Neural and structural pathways to financial well-being: dual-staged SEM–ANN analysis of financial risk tolerance and internal locus as mediators

Dipanshu Nijanandi () and Brajesh Kumar Tiwari ()
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Dipanshu Nijanandi: Jawaharlal Nehru University
Brajesh Kumar Tiwari: Jawaharlal Nehru University

Journal of Financial Services Marketing, 2026, vol. 31, issue 1, No 4, 24 pages

Abstract: Abstract In an evolving, uncertain economic environment, understanding the factors predicting financial well-being (FWB) has become essential for achieving financial stability. Considering this issue, the study proposes a conceptual framework grounded in the theory of planned behavior, prospect and locus of control theory. This study analyzes the influence of financial attitude (FA), financial literacy (FL), financial socialization (FS), and the mediating effect of financial risk tolerance (FRT) and internal locus of control (ILC) on FWB. To achieve this, the study used structural equation modelling (SEM), artificial neural network (ANN) and importance-performance map analysis (IPMA). The responses were collected from 413 young Indian adults using a questionnaire-based multistage random sampling survey. The findings reveal that FL (β = 0.153, p

Keywords: Financial well-being; Financial risk tolerance; Internal locus of control; Young adults; Artificial neural network; Structural equation modelling (search for similar items in EconPapers)
Date: 2026
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DOI: 10.1057/s41264-025-00327-6

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