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.
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Notes
PT2 and PT5 measuring the construct Conscientiousness were eliminated from the model as the items did not meet the threshold value 0.70.
Hypothesis H3a or the influence of Conscientiousness could not be tested as the constructs did not meet the acceptable factor loadings 0.70 and other criteria of model measurement, i.e., internal consistency and convergent validity. Thus, Conscientiousness was excluded from the final PLS-SEM model.
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Zericho R Marak conceptualized the idea for the research. He was also involved in the review of literature, data collection and analysis, and writing the other sections of the manuscript, i.e., Research Methodology, Results, Findings, Discussion, and Conclusion. Vaishali Pagaria worked on the conceptualization of the research, Research Methodology, and constantly offered valuable contributions in editing and improving the manuscript.
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Marak, Z.R., Pagaria, V. Antecedents and consequences of financial well-being: evidence from working professionals in India. Int Rev Econ 70, 341–378 (2023). https://doi.org/10.1007/s12232-023-00422-x
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DOI: https://doi.org/10.1007/s12232-023-00422-x