Financial well-being for a sustainable society: a road less travelled

Nexus Between Financial Events and Emotional Exhaustion: Mediating Roles of Deliberate Thinking and Negative Interpersonal Events

Financial stress and emotional exhaustion have become prevalent elements of modern society, especially after COVID-19. This pandemic has changed people's lives, particularly in a negative way. Individuals have begun to face the stress and emotional exhaustion associated with particular financial stressor events. However, limited studies have analyzed the relationship between financial stressor events and emotional exhaustion to date. Therefore, the current study aims to explore the relationship between different financial stressor events in an individual's life and emotional exhaustion based on their well-being. This study also identifies the variables that play a mediating role in assessing the relationship between emotional exhaustion and financial stressor events. To achieve this, the researcher collected data from employees working in large organizations in May 2021 and December 2021. The study employs path analysis to assess the relationship between the identified variables. The study found that both organizations and employees are directly affected by financial stress, leading to emotional exhaustion or a decline in the mental well-being of the individuals. In addition, the study also found that financial stress and emotional exhaustion can directly affect the physical health of individuals. The study further revealed that deliberate thinking, negative interpersonal events, and individual characteristics are some of the identified variables that act as mediators between financial stressor events and emotional exhaustion.

Does Financial Literacy Affect Household Financial Behavior? The Role of Limited Attention

Financial literacy is essential for every individual concerned with public welfare and household portfolio choices. In this study, we investigate the impact of household financial literacy on individuals’ financial behavior using the China Household Financial Survey Data (CHFS) of 2015 and 2017. The results show that financial knowledge has significant current, long-term, and dynamic effects on financial behavior. This finding suggests that financial literacy is an important factor in shaping and improving financial behavior. Second, financial literacy can improve residents’ limited attention, and residents with high attention tend to have formal bank accounts, participate in the stock market, and engage in financial behaviors in situations such as risky financial markets. High attention also helps to improve residents’ financial behavior. This relationship suggests that financial literacy positively impacts formal bank account holding, participation in financial markets, participation in commercial insurance, participation in pension plans, and credit card holdings through limited attention channels that facilitate access to specific financial information. In addition, heterogeneity analysis showed that the impact of financial literacy on financial behavior differs significantly between urban and rural households, between men and women, and between high and low education levels. The study provides valuable insights for policy implications to enhance financial literacy, such as carrying out financial training to improve residents’ knowledge about financial aspects, which further helps to optimize household financial decision-making.

Role of Social Capital and Financial Wellbeing in Reaching Successful Entrepreneurial Financial Performance: A Moderated-Mediated Model of Financial Intelligence

Financial wellbeing is an emerging variable in business psychology that is expected to measure overall financial status and future financial trajectories. Financial intelligence and wellbeing have been key determining factors for the financial performance of entrepreneurs. The present study aimed to examine the crucial financial determinants (financial wellbeing and financial intelligence) and social capital factors for the entrepreneurial intentions and their financial performances among the 326 entrepreneurs in China. The study's findings showed that the key financial indicators and social capital are significantly related to entrepreneurial intentions, which considerably predict the entrepreneurial financial performance. The mediating relationships also reported that entrepreneurial intentions and financial intelligence significantly mediate the relationship among social capital, financial wellbeing, and entrepreneurial financial performance. The present study has highlighted the implications for potential entrepreneurs for improving their financial performance through sustainable social capital, financial wellbeing, and financial intelligence. This study will also help the strategists in screening the individuals registering as entrepreneurs based on their financial intelligence quotient. The present study enriches the literature by offering an integrated model on financial wellbeing and entrepreneurial financial performance.

Conceptualisation of sustainable consumer behaviour: converging the theory of planned behaviour and consumption cycle

Purpose

This article attempts to explore the theoretical model and structural dimensions of sustainable consumer behaviour to develop a “sustainable consumer behaviour scale” for sustainable electronic products. Further, this study has tried to elaborate sustainable consumer behaviour by considering the complete consumption cycle which includes purchase, usage and disposal of the sustainable electronic products.

