Determinants of financial wellness among Malaysia workers

Delafrooz, Narges; Paim, Laily

doi:10.5897/ajbm10.1267

Cited by 70 publications

(36 citation statements)

References 10 publications

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“…Consistently with earlier studies (e.g. Almenberg and Dreber 2015, Chen and Volpe 2002, Fonseca et al 2012, Lusardi and Mitchell 2014, men tend to achieve a higher financial literacy score than women. As Table 3 shows, a higher proportion of men answer the three financial literacy questions correctly.…”

Section: Alternative Explanationssupporting

confidence: 91%

Boys will still be boys: Gender differences in trading activity are not due to differences in (over)confidence

Cueva

Iturbe-Ormaetxe

Ponti

et al. 2019

Journal of Economic Behavior & Organization

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The fact that men trade more than women in financial markets has been attributed to men's overconfidence. However, evidence supporting this view is only indirect. We directly test this conjecture experimentally, by measuring confidence using monetary incentives before participants trade in a simulated market. We find that men are more confident than women in our trading task. Men also trade more, and they hold larger and less diversified portfolios than women. However, we do not find that differences in confidence explain any portion of the gender gap in trading activity. We explore alternative candidate channels such as risk aversion, financial literacy or competitiveness but find that these factors are also unlikely to play a role.

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Section: Alternative Explanationssupporting

confidence: 91%

Boys will still be boys: Gender differences in trading activity are not due to differences in (over)confidence

Cueva

Iturbe-Ormaetxe

Ponti

et al. 2019

Journal of Economic Behavior & Organization

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“…The hypothesis that financial literacy is an antecedent of FWB finds support in the argument that the measure of success for financial literacy efforts must be financial well-being (OECD, 2013a;CFPB, 2015a). It is also supported by evidence suggesting that financial behavior (Delafrooz & Paim, 2011;Mokhtar & Husniyah, 2017) and financial attitudes (Joo, 2008) are positively related to FWB. For financial knowledge, there is also ample evidence of a positive and significant effect (Joo & Grable, 2004;Delafrooz & Paim, 2011;Robb & Woodyard, 2011;Falahati, Sabri, & Paim, 2012;Banco Central do Brasil [BCB], 2017).…”

Section: Introductionmentioning

confidence: 72%

“…Chan, Chan, and Chau (2012) and Malone et al (2010) also argue that, in order to understand FWB, it is necessary to take into consideration individuals' understanding and temporal concern about the past, present, and future, that is, aspects related to past financial experiences, current experiences and future expectations. In this perspective, Delafrooz and Paim (2011) financial satisfaction, the perception of financial resources, financial stability, and the objective value of assets. Thus, in order to identify people's financial satisfaction, it is necessary to analyze the context of life in which they live and, consequently, the family's disposable income.…”

Section: Financial Well-beingmentioning

confidence: 99%

“…Plagnol 2011Income Individuals with higher income levels have higher FWB. Sumarwan (1990), Delafrooz and Paim (2011), Gutter and Copur (2011), Penn (2007), Kunkel (2014), Diniz et al (2014), and Vlaev and Elliott (2014) Source: Elaborated by the authors. 1.2 shows the variables marital status and education, for which there is no consensus in the literature regarding the relationship with FWB.…”

Section: Gendermentioning

confidence: 99%

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Financial Well-Being of the Beneficiaries of the Minha Casa Minha Vida Program: Perception and Antecedents

Vieira

Bressan

Fraga

2021

RAM, Rev. Adm. Mackenzie

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Purpose: This article has two main objectives: to measure the level of financial well-being (FWB) of the beneficiaries of the Minha Casa Minha Vida program (PMCMV) and test the hypothesis that financial literacy is an antecedent of the FWB. Originality/value: Considering that there is still no universally accepted definition and measure for the FWB (Brüggen, Hogreve, Holmlund, Kabadayi, & Löfgren, 2017), this study seeks to apply the methodology proposed by the Consumer Financial Protection Bureau (CFPB) in Brazil, since the previous applications attempts of other scales showed great instability. Also, the hypothesis that the financial literacy is a antecedent of the FWB is tested. Design/methodology/approach: To measure the FWB, the scale developed by the CFPB was used. Financial literacy was built from the three dimensions proposed by the Organisation for Economic Co-operation and Development (OECD), which are: financial behavior, attitude and financial knowledge. The instrument was implemented in 561 beneficiaries of the three funding ranges of the PMCMV. It was used for descriptive statistical analysis, confirmatory factorial analysis and multiple linear regression. Findings: The results indicated that the majority of the beneficiaries of the program present medium-low and medium-high levels of FWB. The hypothesis that financial literacy is an antecedent of the FWB was confirmed, and all three dimensions had a positive impact. Levels of income also presented a positive influence, whereas the fact of having dependents had a negative impact. The BEF measure proposed by the CFPB seems adequate to the Brazilian context. And advances in the national financial literacy strategies tend to increase the FWB of the Minha Casa Minha Vida program.

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“…The school needs to obtain a clear picture of the employees' state of financial wellness. This idea is supported by Delafrooz and Paim [11] who claim that an objective assessment of a person's financial situation is necessary for the investigation of an individual's financial wellness. It is also equally significant to investigate the factors that influence it; hence, this study.…”

Section: Introductionmentioning

confidence: 75%

Employees’ Financial Literacy, Behavior, Stress and Wellness

Parcia¹,

Estimo²

2017

JHRM

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Abstract:A successful financial wellness initiative may provide people with the information and support they need to achieve an ideal state of being, the balance of which is unique to every person. This correlational study aimed to examine the financial wellness of the employees of a maritime school and the factors that influence it. A survey was administered to 96 employees of the institution. Findings revealed that the employees have a fair level of financial wellness, a moderate level of financial literacy, a very satisfactory level of financial behavior, and a low level of financial stress. The employees were found to be comparably the same in their state of financial wellness regardless of their age, family status, sex, tenure, and job position. Overall, the data implied that what the employees earn was just enough to support their basic needs but not enough to cover for cases of sickness, job loss, or any form of emergency. The employees were comparably the same in terms of their financial literacy, all variables considered. They also demonstrate a comparable financial behavior, except when they were grouped according to age. Results of this study also indicate financial behavior being related to financial literacy. This result implies that being financially literate could improve the employees' ability to manage their financial resources. Financial literacy was found to be the best predictor of financial wellness.

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Determinants of financial wellness among Malaysia workers

Cited by 70 publications

References 10 publications

Boys will still be boys: Gender differences in trading activity are not due to differences in (over)confidence

Boys will still be boys: Gender differences in trading activity are not due to differences in (over)confidence

Financial Well-Being of the Beneficiaries of the Minha Casa Minha Vida Program: Perception and Antecedents

Employees’ Financial Literacy, Behavior, Stress and Wellness

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