individual's financial trajectory and well-being.
- Previous research has explored these factors independently, but a comprehensive analysis accounting for their interactions is needed.
Purpose of the Study:
- To examine the relationships between poor financial behaviors, government assistance receipt, and financial satisfaction.
- To investigate the mediating role of adverse financial experiences in these relationships.
- To provide insights into the complex dynamics influencing financial well-being.
Main Methods:
- Utilized data from the 2018 National Financial Capability Study (NFCS).
- Employed logistic regression to analyze factors influencing government assistance receipt.
- Used Ordinary Least Squares (OLS) regression to assess the impact on financial satisfaction.
Main Results:
- Poor financial behaviors and adverse financial experiences significantly increased the likelihood of receiving government assistance.
- Government assistance receipt was positively associated with financial satisfaction; poor financial behaviors were negatively associated.
- Adverse financial experiences demonstrated a stronger influence on financial satisfaction compared to government assistance or poor financial behaviors.
Conclusions:
- Financial behaviors and adverse experiences are key predictors of government assistance needs.
- While government aid positively impacts financial satisfaction, poor financial habits detract from it.
- Adverse financial experiences exert a substantial influence on overall financial well-being, necessitating targeted support and interventions.
Keywords:
Adverse Financial ExperiencesFinancial BehaviorsFinancial SatisfactionGovernment AssistanceMore Related Videos
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