Calculating Financial Well-being: The Case of Young Adults in Latvia

Jekaterina Kuzmina, Dzintra Atstāja, Simon Grima, Graţiela Georgiana Noja, Mirela Cristea and Eleftherios Thalassinos

A chapter in Digital Transformation, Strategic Resilience, Cyber Security and Risk Management, 2023, vol. 111A, pp 49-59 from Emerald Group Publishing Limited

Abstract: To achieve success and results satisfying a wide range of stakeholders, the management and other decision-makers must consider that one of the central elements in the process mentioned above is the employee. Therefore, the employee’s well-being should play a crucial role in the management process (be a core stone in the decision-making process), and consequently, it should be considered an appropriate instrument to keep existing talents within the company and attract new ones. The main objectives of this chapter are to discover the level of the financial well-being of young adults in Latvia (the group of people responsible for the future sustainable development of the country) and to determine the factors influencing the level of financial well-being to create a prototype of financial well-being index. Based on an online questionnaire, the process first involves applying different statistical tests and regression analysis built-in MatLab programming. Second, we intend to create a prototype of the financial well-being index based on a three-step optimisation approach that allows determining the weightings for the factors selected as most important to influence the state of financial well-being and the scoring scale for each of the factors.

Keywords: Financial well-being; young adults; Latvia; financial well-being index; Matlab; the hierarchy of needs (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:eme:csefzz:s1569-37592023000111a004

DOI: 10.1108/S1569-37592023000111A004

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