Design/methodology/approach

The theory of planned behaviour (TPB) has been employed to understand the multidimensional nature of sustainable consumer behaviour with the help of qualitative and quantitative methods. With the help of a pilot study followed by a main study, a sustainable consumer behaviour scale for sustainable electronic products has been tested and validated for its factor study, reliability, validity and model fit, etc. Moreover, the influence of demographic variables has also been examined with the help of multi-group analysis.

Findings

This study highlights that the perceived control behaviour and subjective norms are the major factors that influence sustainable consumer behaviour. Moreover, the results also indicate that female consumers, mid income consumers, young consumers (age below 30) and consumers who have studied up to senior secondary level are more sustainable.

Research limitations/implications

The results can be used by policymakers and managers to identify and target particular subjective norms and factors impacting perceived control behaviour along with a specific set of demographics to increase sustainability amongst consumers and businesses. The results of the current study can help in increasing the focus of the academic research towards sustainable consumer behaviour. It will also encourage firms to include sustainable electronic products in their product line.

Originality/value

To the best of authors' knowledge, the current article is the first empirical study to develop a sustainable consumer behaviour scale by including all the different stages of the consumption cycle using TPB for sustainable electronic products. Although multiple efforts have been made by researchers to analyse sustainable consumer behaviour, there is a scarcity in literature in which research has been done to analyse sustainable consumer behaviour by considering the whole consumption cycle (purchase, usage and disposal).

A Structural Determinants Framework for Financial Well-Being

This study develops a conceptual framework that provides a broad understanding of financial well-being. Using the 2018 National Financial Capability Study and structural equation modeling methods, this study provides empirical evidence for the proposed framework by identifying significant direct and indirect determinants of financial well-being. Previous personal financial wellness and financial satisfaction-related research provides a theoretical rationale for the construction of the conceptual framework in the current study. The results reported the relationships among these determinants, including financial perceptions and knowledge factors, financial stress, short- and long-term positive financial behavior, and financial satisfaction. The findings indicate that financial satisfaction, short-term financial behavior, perceived financial capability showed positive and direct associations with financial well-being, whereas financial stress and long-term financial behavior were negatively and directly associated with financial well-being. Financial perception and knowledge factors, financial stress, and short-term financial behavior also showed significant indirect relationships with financial well-being. The findings of this study contribute to the literature on financial well-being and provide significant policy and practical implications. Implications for financial practitioners and policy makers are discussed.

Loss of financial well-being in the COVID-19 pandemic: Does job stability make a difference?

This article aims to assess the loss of financial well-being in the COVID-19 pandemic. The developed theoretical model identifies the impacts of the perception of financial risk and financial anxiety on financial well-being. It also seeks, through a comparative analysis, to assess whether public servants, due to their status of job stability in Brazil, are less likely to have the effects of the pandemic than private employees. A survey was carried out on 1222 Brazilians with structural equation modeling and multi-group invariance tests. The results indicate that lower financial well-being is influenced by the level of financial anxiety and financial risk. Public servants perceive fewer losses in financial well-being, anxiety and risks than other professions. In the pandemic context, where the risks of unemployment and loss of income are increased, job stability works like an insurance, allowing public servants greater financial security and then minor losses of financial well-being. Evidence indicates that in countries where a large percentage of workers have temporary or informal jobs, the challenge of reducing the financial impacts of the pandemic will be great. Interventions to alleviating anxiety and public policies of income transfer and reduction of unemployment are instruments to reduce the loss of financial well-being.

Social Capital Theory, Social Exchange Theory, Social Cognitive Theory, Financial Literacy, and the Role of Knowledge Sharing as a Moderator in Enhancing Financial Well-Being: From Bibliometric Analysis to a Conceptual Framework Model

A person’s financial well-being (FWB) is the complete contentment gained from one’s present financial condition. This has a powerful impact on the entire achievement of an employee’s “well-being.” Researchers, financial analysts, financial planners, educationists, and economists have explored the “enablers” to improve employees’ living standards by investigating the possible “FWB” resources for decades. There is no literature available to show the connection between social capital theory, social exchange theory (SET), social cognitive theory (SCT), financial literacy and FWB, and employees’ financial knowledge sharing a moderator to expand the complete FWB.