Financial literacy and quality of life of consumers faced with cancer: a moderated mediation approach

Abstract

PurposeThe purpose of this paper is to investigate whether financial distress explains the relationship between financial literacy and quality of life (QoL) among consumers who have faced life-threatening cancer. To extend this line of research, the moderating role of social supports in the relationship between financial distress and QoL is examined.Design/methodology/approachA cross-sectional survey was utilized to collect quantitative data through a self-administered questionnaire. A total of 223 consumers diagnosed with cancer in Iran participated in the study by means of a convenience sampling technique. Using a forward–backward method the questionnaire was translated from English into Persian.FindingsThe findings highlight the importance of financial literacy in managing direct and indirect costs of chronic diseases that in turn can improve consumers' QoL. Moreover, while perceived social support improves QoL of consumers diagnosed with cancer, it strengthens the negative association between financial distress and QoL. Consequently, solely receiving of emotional support from acquaintances with no financial support might be bothersome.Practical implicationsThe findings highlight the need for interventions that target financial literacy and perceived financial distress for consumers with chronic diseases. These consumers can benefit from interventions that offer support based on accurate assessments of their needs and priorities.Originality/valueThe present study is the first of its kind to highlight the importance of financial literacy in improving the QoL of consumers with chronic diseases.

The role of impulsivity and financial satisfaction in a moderated mediation model of consumer financial resilience and life satisfaction

“…Specifically, we control the effects of financial literacy, financial capability and future orientation in addition to the traditional socio-demographic factors (age, gender, education status, marital status, employment status and income). Financial literacy is measured using the popular five objective questions (van Rooij et al , 2011; Pahlevan Sharif et al , 2020). Financial capability is measured using the categories described by Atkinson et al (2007).…”

Financial literacy and quality of life: a moderated mediation approach of fintech adoption and leisure

“…Some studies suggest that higher financial literacy may not automatically improve QoL. However, it does so through media such as attitude and behavior (Amonhaemanon and Isaramalai, 2020) or financial security (Pahlevan Sharif et al. , 2020).…”

“…, 2019), leading to improved well-being. However, several scholars argue that the relationship between financial literacy and QoL is complex and indirect (Amonhaemanon and Isaramalai, 2020; Pahlevan Sharif et al. , 2020).…”

Spiritual Well-Being, Social Support, and Financial Distress in Determining Depression: The Mediating Role of Impact of Event During COVID-19 Pandemic in Iran

“…Apart from introspective (e.g., spiritual well-being) or extroverted (e.g., social support) factors, the financial burden caused by the pandemic is another influential factor related to mental health issues. Economic burden from the pandemic includes both direct costs (e.g., virus-related medical treatment) and indirect costs (e.g., job loss) (52,53). The enforced lockdowns of many businesses to control the infection rate have caused increased unemployment in many sectors.…”