The Use of the Intensive Longitudinal Methods to Study Financial Well-Being: A Scoping Review and Future Research Agenda

Abstract

Financial well-being is a positive financial condition that has an objective (e.g., income) and a subjective (e.g., financial satisfaction) side. Much research has examined financial well-being using cross-sectional and classic longitudinal designs. More recently, researchers have begun to examine financial well-being using intensive longitudinal designs, collecting data in a repeated (at least five measurements) and intensive (short time interval between measurements) way. The goal of the current study was to systematically review all published research on financial well-being using intensive longitudinal methods, summarize themes from this work, and suggest future research directions. Searching three databases (Scopus, PsycINFO, Econpapers), we found nine articles that respected inclusion and exclusion criteria. From each selected article, we extracted information about (1) research field diffusion, (2) data collection methods, (3) financial well-being’s definition and operationalization, (4) research questions addressed and (5) data analysis. Findings showed that most of the studies adopted an interval-contingent research design, collecting data once a day; that both the objective and subjective sides of the construct were assessed, and that, most of the time, the construct was conceptualized as financial stress (lack of financial well-being). Different kinds of research questions were addressed across studies and these were often analyzed using multilevel analysis. In the discussion section, future research directions are suggested.

Financial Well-being of Rural Households: A Theoretical Framework and Application

“…To better identify the gaps in previous literature related to farm households' financial well-being, we first construct a systematic literature review using the Scopus 1 database to search relative articles. Scopus is the largest abstract and citation database of peer-reviewed literature 2 , and many review articles on financial well-being utilize this database (Datta, Behera et al, 2022;Gonçalves, Ponchio and Basílio, 2021;Kaur, Singh and Singh, 2021;Oczkowski and Doucouliagos, 2015;Sorgente, Totenhagen and Lanz, 2022).…”

Deterioration of the subjective financial well-being during the coronavirus pandemic: a latent transition analysis

“…move) between classes over time. This approach fits the changing nature of SFWB and mainly eases the identification of deterioration patterns of SFWB during the pandemic and explores the factors related to such changes (Sorgente et al. , 2022).…”

Financial Behavioral Health and Investment Risk Willingness: Implications for the Racial Wealth Gap

“…Depending on how it is addressed and the resources utilized, FP can result in a positive or negative perception of FWB. Different definitions of FWB exist [38]; the most accepted and utilized is by the U.S. Consumer Financial Protection Bureau (CFPB) [12], defined as a subjective assessment of one's sense of financial security and choice, both currently and in the future. Netemeyer et al [39] further explicate this concept into two distinct domains: current money management stress and expected future financial security.…”