Exploring the Relationship Between Financial Education, Financial Attitude, Financial Advice, and Financial Knowledge: Insights Through Financial Capabilities and Financial Well-Being

Arturo García-Santillán (), Ma. Teresa Zamora-Lobato, Esmeralda Tejada-Peña and Liduvina Valencia-Márquez
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Arturo García-Santillán: UCC Business School, Cristóbal Colón University, Veracruz 94274, Mexico
Ma. Teresa Zamora-Lobato: Instituto Tecnológico Superior de Misantla, Misantla 93850, Mexico
Esmeralda Tejada-Peña: Economic-Administrative Center, Tecnológico Nacional de México Campus Tuxtepec, Oaxaca 68350, Mexico
Liduvina Valencia-Márquez: Business School Faculty, Broward Internacional University, Miami, FL 33131, USA

JRFM, 2025, vol. 18, issue 3, 1-24

Abstract: This study analyzes the relationship between financial education, financial attitude, financial advice, financial knowledge, and behavior and its influence on financial capabilities, as well as their impact on financial well-being. The population consists of individuals over 18 years of age, who are primarily higher education students. A non-probabilistic self-selection sampling method was used, and data were collected through an electronic form on Google Forms. The design is quantitative, non-experimental, and cross-sectional. The instrument includes sections on sociodemographic profiles, financial education, financial attitudes, financial advice, financial knowledge and behavior, financial capabilities, and financial well-being using a 1 to 5 Likert scale. To ensure validity and reliability, statistical indices such as Cronbach’s alpha and McDonald’s omega were applied. Data normality was assessed, and exploratory and confirmatory factor analyses were conducted using structural equation modeling (SEM). The findings from the results of this study largely align with the existing literature regarding the relationship between financial knowledge and financial capabilities, as well as between financial capabilities and financial well-being. However, a discrepancy is observed in the hypotheses related to financial education, financial attitudes, and financial counseling, suggesting that although these factors are important, their influence may depend on other contextual elements or mediators not considered in this study. This opens the possibility for further investigation into how these factors interact in the development of financial capabilities.

Keywords: financial education; financial literacy; financial advice; financial attitude; financial knowledge; financial capabilities; financial well-being (search for similar items in EconPapers)
JEL-codes: C E F2 F3 G (search for similar items in EconPapers)
Date: 2025
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