Antecedents and consequences of financial well-being: evidence from working professionals in India

Zericho R. Marak () and Vaishali Pagaria ()
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Zericho R. Marak: Symbiosis International (Deemed University) Pune
Vaishali Pagaria: Birla Institute of Science and Technology

International Review of Economics, 2023, vol. 70, issue 3, No 4, 378 pages

Abstract: Abstract This study aims to investigate the determinants and consequences of financial well-being (FWB) among working professionals. A quantitative research design was used; a survey questionnaire was circulated among 280 working professionals. After removing the incomplete responses from the 223 filled questionnaires that were received, 220 complete responses were obtained for further analysis. Partial Least Squares-Structural Equation Modeling was used to examine the determinants and consequences of FWB. The results revealed the influence of financial knowledge, financial behavior, personality traits in the form of extraversion and neuroticism, and age on FWB. The study also found a weak influence of life events on FWB. In addition, the findings show that FWB results in the happiness of working professionals. The findings of this study can help working professionals assess and improve their FWB. They will also be valuable to employers, who can enforce the necessary measures to ensure the FWB of their employees. Moreover, policymakers can take initiatives to improve the FWB of working professionals.

Keywords: Financial well-being; Financial knowledge; Financial behavior; PLS-SEM; Working professionals (search for similar items in EconPapers)
JEL-codes: D10 D14 G51 G53 (search for similar items in EconPapers)
Date: 2023
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DOI: 10.1007/s12232-023-00422-x

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