Determinants of Financial Management Behaviors of Families

Abstract

Today's family income management is a central resource for welfare of family members. This study was performed to test the reliability and validity of the Turkish version of the Financial Management Behavior Scale (FMBS) developed by Dew and Xiao (2011) to measure individual's saving, investment, and expenditure and debt behavior in family. It also examines the predictors of financial management behavior in family. The study was concluded over a total of 696 participants who are working at Government Office in Bursa-Turkey. The results of the factor analysis were composed of four subscales in accordance with original form of the scale. Reliability analysis showed that the FMBS had a high internal consistency (CronbachAlpha: .82; Split-half: .83) and split half reliability coefficient. The result of hierarchical regression analysis revealed that demographic characteristics, saving and investment decision, financial satisfaction and compared financial status were predicted of financial management behavior.

Struggling to make ends meet: can consumer financial behaviors improve?

“…Also, they suggest that while continued research is warranted on the antecedents of financial behaviors, there is a need to emphasize the understanding and measuring of the consequences (Goyal et al, 2021). Much of the academic research has focused on subjective measures such as financial wellness (Joo, 2008;Netemeyer et al, 2018;Zyphur et al, 2015) and financial satisfaction (Goyal et al, 2021;Gunay et al, 2015;Mugenda et al, 1990). There is a benefit of researching and developing objective outcome measures.…”

Antecedents and consequences of Personal Financial Management Behavior: a systematic literature review and future research agenda

“…Most of the empirical investigations have considered IJBM 39,7 PFMB as an outcome, and the resultant variable outcomes of such behavior have not received much attention. The existing work exposits that financial behavior can influence financial satisfaction (Mugenda et al, 1990;Gunay et al, 2015). To examine the causal relationships of factors that influence money management tasks, Mugenda et al (1990) remarked upon the finding that "net worth, savings, debt payments and lack of financial difficulties" are the main predictors of financial satisfaction.…”

“…Notably, PFMB and financial access are essential for overall financial well-being yet have not been much explored (Birkenmaier and Fu, 2019). Better financial behavior may result in better financial access and better financial status (Gunay et al, 2015). Again, there is a causality issue implying that financial access succeeds financial behavior and vice-versa (Xiao et al, 2010).…”

“…,Xiao et al (2014),Gunay et al (2015),Xiao and Porto (2017),Xiao and O' Neill (2018b), Spuhlera and Dew (2019) Positive Quality of life Mugenda et al (1990), Dew et al (2021) Positive Relationship satisfaction Clearwater and Harvey (1988), Vogler et al (2008), Bharucha (2018), Kulic et al (2020), Baryła-Matejczuk et al et al (2019), Lusardi et al (2020) Negative Financial well-being Xiao (2008)*, Xiao et al (2015), Xiao (2015)*, Xiao and O'Neill (2016), Xiao and Porto (2017), Riitsalu and Murakas (2019), Baryła-Matejczuk et al…”

Integrating Financial Management and Gamification

“…Furthermore, the exploration of psychological factors can contribute to a better understanding of financial behavior [29], [44], particularly in relation to the five personality traits: extraversion, agreeableness, conscientiousness, neuroticism, and openness [36], [50]. Additionally, it is important to objectively measure subjective factors such as financial wellness [84], [85] and financial satisfaction [1], [30], [86], [87]. Lastly, investigating the consequences of financial behavior warrants further attention [1], [30].…”