What Do Subjective Assessments of Financial Well-Being Reflect?

Sass, Steven A.; Belbase, Anek; Cooperrider, Thomas; Ramos-Mercado, Jorge D.

doi:10.2139/ssrn.2577285

Cited by 17 publications

(17 citation statements)

References 24 publications

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“…Robb et al () explained this result, in part, as individuals basing decisions “solely on biased estimates and inaccurate self‐perceptions” (p. 432). Another possible explanation is that the objective financial knowledge questions, which all relate to financial planning for the future (what Sass et al () has referred to as “distant financial deficits” (p. 21)), may be an indirect measure of present vs. future time preference. The subjective financial knowledge question is not anchored to a time period.…”

Section: Limitations Discussion and Conclusionmentioning

confidence: 99%

The Influence of Financial Well‐Being on Pawnshop Use

Nicolini¹,

Cude²

2019

Journal of Consumer Affairs

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This research examined the influence of financial well‐being on pawnshop use. Data from the 2015 National Financial Capability Study were used to construct a measure of financial well‐being, based on the Consumer Financial Protection Bureau's definition. A higher financial well‐being reduced the odds of pawnshop use by 17%, even after controlling for having a bank account, having a credit card, being financially overconfident, proximity to local pawnshops, and selected demographic characteristics. The authors make recommendations for future research based on changes in the pawnshop industry and its users.

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Section: Limitations Discussion and Conclusionmentioning

confidence: 99%

The Influence of Financial Well‐Being on Pawnshop Use

Nicolini¹,

Cude²

2019

Journal of Consumer Affairs

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“…Further interesting findings arise when we explore the fuzzy measures at the country level in relation to important socio-economic and demographic characteristics, as suggested by different contributions of the FW literature (see, e.g. Van Praag et al, 2003: Arber et al, 2014Sass et al, 2015;CFPB, 2015;Br€ uggen et al, 2017). In particular, we consider the following: (1) household income (i.e.…”

Section: Resultsmentioning

confidence: 99%

Measuring financial well-being in Europe using a fuzzy set approach

D’Agostino

Rosciano

Starita

2020

IJBM

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PurposeThis paper aims to apply a multidimensional approach to assessing the financial well-being of European countries.Design/methodology/approachFinancial well-being is a very complex phenomenon to measure because it is composed of different dimensions. Therefore, this paper uses a multidimensional and fuzzy methodology to assess financial well-being in Europe. The financial well-being fuzzy indicator was calculated using European Quality of Life Survey data.FindingsFinancial well-being is heterogeneous across European countries. This evidence is confirmed both at the level of overall financial well-being and at the level of sub-indices. The degree of financial well-being is not directly related to wealth as traditionally measured (i.e. GDP), but shows some correspondence with socio-economic characteristics of the population and with governance and cultural elements of a country.Practical implicationsUnderstanding financial well-being could help financial institutions to transition from a one-size-fits-all approach to a more tailored approach when they provide financial services and could help policy makers to consider financial well-being when they decide how and where to allocate public spending.Originality/valueTo the best of authors’ knowledge, this study is the first to employ a fuzzy methodology for the analysis of financial well-being in Europe.

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“…For example, Shim et al (2010) employed both objective (amount of debt) and subjective measure (financial satisfaction and coping with financial strain) in operationalising the financial well-being. The school of thought for the combination of objective and subjective measure suggested that individual's subjective well-being is related to individual's financial condition whereby the rich people are happier and more satisfied with their life compare to the poor ones (Sass, Belbase, Cooperrider, & Ramos-Mercado, 2015).…”

Section: Defining Financial Well-beingmentioning

confidence: 99%

A Framework of Subjective Financial Well-Being among University Students in Malaysia

Low

2020

Journal of Governance and Development (JGD)

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Living within one’s means is the practice that ensures that a person can survive and able to support their living. However, young working adults in Malaysia struggle to make ends meet for them to cover their basic needs. This problem calls the attention of personal finance management role in improving one’s financial well-being. University students are characterised as emerging adults, which their life stage is between adolescents and adults. This emerging stage plays as the transition stage for them before they become a working adult that requires them to manage their own personal finance and not depending on the financial support from their parents. People in a similar financial situation could perceive their financial well-being differently. Due to the specific characteristics of the university students and differences in perceiving their financial well-being, this inspires researcher to investigate the factors (financial literacy and financial behaviour), based on Theory of Planned Behaviour and Happiness Framework, that contribute to financial well-being. Hence, this paper attempted to (1) conceptualise financial well-being in a subjective approach to capture the students’ financial well-being situation in a more holistic picture and (2) discuss the relationships among the factors contributing to the subjective financial well-being of the university students. It is significant because the concept is defined in varies forms in past studies and the relationships among the factors require further clarifications.

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What Do Subjective Assessments of Financial Well-Being Reflect?

Cited by 17 publications

References 24 publications

The Influence of Financial Well‐Being on Pawnshop Use

The Influence of Financial Well‐Being on Pawnshop Use

Measuring financial well-being in Europe using a fuzzy set approach

A Framework of Subjective Financial Well-Being among University Students in Malaysia

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