 Financial literacy, confidence and well-being: The mediating role of financial behaviorMuhammad Sajid, Rizwan Mushtaq, Ghulam Murtaza, Dorra Yahiaoui and Vijay Pereira Journal of Business Research, 2024, vol. 182, issue C Abstract: This study aims to investigate the impact of financial literacy and confidence on the financial well-being of US households and to explore the mediating role of financial behaviors in this relationship. To do this, we analyzed a large dataset from the two most recent waves of the state-by-state National Financial Capability Study (NFCS), covering a representative sample of US adults (n = 43,104). Results from multiple regression and mediation analyses, adjusted for relevant controls, show that financial literacy influences financial well-being directly and indirectly (mediated) through financial behaviors. Our analyses further indicate that financial confidence has a positive impact, directly and indirectly through financial behaviors, on financial well-being. Overall, our results suggest that higher levels of financial literacy and confidence lead to more responsible financial behavior, which, in turn, influences financial well-being. The findings of this study provide a valuable addition to the literature and directions for future research. Keywords: Financial literacy; Financial well-being; Confidence; Behaviors; Household finance (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:eee:jbrese:v:182:y:2024:i:c:s0148296324002959 DOI: 10.1016/j.jbusres.2024.114791 Access Statistics for this article Journal of Business Research is currently edited by A. G. Woodside More articles in Journal of Business Research from Elsevier |
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