The bottlenecks in making sense of financial well-being

Leonore Riitsalu, Adele Atkinson and Rauno Pello

International Journal of Social Economics, 2023, vol. 50, issue 10, 1402-1422

Abstract: Purpose - Financial well-being has gained increased attention in research, policy and the financial sector. The authors contribute to this emerging field by drawing attention to the bottlenecks in financial well-being research and proposing ways for transforming and advancing it. Design/methodology/approach - The authors conducted a semi-systematic review of the latest 120 financial well-being studies from both academic and grey literature and analyse the current issues in defining, conceptualising and measuring it. Findings - The authors identify the need for a more human-centred approach across content and methodology, conceptualisation and operationalisation, research and practice, that focusses on how individuals experience, interpret and assess financial well-being. The authors highlight the lack of evidence-based interventions for improving financial well-being. Practical implications - The authors propose applying design science approach for redefining the problems that individuals need help in solving and for developing and testing interventions that improve financial well-being and are in line with individuals’ needs and aspirations. The authors also call for international qualitative research into the human perspective of financial well-being. Social implications - Financial well-being has a significant role in mental health and well-being; therefore, it affects the lives of individuals and societies far beyond financial affairs. Change of perspective can lead to evidence-based interventions that better the lives of many, reduce inequality and develop more balanced communities. Originality/value - The authors argue that the human dimension has been assumed in financial well-being research, practice and police, rather than confirmed, based on flawed assumptions that what people experience is already known. Peer review - The peer review history for this article is available at:https://publons.com/publon/10.1108/IJSE-11-2022-0741

Keywords: Financial well-being; Financial health; Subjective well-being; Design science (search for similar items in EconPapers)
Date: 2023
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:eme:ijsepp:ijse-11-2022-0741

DOI: 10.1108/IJSE-11-2022-0741

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