What do individuals know, feel and do from a financial perspective? An empirical study on financial satisfaction

Jitender Kumar, Manju Rani, Garima Rani and Vinki Rani

International Journal of Social Economics, 2023, vol. 51, issue 6, 771-785

Abstract: Purpose - Financial satisfaction is a potential ambition of individuals' lives that requires well-strategized economic behaviors. The authors examine the impact of various factors on the financial behavior (FB) and financial satisfaction (FIS) of individuals in India's National Capital Region (NCR). Design/methodology/approach - Through a literature review, a survey questionnaire was formulated using existing scales on FIS. For more in-depth insights, data are obtained from 427 respondents in the NCR region using self-administered questionnaires. This article used “partial least square structural equation modeling (PLS-SEM)” to inspect the hypothesized model of individuals' FIS. Findings - According to the study results, financial attitude (FA), financial self-efficacy (FSE), financial knowledge (FK) and demographic characteristics (DC) significantly influence FB. Conversely, financial stress (FS) negatively impacts FB. It also highlights that FA, FSE, FK and FB all significantly impact FIS. Nevertheless, FS and DC insignificantly influence FIS. Originality/value - To the best knowledge of the authors, this article is an initial attempt to offer a novel perspective of individuals' FB and FIS in India. It would help the government and stakeholders by providing various pioneering economic schemes and making policies that help increase individuals' FIS. Peer review - The peer review history for this article is available at:https://publons.com/publon/10.1108/IJSE-03-2023-0239

Keywords: Financial satisfaction; Financial behavior; Financial knowledge; Financial attitude; India (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:eme:ijsepp:ijse-03-2023-0239

DOI: 10.1108/IJSE-03-2023-0239

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