Consumer Financial Well-Being: Knowledge is Not Enough

Lee, Jae Min; Lee, Jonghee; Kim, Kyoung Tae

doi:10.1007/s10834-019-09649-9

Cited by 67 publications

(66 citation statements)

References 20 publications

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“…The newest trends in research bend towards assessing the impact of financial literacy on insurance participation (Lin, Hsiao, & Yeh, 2017), mortgage decisions, financial inclusion and financial well‐being. Financial literacy has a positive influence on financial well‐being (Lee, Lee, & Kim, 2019). Grohmann et al.…”

Section: Mapping the Trends In Financial Literacy Research In The Lasmentioning

confidence: 99%

Financial literacy: A systematic review and bibliometric analysis

Goyal

Kumar

2020

Int J Consumer Studies

589

335

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Given the paucity of comprehensive summaries in the extant literature, this systematic review, coupled with bibliometric analysis, endeavours to take a meticulous approach intended at presenting quantitative and qualitative knowledge on the ever‐emerging subject of financial literacy. The study comprises a review of 502 articles ‐ published in peer‐reviewed journals from 2000 to 2019. Citation network, page‐rank analysis, co‐citation analysis, content analysis and publication trends have been employed to identify influential work, delineate the intellectual structure of the field and identify gaps. The most prominent journals, authors, countries, articles and themes have been identified using bibliometric analysis, followed by a comprehensive analysis of the content of 107 papers in the identified clusters. The three major themes enumerated are—levels of financial literacy amongst distinct cohorts, the influence that financial literacy exerts on financial planning and behaviour, and the impact of financial education. Additionally, content analysis of 175 papers has been conducted for the last four years’ articles that were not covered in the co‐citation analysis. Emerging themes identified include financial capability, financial inclusion, gender gap, tax & insurance literacy, and digital financial education. A conceptual framework has been modelled portraying the complete picture, following which potential areas of research have been suggested. This study will help policy‐makers, regulators and academic researchers know the nuts and bolts of financial literacy, and identify the relevant areas that need investigation.

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Section: Mapping the Trends In Financial Literacy Research In The Lasmentioning

confidence: 99%

Financial literacy: A systematic review and bibliometric analysis

Goyal

Kumar

2020

Int J Consumer Studies

589

335

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“…A consensus exists that the ultimate aim of financial literacy is to improve consumers' financial well-being (Limbu and Sato, 2019;Pahlevan Sharif et al, 2020). However, recent research undertakings show inconsistent findings on the association between financial literacy and financial well-being, with results showing a positive relationship (Lee et al, 2020), a negative relationship (Mahdzan et al, 2019), weak relationship (Riitsalu and Murakas, 2019), and no relationship (Utkarsh et al, 2020). These inconsistent results in empirical studies highlight a need to explore indirect associations between financial literacy and financial well-being.…”

Section: Financial Literacy Financial Well-being and The Mediating Role Of Financial Capabilitymentioning

confidence: 99%

Financial literacy and financial well-being of Australian consumers: a moderated mediation model of impulsivity and financial capability

Tahir

Ahmed

Richards

2021

IJBM

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PurposeThis study aims to test a moderated mediation model for a twofold purpose. First, to examine the mediating role of financial capability (FC) in the association between financial literacy (FL) and financial well-being (FW). Second, to analyze if non-impulsive future-oriented behavior (NIB) moderates the associations of FL with FC and FL with FW.Design/methodology/approachThe authors use the PROCESS macros in IBM SPSS Statistics to test the moderated mediation model and analyze the 2016 wave of the Household, Income and Labor Dynamics in Australia Survey.FindingsThe empirical analysis shows that FC partially mediates the association between FL and FW. Furthermore, the moderated mediation analysis shows that NIB strengthens the associations of FL with FC and FL with FW. Specifically, the positive associations of FL with FC and FL with FW significantly increase for those consumers who score high on NIB.Practical implicationsThe findings have implications for the financial services industry. Professional financial planners can positively improve the ability of consumers to deal with their financial matters by highlighting the importance of FL and NIB.Social implicationsThe study findings suggest educating consumers to discourage impulsive behavior and encourage them to create financial plans as it will enhance their ability to conduct financial tasks efficiently, improving their FW.Originality/valueTo the authors’ knowledge, this is the first study to assess a moderated mediation model, which examines the role of FC as a mediator variable and NIB as a moderator variable in the association between FL and FW.

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“…Hence, further, the potential moderating and mediating factors can be explored to understand such effects. For example, using 2016 National FWB Survey data, one such research found the marginal moderation effect of consumers’ propensity to plan between his objective financial knowledge and FWB (Lee et al., 2020). Similarly, the propensity to plan mediates the financial literacy and FWB relationship (Ali et al., 2015).…”

Section: An Organizing Framework Of Research Gaps In Financial Well‐beingmentioning

confidence: 99%

Consumer’s subjective financial well‐being: A systematic review and research agenda

Nanda

Banerjee

2021

Int J Consumer Studies

100

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Subjective Financial Well‐being (FWB) research has gained considerable interest from both academics and practitioners recently. This research area focuses on the consumer’s self‐assessment of his/her disposition, belief, attitude, and behavior concerning money management, spending, savings, and investment. The authors used a systematic literature review (SLR) process, which is a step‐by‐step process‐driven methodology, to find 128 articles published between 1978 and 2020 in marketing and related consumer studies fields. By critically examining the published studies, the paper proposes an organizing framework to identify important research gaps and suggest future research directions. The existing studies highlight (a) macro‐level factors determining the consumer’s FWB, (b) bank information transparency and ethical selling, (c) consumer co‐production behavior, (d) consumer financial literacy and how it relates to FWB, (e) financial inclusion, (f) materialism, personality, spending self‐control, and FWB, (g) multicountry research, and (h) the outcomes or consequences of FWB. Further research directions emphasize the need for research on (a) young consumers and their FWB and (b) role of marketers in maintaining FWB of consumers. The organizing framework offers actionable insights for banks, other financial institutions (FIs), businesses, third‐party organizations (i.e., financial literacy service providers), and public policy makers to increase the subjective FWB of consumers.

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Consumer Financial Well-Being: Knowledge is Not Enough

Cited by 67 publications

References 20 publications

Financial literacy: A systematic review and bibliometric analysis

Financial literacy: A systematic review and bibliometric analysis

Financial literacy and financial well-being of Australian consumers: a moderated mediation model of impulsivity and financial capability

Consumer’s subjective financial well‐being: A systematic review and research agenda

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