Financial well-being: A conceptualization and research agenda

Brüggen, Elisabeth; Hogreve, Jens; Holmlund, Maria; Kabadayi, Sertan; Löfgren, Martin

doi:10.1016/j.jbusres.2017.03.013

Cited by 513 publications

(924 citation statements)

References 58 publications

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“…Financial well‐being represents a summary assessment of how people feel they are doing (Brüggen et al ; CFPB ; Netemeyer et al ). We used financial well‐being as the dependent variable in an OLS regression analysis.…”

Section: Resultsmentioning

confidence: 99%

Financial Literacy as More than Knowledge: The Development of a Formative Scale through the Lens of Bloom's Domains of Knowledge

Warmath¹,

Zimmerman

2019

Journal of Consumer Affairs

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For well over a decade, financial literacy has been a primary lens through which researchers approach financial education. Unfortunately, in most cases, this potentially rich construct is reduced to mere financial knowledge. This myopic conceptualization hampers the development of the concept and programs to build financial literacy. Despite research that reveals these limits, the field has either persisted with this narrow definition of financial literacy or abandoned the model altogether in favor of capability or similar constructs. Using Bloom's domains of knowledge, we redefine financial literacy as the combination of three different indicators reflecting three domains of knowledge: financial skill, self‐efficacy, and explicit knowledge. Using data from a national survey, we apply the methods of formative scale development to construct and validate a more robust conceptualization and measurement of financial literacy. We explore how this financial literacy index might inform development of innovative financial education programs.

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Section: Resultsmentioning

confidence: 99%

Financial Literacy as More than Knowledge: The Development of a Formative Scale through the Lens of Bloom's Domains of Knowledge

Warmath¹,

Zimmerman

2019

Journal of Consumer Affairs

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“…Consumer financial well‐being has two dimensions: current money management stress and expected future financial security (Netemeyer et al , 71). As such, financial well‐being has been defined as the “perception of being able to sustain current and anticipated desired living standards and financial freedom” (Brüggen et al , 2). Although financially vulnerable consumers might, on average, be expected to experience lower levels of financial well‐being, this relationship might be qualified by their individual psychological characteristics.…”

Section: General Conclusionmentioning

confidence: 99%

How Does Consumers' Financial Vulnerability Relate to Positive and Negative Financial Outcomes? The Mediating Role of Individual Psychological Characteristics

Hoffmann¹,

McNair²

2018

Journal of Consumer Affairs

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Vulnerable consumers are at particular risk of financial detriment due to, for example, low financial literacy or numeracy, high debt, low income, or impactful changes in personal circumstances. We introduce a comprehensive and formative measure of financial vulnerability that integrates these risk factors and is grounded in definitions of vulnerability from financial regulation bodies and government agencies such as the Consumer Financial Protection Bureau. Across three studies of US individuals, we assess the nomological validity of this measure of financial vulnerability through its relationship with positive and negative financial outcomes (e.g., savings levels, paying credit card balances in full each month, being in arrears) as well as relevant psychological characteristics (e.g., personal savings orientation [PSO], money management skills, financial self‐efficacy). Moreover, we examine whether and how these psychological characteristics mediate the relationship between financial vulnerability and financial outcomes. We conclude with an overview of implications for policy makers and business practitioners.

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“…Previous research has indicated that males and females differ in their knowledge of and behaviours in the financial marketplace (Bajtelsmit & Bernasek, 1996;Woodyard & Robb, 2012;Theodoset al, 2014). These differences, in turn, have an influence on the level of financial health and financial well-being males and females report on (Brüggen,Hosgreve, Holmlund, Kabadayi, Löfgren 2017). Gerrans, Speelman and Campitelli (2014) found that the relationship of certain variables withpersonal well-being ismediated by financial well-being with gender differences.…”

Section: Literature Reviewmentioning

confidence: 99%

Gender and Financial Well-Being of South African Investors

Koekemoer¹

2019

Proceedings of the 12th Economics &Amp; Finance Conference, Dubrovnik

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Financial well-being is characterised by an individual's attitude towards their financial status. Financial well-being can be influenced by various factors, such as socioeconomic characteristics, financial behaviours and financial stressor events. Limited research has been conducted on gender differences regarding perceptions of financial wellness. An opportunity for research in this area emerged, where the main focus of this paper was to determine the difference in financial well-being levels between male and female South African investors. Secondary data collected by an investment company was used with a total sample size of 600 investors. These investors used a self-report measure for financial well-being. The results of the study indicated that there is a statistically significant difference between male and female investors' level of financial well-being. The results also suggested that male investors have a higher level of financial well-being compared to their female counterparts. These results concur with results from previous research conducted by international researchers.

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Financial well-being: A conceptualization and research agenda

Cited by 513 publications

References 58 publications

Financial Literacy as More than Knowledge: The Development of a Formative Scale through the Lens of Bloom's Domains of Knowledge

Financial Literacy as More than Knowledge: The Development of a Formative Scale through the Lens of Bloom's Domains of Knowledge

How Does Consumers' Financial Vulnerability Relate to Positive and Negative Financial Outcomes? The Mediating Role of Individual Psychological Characteristics

Gender and Financial Well-Being of South African Investors

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