PurposeMeasurement of financial well-being has remained a challenge for the governments for a long time. This paper responds to this challenge by taking an integrative approach, whereby the previous conceptualizations of financial well-being are examined. Further, we propose a new conceptualization of financial well-being using the parameters of objective and subjective well-being.Design/methodology/approachWe conduct a widespread review of the literature with regard to the linkage between financial literacy and financial capability.FindingsNumerous studies report the pertinent role of behavioural economics in rational decision making. This paper understands the role of behavioural economics in regard to financial well-being.Research limitations/implicationsEmpirical investigation in measuring the linkage between financial literacy and financial capability needs to be developed to achieve the goal of financial well-being.Originality/valueThis paper makes a noble contribution to the literature by proposing a new conceptualization of financial well-being spread over financial literacy, financial capability and psychological factors.

Human beings want to live in a state of happiness and prosperity, but happiness is important not just for the well-being of individuals but for the well-being of society. To ensure the maximization of happiness, it is necessary to consider more than just money, and rather include the right understanding of happiness at the individual level, the family level, the society level, and the environmental (nature) level. This paper contributes to the existing body of knowledge by consolidating the findings of the literature; grouping those into major themes and sub-themes; describing the mechanisms based on the empirical papers by highlighting the independent, dependent, control, and moderating variables, to study the causal relationships between variables under study; proposing an agenda for future research; and informing the policymakers about decisions influencing the human happiness level through legislative rules and regulations. Our results suggest prioritizing the conceptualization of happiness while computing the happiness level at the individual or collective levels. Furthermore, the study recommends governments to establish the conditions enabling individuals to report happiness independently from the political pressure to answer strategically for impressive happiness level figures at the macro level.

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Research on financial well-being is still in its nascent stage, despite being an important topic in consumer research. Research on the antecedents of financial well-being is even more limited. Using in-depth interviews with consumers and practitioners, and expert discussions, this article conceptualizes the construct of financial wellbeing from underdeveloped countries' perspective. We conceive financial well-being as a confluence of four situations-namely, meeting present and future financial commitments; feeling of financial security; freedom of choice; and improved quality of life. Our findings reveal that the objective and subjective financial measures are critical predictors of consumers' financial well-being. Financial behavior, which is caused by antecedents such as financial knowledge, personality traits, and mindful finance, intervenes this relationship. Based on this analysis, we propose five propositions concerning antecedent-based interventions for future scholarship in the field. The paper suggests a theoretical framework illustrating behavioral interventions in a given socio-economic environment to achieve financial well-being. Our results pave the way for the advancement of the theory in financial-well being and its antecedents in different socio-economic environments. The managerial contribution of this study lies in informing the marketers to contextualize their strategies to the financial well-being. We also inform the macroeconomic policymakers to design behavioral interventions to improve the financial well-being. 1 | INTRODUCTION Financial well-being of the individuals continues to attract multidisciplinary interest in recent times. Governments and policymakers use financial well-being to measure the success of economic prosperity and to plan future policy interventions. Corporations use financial well-being when making decisions regarding new products, market segmentation, and new market entries. Financial institutions condition their lending policies in accordance with the financial well-being of their consumers. Consumers are interested in improving their financial well-being in order to attain this eligibility. This multifaceted application renders consumer financial well-being highly relevant for theorists and policymakers. To inform policymakers, corporations, and consumers, the research community has been approaching financial well-being by (a) highlighting the objective and subjective measures of financial well-being (Delafrooz & Paim, 2011, Consumer Financial Protection Bureau, 2015a; Kempson, Finney, & Poppe, 2017), (b) emphasizing the relevance of financial education and financial behavior in financial well-being (Binti Azmi & Ramakrishnan, 2018; Grable & Joo, 2006), and (c) conforming disparity in financial wellbeing across different socio-economic environments (Kempson et al., 2017). Some studies have highlighted the characteristics of financial well-being, while others have attempted to identify its antecedents. In general, the existing conceptualizations of the term tend to inc...

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