Financial Stress, Psychological Factors, and Financial Knowledge on Life Satisfaction: A Comparative Pre- and Post-COVID Cross-Sectional Analysis in the United States

Wookjae Heo (), Yi Liu () and Heejung Park ()
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Wookjae Heo: Purdue University
Yi Liu: St. John Fisher University
Heejung Park: Northern Michigan University

Applied Research in Quality of Life, 2025, vol. 20, issue 2, No 10, 665-684

Abstract: Abstract This research explored the impact of financial stress, psychological factors, and financial knowledge/education on life satisfaction using a cross-sectional analysis of data from 2019 to 2023. Data from a national online survey in the U.S. indicate a nuanced relationship where the physiological and relational components of financial stress, alongside higher self-esteem and financial education, contribute positively to life satisfaction. In contrast, a higher level of objective financial knowledge is negatively associated with life satisfaction. These findings suggest a nuanced interplay of psychological characteristics with life satisfaction in the face of global disruptions such as COVID-19.

Keywords: Financial stress; Psychological factors; Financial knowledge/education; Life satisfaction; COVID-19 (search for similar items in EconPapers)
Date: 2025
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DOI: 10.1007/s11482-025-10431-3

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